The Income Tax Appellate Tribunal (ITAT) quashes penalty under Section 271F of the Income Tax Act, stating that determination of income in the assessment order cannot serve as the basis for filing Income Tax Return under Section 139(1) of the Income Tax Act, 1961 The fact remains that the impugned penalty under Section 271F of...
The Ahmedabad bench of the Income Tax Appellate Tribunal ( ITAT ) deleted the addition of 1.74 crore after finding that labor expenses capitalized in land value did not warrant deduction claimed in the Profit & Loss Account. The facts in brief are that the assessee in the present case is an individual deriving his...
The Central Board of Indirect Taxes & Customs ( CBIC ), under the Ministry of Finance, vide notification no. 29/2024-CUSTOMS (N.T.) has notified the amendment in tariff value of crude palm oil, Gold, Silver and Areca Nuts with effect from 16th April 2024 surpassing Notification no. 28/2204-CUSTOMS (N.T.) In the said notification, for TABLE-1, TABLE-2, and TABLE-3...
The Kolkata Bench of the Customs, Excuse and Service Tax Appellate Tribunal ( CESTAT ) ruled that the admissibility of discounts subsequent to clearance is eligible deduction for the determination of assessable value. The appellants have filed the impugned appeal assailing the order passed by the Commissioner of Central Excise and Service Tax, Bolpur whereby […]
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