Judiciary

Advertisement expense post Flilm certification by Censor Board allowable

Red Chillies Entertainment Pvt. Ltd. Vs Asstt. Commissioner of Income Tax (ITAT Mumbai)

Advertisement expenditure incurred after certification by Board of Film Censors cannot be included as part of cost of production, hence, provisions of rule 9A, will not apply. It was held, the expenditure incurred in regular course of business has to be allowed under section 37. ...

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Section 194J TDS not applicable to payment made in kind

Red Chillies Entertainment Pvt. Ltd. Vs Asstt. Commissioner of Income Tax (ITAT Mumbai)

TDS is applicable in case of payment of any sum towards fees for professional services. He submitted, the term any sum, used in section 194J would denote payment in money terms and not in kind. ...

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Expense on obtaining ISO certificates are revenue expenditure

Red Chillies Entertainment Pvt. Ltd. Vs Asstt. Commissioner of Income Tax (ITAT Mumbai)

It was submitted by the assessee that ISO 27001 and ISO 9001:2008 certification are valid for a period of three years but they are neither intangible fixed asset nor transferrable. Hence, the expenditure incurred for obtaining such certificate is revenue in nature as the certificates can be withdrawn if the assessee does not adhere to the...

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Dispensing with requirement for convening meeting of Equity Shareholders not possible: NCLT

Re. JVA Trading Private Limited (National Company Law Tribunal)

In relation to the dispensation of the meeting of the equity shareholders of the Transferor Company is concerned we are not inclined to grant dispensation taking into consideration the provisions of Companies Act, 2013 and the rules framed there under both of which expressly do not clothe this Tribunal with the power of dispensation in re...

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Posted Under: Income Tax | |

KVAT: Discounts received via Credit Notes are Part of Sales Turnover

M/s Vettathil Agencies, Vs Commercial Tax Officer (Kerala High Court)

This writ petition is filed challenging Exts.P5 and P5(a) assessment orders under KVAT Act, 2003 for the assessment years 2009-10 and 2010-11 completed under Section 25(1) of the Act. Though the impugned orders are appealable, according to the petitioner...

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Section 54F exemption on investment out of borrowed funds, in the name of Karta by HUF & On Renovation of Existing Unit

Shri Puranchand & Family (HUF) Vs ITO (ITAT Chennai)

This appeal of the assessee is directed against the order of the Commissioner of Income Tax (Appeals) – 13, Chennai dated 15.09.2016 and pertains to the assessment year 2012-13....

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SRK gets deduction of Rs. 10 Crore of professional fees returned back

Shah Rukh Khan vs. ACIT (ITAT Mumbai)

ground raised by appellant was in respect of disallowing of an amount of Rs. 10,00,00,000/- being professional fees returned to Star India P. Ltd. The said amount had been incurred by the appellant for the purposes of his profession and on grounds of commercial expediency. ...

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Delayed disclosure of alleged extra judicial confession makes evidence untrustworthy

Radheshyam Kashyap alias Radhe Vs The State Of Chhattisgarh (Chhattisgarh High Court)

It is equally settled that circumstantial evidence in the nature of extra judicial confession is always considered to be a weak type of evidence, therefore, conviction on such evidence can form basis if it passes the test of credibility and the Court is fully convinced that the extra judicial confession is made voluntary in fit state of m...

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National Coal Wage Agreement is a settlement U/s. 2(P) of ID Act 1947

Avinash Saloman, Vs South Eastern Coalfields Limited, (Chhattisgarh High Court)

Thus, on the basis of aforesaid decision, it is quite vivid that National Coal Wage Agreement is a settlement within the meaning of Section 2(p) of the ID Act and is binding as provided under Section 18(3) of the ID Act and having force of law and to continue to remain in force unless the same is altered/modified or substituted by another...

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Gratuity is property under Article 300-A of Indian Constitution

Ramlal Sharma Vs State of Chhattisgarh (Chhatisgarh High Court)

In the matter of State of Jharkhand and others v. Jitendra Kumar Srivastava and another1 , it has been held by Their Lordships of the Supreme Court that gratuity and pension are not bounty and it is thus a hard earned benefit which accrues to an employee and is in the nature of property. ...

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