Anti-profiteering obligations survive business demerger, complaint withdrawal, and customized supply arrangements where rate-reduction benefits are no...
Road restoration charges constitute taxable services when requested for commercial pipeline activity, requiring reverse-charge GST from the business r...
Interest on delayed release of requisitioned cash includes statutory pre-assessment interest and restitutionary compensation for unlawful post-assessm...
Incomplete inventory records justify rejecting accounts, while profit estimation requires relevant comparable material and interest falls under other ...
Transfer-pricing comparability requires functional alignment; delayed associated-enterprise receivables need separate LIBOR-based benchmarking, while ...
The appeal filed by the assessee company was dismissed by the Income Tax Appellate Tribunal on the grounds that the Form 36 (memo of appeal) was not duly verified as per Rule 47(1) read with Rule 45(3) of the Income Tax Rules, 1962. The rules mandate that Form 36 must be verified by the person authorized to verify the return of income u/s 140 of the Income Tax Act, which in case of a company is the Managing Director or any Director. However, in this case, Form 36 was verified by the Authorized Representative (Chartered Accountant) of the assessee company instead of the Managing Director or a Director. Consequently, the appeal was held to be invalid and dismissed in limine. The Tribunal also noted issues with the ex-parte assessment order passed without proper service of notice to the assessee and in the name of a different entity, as well as the addition of bogus accommodation entries.
The appeal filed by the assessee company was dismissed by the Income Tax Appellate Tribunal on the grounds that the Form 36 (memo of appeal) was not duly verified as per Rule 47(1) read with Rule 45(3) of the Income Tax Rules, 1962. The rules mandate that Form 36 must be verified by the person authorized to verify the return of income u/s 140 of the Income Tax Act, which in case of a company is the Managing Director or any Director. However, in this case, Form 36 was verified by the Authorized Representative (Chartered Accountant) of the assessee company instead of the Managing Director or a Director. Consequently, the appeal was held to be invalid and dismissed in limine. The Tribunal also noted issues with the ex-parte assessment order passed without proper service of notice to the assessee and in the name of a different entity, as well as the addition of bogus accommodation entries.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4918 
