Home Highlights March 2012 Year 2012 This

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1. Penalty u/s 271B - no tax audit conducted u/s 44AB - bonafide belief - When Gross profit is more than Rs.4 crores, it means the Gross Receipts were definitely more than...

2. The circular enhances monetary limits for filing appeals by the Income Tax Department before Income Tax Appellate Tribunal, High Courts, and Supreme Court. For appeals...

3. Jurisdiction of Single Member Bench of the Income Tax Appellate Tribunal - Monetary limit Rs.50 lakhs for hearing Appeal - In the present case, the assessee returned...

4. Income Tax: Limit of remuneration to working partners in partnership firms allowed as deduction increased - on first Rs 6,00,000 of book profit or loss, Rs 3,00,000 or...

5. Monetary limit for appeal to the High Court - The appeal involves a total sum of Rs. 60 lakhs, consisting of the redemption fine and penalty. Citing Instructions dated...

6. Direct tax collections for FY 2023-24 as of 17.06.2023 show net collections of Rs. 3,79,760 crore, a growth of 11.18% compared to the preceding year. - Gross collections...

7. Contravention of Sections 8(1) and 9(1)(f)(i) of the Foreign Exchange Regulation Act, 1973 - receiving foreign exchange payments in 1996-97 through fake export documents...

8. The appeal challenged the maintainability of an application filed u/s 60(5) of the Insolvency and Bankruptcy Code seeking refund of an amount deposited as part of a...

9. Accrual of income - Difference between the receipts as per books and form No.26AS - Assessee has shown turnover of Rs.10.09 crores, declaring GP at 9.16% and Net Profit...

10. GST Revenue collection in the month of April 2018 exceeds ₹ 1 Lakh Crore

11. Revised monetary limits for adjudication of show cause notices in Central Excise for commodities classified under Chapter 24 of Schedule IV (tobacco and tobacco...

12. TP Adjustment - comparable selection - upper turnover filter - The assessee submits that the turnover of the assessee is only Rs. 124 Crores during the relevant previous...

13. Sub-section (1) in Section 5 amended to not levy integrated tax on Extra Neutral Alcohol used for manufacturing alcoholic liquor for human consumption. Section 6A...

14. Exemption u/s 10(23C)(iiiad) - Threshold limit of Rs. 1 Crore - The Appellate Tribunal found that the appellant's gross receipts, when considering certain fee receipts...

15. Maintainability of appeal - monetary limit involved in the appeal - It is thus clear from the CBEC circulars which are binding on the revenue that the monetary limit for...