News
ED Seizes "67. 50 Lakh Cash in Crown Mineral'Canara Bank Fraud Probe under PMLA
21+ hour, 49+ min ago (231+ words) The Directorate of Enforcement (ED), Panaji Zonal Office, conducted search operations at six premises in Goa under the Prevention of Money Laundering Act (PMLA), 2002, in connection with a bank fraud case involving Crown Mineral Trading Corporation (CMTC) and its partners....
Supreme Court Affirms ITAT Verdict Deletion of 'Bogus' LTCG Addition on Penny Stock Shares; Dismisses SLP [Read Judgement]
1+ day, 3+ hour ago (32+ words) The ITAT had allowed the assessee's appeal, relying on the decision of the Coordinate Bench in M/s. Ice Worth Reality LLP and distinguishing the Calcutta High Court's judgment in Swati Bajaj...
Customs Broker Liable for Penalty Under Section 112(b) for Transporting Goods to Unauthorised Premises: CESTAT
2+ day, 3+ hour ago (155+ words) Taxscan The Customs, Excise & Service Tax Appellate Tribunal (CESTAT), Bangalore Regional Bench, has dismissed the appeal by upholding the penalty of Rs. 2, 00, 000/- imposed on the Customs Broker for aiding in the diversion of duty-free imported goods. Pharma Job Work Manufacturing…...
Construction of Residential Quarters for Staff Not Taxable as 'Commercial Construction': CESTAT
2+ day, 3+ hour ago (177+ words) Taxscan Pharma Job Work Manufacturing of Excisable Goods Not Classifiable as Renting of Immovable Property Service for levy of Service Tax: CESTAT[Read Order] M/s Ashish Enterprises, the Appellant, represented by Shri Dharmendra Srivastava, Chartered Accountant, contended that the…...
Excess Agricultural Income Declared in Return Due to Filing Error: ITAT accepts Correction and deletes "15. 5 L Addition u/s 69 A
2+ day, 3+ hour ago (253+ words) The Income Tax Appellate Tribunal (ITAT), Delhi Bench, deleted addition of "15. 5 lakh made under Section69 A after accepting the assessee's claim that excess agricultural income was wrongly declared in the return due to a filing error. The assessee, Chander Pal, an…...
Delay During COVID-19 Exempt Period: ITAT Condones 30-Day Delay in Filing Income Tax Appeal Citing Supreme Court's Exemption Order
2+ day, 3+ hour ago (249+ words) The Income Tax Appellate Tribunal (ITAT), Jodhpur Bench, has allowed setting aside the National Faceless Appeal Centre's (NFAC) order that rejected the assessee's appeal due to a 30-day delay. The assessee, Child Welfare Society had challenged the order of the…...
ITAT Quashes Section 153 C Income Tax Assessments for Lack of Proper Satisfaction Recorded by Assessing Officer
2+ day, 3+ hour ago (191+ words) The Income Tax Appellate Tribunal (ITAT), Delhi Bench "F, has allowed the appeals by quashing the assessments framed under Section 153 C r. w. s. 143(3) of the Income Tax Act, 1961. The Tribunal held that the Assessing Officer (AO) failed to record a valid satisfaction…...
Operation Clean Money Revealed "12. 4 L Demonetisation Cash Deposit: ITAT Remands Income Tax Order over Improper Notice
3+ day, 3+ hour ago (382+ words) The Delhi Bench of the Income Tax Appellate Tribunal (ITAT) recently remanded an income tax assessment order regarding demonetisation period cash deposit of "12. 44 Lakhs revealed through "Operation Clean Money. The Tribunal noted that the department had not provided the assessee…...
"Mere Reference to Misreporting" Insufficient for Levy of Penalty: ITAT Quashes Rs. 1. 22cr Penalty for Lack of Reasoning
3+ day, 2+ hour ago (211+ words) The Department alleged that the assessee, Indian Academy Education Trust had underreported income by claiming double deduction on depreciation and treating capital expenditure as application of income. The National Faceless Assessment Centre passed an order disallowing the depreciation claim and…...
Extended Period of Limitation Not Invokable when Dept Had Full Knowledge: CESTAT Sets aside Rs. 33. 78cr demand of Duty & Interest on Sun Home Appliances
3+ day, 2+ hour ago (274+ words) The Customs, Excise & Service Tax Appellate Tribunal (CESTAT), Principal Bench, New Delhi, has allowed the appeals by setting aside the Central Excise demand of Rs. 33. 78 Crores along with interest and penalty against Sun Home Appliances Private Limited and its Directors....