The Punjab and Haryana High Court observed that no Addition can be made to net profit without recomputing trading result under Section 145(1) of the Income Tax Act, 1961. The A.O estimated the visible wastage at 8% and invisible wastage at 1.25%. Accordingly, the A.O worked out the excess wastage at 22,199 Kgs being quantity […]
The Delhi bench of the Income Tax Appellate Tribunal ( ITAT ) has disallowed the taxpayer’s claim under Section 54 of the Income Tax Act, 1961 stating that the taxpayer failed to construct a residential house within the stipulated three-year period from the date of transfer of the old house. The assessee filed return of...
The Mumbai Bench of the Customs, Excise and Service Tax Appellate Tribunal ( CESTAT ) held that no confiscation can be made on taking prior permission from the customs department for storage of non-bonded goods in bonded warehouse. On the basis of investigation, the officers found that the appellants had failed to comply with the...
The Ahmedabad Bench of the Customs, Excise and Service Tax Appellate Tribunal ( CESTAT ) held that cenvat credit can be availed when input and input services received up to place of removal of manufactured goods. The appellant is engaged in manufacture of ceramic tiles following under Central Excise Tariff heading 6908 9090. The assessee...
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