The sale/transfer of stock-in-trade cannot be equated with the transfer of capital asset under section 2(47). The meaning of the words “otherwise transferred” in section 45(2), should be according to its ordinary popular and natural sense, and it should not include a transaction referred to under sub-clause (v) of sub-section (47) of section 2 in relation to a ‘capital asset’.
9. (1) The following incomes shall be deemed to accrue or arise in India :— (i) to (v) xx xx xx xx xx xx xx xx xx (vi) income by way of royalty payable by—
19. The first fundamental issue is whether the Commission has at all jurisdiction to deal with this case which involves search assessments where block assessments are to be completed u/s 158BC. The arguments of the learned CIT(DR)s appear quite weighty and persuasive. However, the arguments of” the learned AR of the applicant are logical and convincing
6. We have heard the rival contentions and carefully perused the orders. The short question here is whether credits for tax paid as provided in section 115JAA of the Act has to be given before charging of interest u/s 234A & 234B or after charging of interest u/s 234A and 234B of the Act, in the later years, when such credit is claimed. Even, before the substitution of Explanation 1
The assessee purchased the Indira Vikas Patra during the financial year 1997-98. The Indira Vikas Patras are shown as investment in the books of assessee since 1997-98. The Indira Vikas Patras are issued for certain denominations at half of the face value. The period of maturity varies on the basis of rate of interest and accumulation thereof. As per the provisions of Indira Vikas Patras
The annual Membership and Certificate of Practice fees (if member holds certificate of practice) became due and payable on 1st April, 2009. Circulars advising members to pay the membership/certific ate of practice fee were sent to individual members in the month of April, 2009 and published in May, 2009 issue of the Journal. Attention of […]
The Income Tax department (I- T department) had more than 2.35 crore tax returns pending for processing at the beginning of this financial year; the Rajya Sabha was informed today. “There was a pendency of 2,35,74,618 income-tax returns for processing u/s 143(1) of the Income Tax Act 1961, as on April 1, 2009,” Finance Minister […]
The electronic database, which would also be accessible to trade through the Internet soon, covers 11,000 tariff codes, import policy, non-tariff barriers, country preferences and import and export values and quantity for the two years 2006-07 and 2007-08. However, the online access of the database would come only at a price for trade and industry.
Supreme Court of India has decided in the Matter Kerala State Electricity Board V/s Hindustan Construction Co. Limited [2009] 91 SCL 183 (SC) inter alia decide that “Confirmation of minutes of Board meeting or any committee meeting does not require confirmation in subsequent meeting. Non confirmation of minutes does not have any effect on the decision taken at the earlier meeting.
Wrong selection of ITR :- One may sorely miss the old ‘one size fits all’ SARAL forms for the sheer ease and convenience of filling up the one page return, but they were not e-friendly. It was also cumbersome to attach a whole lot of supporting documents and spend a day away from the office […]
