The Central Board of Direct Taxes (CBDT) has notified the 1% Tolerance Limit for wholesale trading under transfer pricing for Assessment Year 2020-21. “In exercise of the powers conferred by the third proviso to sub-section (2) of section 92C of the Income-tax Act, 1961 (43 of …
1. The Punjab Chief Minister Charanjit Singh Chinni on Wednesday announced to scrap 40,000 pending cases of value-added tax (VAT), out of the total 48,000 cases related to the financial years 2014-15, 2015-16 and 2016-17, against traders and industrialists across the state. 2. He was addressing …
1. The Delhi Government has notified the that 1% Excise Duty for Indian Liquor on Wholesale rate will be applicable from 1st November, 2021. “In exercise of the powers conferred by sub- section (1) of section 81 of the Delhi Excise Act, 2009, the Lt. Governor …
The Supreme Court held that the dishonor of cheques issued as security is an offense under Section 138 of the Negotiable Instruments Act. Facts of the case:- The counsel for the appellant, Sripati Singh would contend that the respondent taking advantage of the acquaintance with the …
The Delhi Bench of Income Tax Appellate Tribunal (ITAT) ruled that no TDS deductible on consideration for use of computer software by resident Indian distributors to non-resident computer software manufacturers. Facts of the case:- The appellant, Ericsson has claimed that it had supplied the equipment at …
1. The Central Board of Direct Taxes (CBDT) has reminded the taxpayers to pay outstanding dues by completing the process by e-filing Form 4 under Direct Tax Vivad se Vishvas (DTVSV) on or before the 31st October 2021. 2. As per DTVSV Form-4, the taxpayer needs …
1. The Central Board of Indirect Taxes and Customs (CBIC) has constituted the Committee for determining RoDTEP rates for AA or EOU or SEZ exports. 2. The Government vides Order dated October 18, 2021, has constituted a Committee for determination of RoDTEP rates for AA/EoU/SEZ exports …
In a major Setback to the Commissioner of Income Tax and her husband Adimulapu Suresh, who is presently a Minister in the Andhra Pradesh Government, the Supreme Court while reviving FIR held that the preliminary enquiry by CBI is not mandatory in every corruption case. Facts …
The Income Tax Appellate Tribunal (ITAT), Pune bench, while granting relief to the assessee, held that deduction shall be allowable for revenue loss due to technical snags and bad weather conditions. Facts of the case:- The assessee is an export house dealing in Mango Pulp etc. …
In a major relief to the Bharat Coking Coal, the Kolkata Bench Customs, Excise and Service Tax Appellate Tribunal (CESTAT) held that the cenvat credit cannot be denied for setting up of Coal Handling Plant (CHP) used for evacuation of coal by rapid loading process. Facts …
