Scrutiny, audit, assessment processes under Punjab VAT to be handed over to external agencies

0 comments Saturday, September 15, 2012
Excise & Taxation Department, Punjab is looking forward to handover the scrutiny, audit and assessment process in the hands of some external agency for a limited period of 8 months to 1 year till the time the new system i.e. Compuerisation of Tax Information System (COTIS) is fully implemented.

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Transactions through MCX stock exchange are non-speculative after 01-04-2006

Mumbai ITAT has held that the transactions carried out through MCX Stock Exchange after 1st April 2006, would be eligible for being treated as non-speculation within the meaning of clause (d) of proviso to section 43(5).  

It is held by ITAT in this case as follows : 
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