News Update

UK seals trade deal with New ZealandCus - Refund of SAD - Original challans evidencing payment of ST/VAT need not be produced & production thereof need not be insisted upon: CESTATAustralia amends law to permit companies to switch to online AGMs permanentlyI-T - Search assessment u/s 153A cannot be resorted to where no material incriminating the assessee is found in course of search operations : ITATWHO alerts Pandemic to persist in 2022I-T- PCIT has rightly invoked power u/s 263 as activities for which claim u/s 80IA (4) is claimed and allowed by AO does not come under purview of infrastructure project : ITATUK Competition Regulator imposes USD 50 mn fine on Facebook over Giphy buyI-T - Where order is passed u/s 143(3) & not u/s 144, it implies that subsequent compliance in assessment proceedings is good compliance & default committed earlier are ignored : ITATG20 leaders to schmooze on climate change issues prior to COP26, says ItalyI-T - Re-opening of assessment merits being sustained where it is based on proper information sourced from the jurisdictional DCIT : ITATTesla’s Musk to be world’s first Trillionaire, says Morgan StanleyI-T - Re-assessment notice issued without prior approval of jurisdictional CIT contravenes mandate of Section 151(2) and hence is invalidated : ITATEU Parliament confers Sakharov Rights Award on jailed Russian opposition leader NavalnyI-T- It would be reasonable to sustain addition @ 10% of amount of bogus purchases, being profit element involved therein : ITATNhava Sheva Customs detects concealment and undervaluation in imported walnuts and dates containersI-T – Interest on funds borrowed by assessee to give interest-free loan as a measure of commercial expediency should be allowed as deduction u/s 36(1)(iii) : ITATIndia revises guidelines for international travellers w.e.f Monday - Self-declaration form to be uploaded on Air Suvidha website before travelI-T- On The basis of mere disallowance of expenditure claimed as per books of account, penalty u/s 271(1)(c) cannot be levied unless any particulars in return of income has been found to be false or incorrect: ITATHuge cache of arms and drugs seized by BSF & local police in Khemkaran Area on Indo-Pak borderI-T - Penalty notice issued u/s 271(1)(c) r/w Sec 274 cannot be sustained where relevant charge against assessee, forming basis for imposing penalty, is not specified: ITAT
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