Sec. 263 revision can be exercised if appeal was filed against order of AO but CIT(A)’s decision is pending: ITAT

INCOME TAX : Unlike the proviso to section 33A of the 1922 Act which has been omitted by section 263 of the Act, Explanation 1(c) in section 263 does not…

Continue ReadingSec. 263 revision can be exercised if appeal was filed against order of AO but CIT(A)’s decision is pending: ITAT

HC dismissed writ petition challenging sec. 201 notices as assessee can approach CIT(A) against final assessment order

INCOME TAX : Where assessee had made payments to non-residents without deduction of tax at source and notices under section 201(1) and 201(1A) were issued to it and assessee challenged…

Continue ReadingHC dismissed writ petition challenging sec. 201 notices as assessee can approach CIT(A) against final assessment order

Bombay HC quashes faceless assessment order as draft assessment order wasn’t served upon assessee

INCOME TAX : Sub-section (9) of section 144B renders non-est any assessment made under Faceless Assessment Scheme, if it is not made in accordance with the procedure laid down in…

Continue ReadingBombay HC quashes faceless assessment order as draft assessment order wasn’t served upon assessee

Assessee not liable to pay interest on delayed payment if sufficient balance lying in Cenvat Credit: CESTAT

EXCISE/ST/VAT: Where assessee is claiming that demand of reversal of Cenvat credit in relation to flats remaining unsold as on date of completion of project had been wrongly quantified by…

Continue ReadingAssessee not liable to pay interest on delayed payment if sufficient balance lying in Cenvat Credit: CESTAT

Insurance Co. to refund tax amount as there was no requirement for TDS as payment to claimant was below threshold limit: HC

INCOME TAX : Amount deposited by Insurance Company, on account of deduction of tax on interest amount was to be released in favour of applicants, as proportionate valuation of entitlement…

Continue ReadingInsurance Co. to refund tax amount as there was no requirement for TDS as payment to claimant was below threshold limit: HC

Dispute of cheque bounce by non-executive directors is a matter of trial, couldn’t be adjudicated by HC u/s 482 of CrPC: SC

FEMA, BANKING amp; INSURANCE : Where appellant-directors of company filed petition before High Court seeking quashing of complaint against them filed under section 138 on ground that they were non-executive…

Continue ReadingDispute of cheque bounce by non-executive directors is a matter of trial, couldn’t be adjudicated by HC u/s 482 of CrPC: SC

Export policy of Agar Oil and Agarwood Chips amp; Powder amended from Free to Restricted: Notification

The DGFT has issued notification to amend the export policy of Agar Oil and Agarwood (Aquilaria Malaccensis) Chips and Powder. The export policy has been amended from Free to Restricted…

Continue ReadingExport policy of Agar Oil and Agarwood Chips amp; Powder amended from Free to Restricted: Notification

Non-handing of letter of possession of plot was an individual civil dispute, not a competition issue : CCI

COMPETITION ACT : Allegations of non-handling of letter of possession for residential plot by OP-builder to informant-allottee was in nature of an individual civil dispute rather than competition issue and…

Continue ReadingNon-handing of letter of possession of plot was an individual civil dispute, not a competition issue : CCI