Judgement

The ITAT Ahmedabad finds no proper basis for applying 8% profit rate on entire bank credits


ITAT Remands Petrol Pump Income Case for Fresh Examination Over Unjustified 8% Profit Estimation

ITAT remanded a petrol pump operator’s case for fresh assessment after finding that the AO applied an 8% profit rate without considering past profits or comparable businesses.

ITAT Remands Rs 2.24 Crore Petrol Pump Income Case for Fresh Examination Over Unjustified 8% Profit Estimation

The ITAT Bangalore says income must be determined from books if found reliable


ITAT Directs Fresh Assessment of Petrol Pump’s Income Including Demonetisation Cash Deposits 

News

Himachal Pradesh introduces a 60 paise-per-litre Widow and Orphan Cess on petrol and diesel to fund welfare measures.

Himachal Pradesh Imposes 60 Paise/Litre Widow and Orphan Cess on Petrol, Diesel

Notifications

The Centre has imposed temporary restrictions on bulk fuel purchases to ensure uninterrupted petrol and diesel availability nationwide.

Govt bars vehicle to get more than 200 Litre Diesel [Read Notification]

The Central Board of Indirect Taxes and Customs (CBIC) under the Government of India has exempted excise duty on petrol containing 22% to ‌30% ethanol.

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ITAT Remands Petrol Pump Income Case for Fresh Examination Over Unjustified 8% Profit Estimation

ITAT Remands Rs 2.24 Crore Petrol Pump Income Case for Fresh Examination Over Unjustified 8% Profit Estimation

ITAT Directs Fresh Assessment of Petrol Pump’s Income Including Demonetisation Cash Deposits

Himachal Pradesh Imposes 60 Paise/Litre Widow and Orphan Cess on Petrol, Diesel

Govt bars vehicle to get more than 200 Litre Diesel [Read Notification]

CBIC Waives Excise Duty on Petrol Containing 22% to ‌30% Ethanol