News Update

42 Organizations publish 1459 write-ups under Anubhav Awards SchemeCX - Disallowance of Cenvat credit availed on inputs - SCN not issued & no justification given as to how Assessee was required to clear goods under full exemption as per Notfn No 04/2006-CE; denial of credit not tenable: CESTATDFS Secretary chairs meeting on revamping of Central KYC RecordsI-T- Anonymous Donation Addition Under Section 115BBC Requires Proper Verification : ITATTrump’s ‘Liberation Day’ - 10% baseline tariff on all exporters + 34% on China + 26% on India; 25% on South Korea; 24% on Japan & 20% on EUI-T- Requirement to Consider All Grounds for Condonation of Delay in Appeals : ITATImpact of tariffs - Gold hits new high + bonds surge but stocks nosediveI-T - If difference between guidance value as per Sec 50C and market value is less than 10%, then sale consideration of immovable property considered for computation can't be treated as 'under valued': ITATCentre imposes President’s rule in ManipurI-T- Penalty u/s 271(1)(c) unwarranted where assessee promptly rectifies mistakes in ITR & where additional tax liability is negligible: ITATLS votes in favour of Waqf Amendment BillI-T - Trade advances, which are in nature of commercial transactions, would not fall within ambit of word 'advance' in section 2(22)(e): ITATTrump exempts oil imports from tariffsI-T- Assessment Order Can Be Revised Under Section 263 If Key Issues Remain Unverified : ITATTrump relents on friends - Just 10% tariff on UK and AustraliaI-T- Additions framed u/s 153A based entirely on conjectures and surmises, are not tenable, where they have no particular factual or legal basis: ITATSouth African coalition in peril after budget is tabled without partner’s consentI-T- No addition can be made on account of discrepancy in stock, if AO has neither disputed corresponding purchases/ manufacturing stocks made by assessee before sale, nor disputed quantum of closing stock: ITATIsrael decides to acquire more territory in GazaI-T- As per settled position in law, TDS is not to be deducted on payments being reimbursement of expenses : ITATWaqf Bill - No provision to appoint non-Muslim in Board, says HMI-T- Registration u/s 12AB cannot be granted to an organisation whose objectives did not focus on general public welfare as required by the I-T Act: ITATRajasthan HC tosses out Asaram bail applicationI-T - Once, identity, genuineness of transactions and creditworthiness of creditor is proved, then sum received from creditor cannot be treated as income of assessee u/s 68: ITAT
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