Home Highlights August 2016 Year 2016 This

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1. The High Court held that the Settlement Commission cannot reopen its concluded proceedings by invoking Section 154 of the Income Tax Act. Section 154 allows...

2. Settlement Commission lacks power to rectify order u/s 245F(1) by levying interest u/ss 234A, 234B, and 234C prior to 01.06.2011. Rectification order on 21.03.2003 was...

3. Input Tax Credit - Eligibility for Service Tax credit - commission paid to its directors, as per the company’s board resolution - it is clear that payment made to...

4. The High Court held that the Assessing Officer cannot reopen the assessment u/s 147 merely based on a change of opinion. The assessee had fully and truly disclosed all...

5. Foreign Exchange Management (Nondebt Instruments) Amendment Rules, 2024 - Various amendments made.

6. Seeks to make amendments (Eighth Amendment, 2018) to the CGST Rules, 2017

7. Condonation of delay - sufficient cause - Request for Reopening of assessment order for accepting declarations in Form ‘C’ - power of authorities to reopen the...

8. Validity of reopening of assessment u/s 147 - AO has not even made minimum exercise for ascertaining the unsecured loans accepted during the year, under consideration...

9. Disallowance of making charges - If the making charges rate as determined by the Revenue at Rs.3/- per gram has to be considered, the aforesaid karigar’s net profit...

10. Cenvat Credit - As per various judgments also it can be seen that the Credit was regularized in case of wire drawing units as per the amendment made in Rule 16 of...

11. Reopening of assessment u/s 147 - power to review v/s power to reassess - Only material relied upon by the assessing officer, in this case, is the material supplied by...

12. Arbitration proceedings - Effects of the amendments in the act through Amendment Act, 2015 - In a case where the notice invoking arbitration is issued prior to the...

13. This notification brings into force the provisions of Section 19(f) of the Competition (Amendment) Act, 2023, issued by the Ministry of Corporate Affairs. Section 19(f)...

14. Validity of reopening of assessment u/s 147 - Search of another person - There has been no action on assessee under section 132 or requisition is made under section 132A...

15. Validity of Assessment u/s 153A - in cases where the assessment or reassessment proceedings have already been completed and assessment orders have been passed, which...