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Special Audit is Valid If Its Approval Considers Assessee’s Response, Revenue Comments, and Includes Hearing Opportunity
Case Details: Jabalpur Development Authority v. PCIT - [2023] 157 taxmann.com 52 (Madhya Pradesh) Judiciary and Counsel Details Sheel Nagu & Hirdesh, JJ. Abhishek Oswal, Adv. for the Petitioner. Harshvardhan Topre, Adv. for the Respondent. Facts of the Case The approval for special audit under section 142(2A) was accorded for auditing the assessee – Jabalpur Development Authority’s […]
Format, Procedure and Guidelines for submission of Statement of Financial Transactions (SFT) for Depository Transactions
Publish Date : Wednesday, November 15, 2023 source
HC Upheld Validity of Notices Being Duly Served to Assessee Through GST Online Portal
Case Details: Piku Saha v. State of West Bengal - [2023] 157 taxmann.com 133 (Calcutta) Judiciary and Counsel Details Ravi Krishan Kapur, J. Himangshu Kr. Roy & Abhilash Mittal, Advs. for the Petitioner. Subir Kr. Saha, Adv. for the Respondent. Facts of the Case In the present case, the department issued intimation of tax on […]
Kerala HC Directed Assessee to Approach Appellate Authority Since Issue Was Related to Disputed Question of Facts
Case Details: Brothers Trade Links v. State Tax Officer - [2023] 157 taxmann.com 131 (Kerala) Judiciary and Counsel Details Dinesh Kumar Singh, J. Bobby John & S. Ajayghosh Kumar, Advs. for the Appellant. Jasmine M.M. for the Respondent. Facts of the Case The department issued Form GST DRC-01A to assessee to pay difference amount as […]
No Disallowance u/s 40A(2)(b) on Interest Paid to Related Party Without Comparing It With FMV of Rate of Interest | ITAT
Case Details: Genxt Mobile LLP vs. ACIT - [2023] 156 taxmann.com 490 (Mumbai-Trib.) Judiciary and Counsel Details Prashant Maharishi, Accountant Member & Sandeep Singh Karhail, Judicial Member Hemant Shah for the Appellant. Ram Krishna Kedia for the Respondent. Facts of the Case The assessee was a wholesale and distributor of mobile phones and accessories. During the assessment proceedings, […]
Treatment of Biological Asset and Agricultural Produce as per Ind AS 41
Para 13 of Ind AS 41, Agriculture, requires that an agricultural produce harvested from an entity’s biological assets shall be measured at its fair value less costs to sell at the point of harvest. Such measurement is the cost at that date when applying Ind AS 2 Inventories or another applicable Standard. Further, para 40 […]
Loss Claimed in Belated ITR to be C/F; AO to Disallow Set Off in Subsequent ITRs in which it was Claimed | ITAT
Case Details: International Fresh Farms Products India Ltd vs. ITO - [2023] 157 taxmann.com 127 (Chandigarh - Trib.) Judiciary and Counsel Details Aakash Deep Jain, Vice-President & Vikram Singh Yadav, Accountant Member Parikshit Aggarwal, CA for the Appellant Rohit Sharma for the Respondent Facts of the Case The assessee filed its return of income declaring total […]
SAT Quashes SEBI’s Order Imposing Penalty on Mukesh Ambani & 2 Others in Case Related to Manipulative Trading
Case Details: Reliance Industries Ltd. v. Securities and Exchange Board of India - [2023] 157 taxmann.com 102 (SAT-Mumbai) Judiciary and Counsel Details Justice Tarun Agarwala, Presiding Officer & Ms Meera Swarup, Technical Member Somasekhar Sundaresan, Ashwath Rau, Vivek Shetty, Ms Cheryl Fernandes & Harshit Jaiswal, Advs. for the Appellant. & Others Arvind Datar, Shiraz Rustomjee, Suraj Choudhary, Ms Shreya Parikh, Mihir Mody & Arnav Misra, Advs. for […]
HC Directed Dept. to Resolve Issue of Placing Notice Under “View Additional Notices and Orders” or “View Notices and Orders”
Case Details: East Coast Constructions and Industries Ltd. v. Assistant Commissioner (ST) - [2023] 157 taxmann.com 66 (Madras) Judiciary and Counsel Details C. Saravanan, J. Joseph Prabakar for the Petitioner. C. Harsharaj for the Respondent. Facts of the Case The petitioner was aggrieved by assessment order passed by the GST department since the notice was uploaded in […]
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