Online bond platforms may offer overseas-regulated products and tax-specific bonds subject to disclosures, compliance safeguards and revised complianc...
Corporate guarantee valuation permits actual ascertainable commission while barring retroactive application and extended-period penalties for bona fid...
Proper-officer jurisdiction under UPGST penalty provisions upheld; participation on merits prevents bypassing the statutory appellate remedy through w...
Transitioned CENVAT credit may validly satisfy mandatory pre-deposit requirements for legacy service tax appeals through Electronic Credit Ledger debi...
Building-plan sanction charges require statutory authority; unauthorised fees and GST were quashed, while labour cess must follow prescribed collectio...
Pure-agent exclusion fails where hotel booking facilitators receive third-party services themselves, making entire customer consideration taxable as r...
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.
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