Latest Tax News & Updates

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3 Years imprisonment to then Central Excise Inspector in bribery case

Excise Duty - 03-Apr-2019

Central Bureau of Investigation THREE YEARS IMPRISONMENT TO THEN INSPECTOR, CENTRAL EXCISE IN A BRIBERY CASE; DISMISSED FROM SERVICE The Special Judge, North Goa has convicted Sh. Nilesh Thakur, then Inspector, Central Excise, Goa in a bribery case and sentenced him to undergo three years Simple Imprisonment with fine of Rs. 40,000/-. The Commissioner, GST, Goa has dismissed Sh. Nilesh Thakur, then Inspector from service. CBI had registered the case on 29.05.2013 U/s 7 of PC Act, 1988...

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CBI arrests a Superintendent of Central Excise in alleged bribery case

Excise Duty - 03-Apr-2019

Central Bureau of Investigation Press Release CBI Arrests a Superintendent of Central Excise and a Private Person in an Alleged Bribery The Central Bureau of Investigation has arrested then Superintendent, Range-36, Central Excise, Nehru Place, New Delhi (now Superintendent, GST Council, New Delhi) and a Tax Consultant (private person) in an alleged bribery. A case was registered U/s 120 B of IPC and Sec. 7 & 8 of PC Act 1988 on the allegations that the public servant was...

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Aadhar Mandatory for income tax return filling wef 01.04.2019

Income Tax - 03-Apr-2019

CBDT notifies that w.e.f.01.04.2019, it is mandatory to quote and link Aadhaar number while filing the return of income, unless specifically exempted. Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes n exercise of the powers conferred under sub-section (2) of section 139AA of the Income-tax Act, 1961 (Act), the Central Government, hereby notifies that every person who has been allotted permanent account number as on the 1st day...

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Income Tax Notifications Dated 28.03.2019

Income Tax - 03-Apr-2019

New Delhi, the 28th March, 2019 S.O. 1465(E).—Whereas the Central Government in exercise of the powers conferred by clause (iii) of sub-section (4) of section 80-IA of the Income-tax Act, 1961 (43 of 1961) (hereinafter referred to as the said Act), has framed and notified a scheme for industrial park, by the notification of the Government of India in the Ministry of Finance (Department of Revenue, Central Board of Direct Taxes) vide number S.O. 51 (E), dated the...

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Provision for warranty based on Turnover is allowable

Income Tax - 03-Apr-2019

The appellate authority, after considering the submissions made by the Assessee as well as the detailed note submitted by the Assessee, held that the provision has been made by the Assessee on a scientific basis and it is an ascertained liability.  Examining the nature of business done by the Assessee, the CIT(A) pointed out that the Assessee is engaged in the business of manufacturing, assembling and marketing of pumps and components and they have explained the basis for working the said...

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