Validity of addition done purely on basis of noting in diary impounded during survey without any corroborative evidence
Post Income Tax Search and Seizure findings of incriminating material and undisclosed income cannot be pressed for supporting the authorization of an Income Tax Search- A Study
For business, no formal books of accounts required. Only compilation on the basis of bills/vouchers etc would be sufficient
Last date for submitting online applications for scrip-based schemes under the Foreign Trade Policy 2015-20 is 31 December 2021 .
“Such documents as may enable assessing Officer to compute the Income” & the Rules regarding the maintenance of books of accounts under Income Tax Act
Income Tax Rules provide for maintenance and retention of books of accounts only by person carrying on specified profession
Validity of penalty levied for non maintenance of books of accounts on the basis of statements given during survey if the audit report was furnished at the time of filing income tax return
Once it is established that order u/s 263 was made/passed within 2 years, such an order could not be said to be beyond the period of limitation prescribed u/s 263(2).
Reassessment quashed as there was tangible material in possession of AO at the time of reopening and re-pening based merely on CIB Report alone
Lifting of provisional attachment without providing reasonable opportunity to revenue is not justified: Madras HC
Disallowance of debit in electronic credit ledger under Rule 86A of CGST Rules, 2017 vs. Recent Guidelines by CBIC
CBDT notifies ‘E Settlement Scheme, 2021’ vide Notification No. 129/2021-Income Tax Dated: 1st November, 2021.
Withholding of IGST by department on the ground of pending investigation: Bombay HC directed department to refund it expeditiously
