Live Webinar with Book on Section 43B(h) (Financial Fitness) on 10th May 2024, 6:00 pm to 8:00 pm. CA Manoj Lamba will break down intricacies of Section 43B(h)
Understanding settled principles of law is very very important while presenting or pursuing a case before a Court of law, Board or any Tribunal. Keeping into mind the object of the enactment, the subject, the societal scenario etc. our Courts settled certain principles and the same are to be followed by all Courts or Tribunals unless overruled by the Competent Court or by a larger bench. There is a principle in Criminal Law that an offence should be proved beyond reasonable doubt and an innocent should not be punished. It is an example and the Courts had laid down many principles and certain principles are inherent in the enactment itself.
services provided by Chartered Accountants, Cost Accountants and Company Secretaries as well as by engineering and management consultants are presently charged to Service Tax. Although there is a school of thought that legal consultants do not provide any service to their client, I hold my distinguished predecessor in high esteem and disagree! As such, I propose to extend Service Tax on advice, consultancy or technical assistance provided in the field of law. This tax would not be applicable in case the service provider or the service receiver is an individual.
Until the amendment made by the Finance (No.2) Act, 2009, the gifts were taxed only on receipt of sum of money; i.e., cash or cheque or bank draft in excess of Rs.50,000 in a year by any individual or HUF. Now, gifts of immovable and certain movable properties will also be subject to tax if these are received without consideration or at inadequate consideration. In section 56(2), clause (vii) has been inserted w.e.f. 1-10-2009. The earlier provision was brought in with a view to curb bogus capital-building and money laundering through receipt of gifts. Though Gift Tax Act has been abolished way back w.e.f. 1st October, 1998, it has again come back in another form and find place in the Income-tax Act.
Under entry 92A of List I of the VII Schedule to the Constitution of India, the Parliament of India has the exclusive right to impose tax on sale or purchase of goods other than newspapers where such sale or purchase takes place in the course of inter-State trade and commerce. Article 269 of the Constitution of India authorises the Parliament to formulate principles for determining when a sale or purchase or consignment of goods takes place in the course of inter-State trade and commerce. Exercising the power so conferred by the Constitution of India, the Parliament has enacted the Central Sales Tax Act, 1956 (herein after referred to as “the Central Act”), wherein section 3 specifies the principles as to when a sale or purchase of goods take place in the course of inter-State trade and commerce.
After amendment to the constitution by inserting Article 366(29A) providing definition of the term “taxes on sale or purchase of goods” to include deemed sales, States were empowered to levy tax on sale or purchase of goods involved in execution of works contracts. However, the power of States to levy tax on deemed sales including works contract sales are subject to restrictions contained in Article 286 of the Constitution of India. Under Article 286 State has no power to levy tax on –
The transaction involves a global acquisition of a banking business by the Purchaser from the Seller. Consequent thereto, all assets and liabilities in India will be acquired by the Purchaser from the Seller. The acquisition of the assets and liabilities in India will either be through: (a) slump sale process, in which the undertaking as a going concern will be transferred by the Seller to the Purchaser for a lump sum consideration, or (b) through a court approved scheme of reconstruction under section 394 of the Companies Act and section 44 of the Banking Regulation Act under which all the assets and liabilities will be transferred from the Seller to the Purchaser, or (c) individual transfer of assets and liabilities by the Seller to the Purchaser.
Question:- A Karta of a HUF makes an agreement with another person to sell an ancestral immovable property for a consideration. His married sons refuse to execute the sale deed in the last minute saying that the sale consideration is nowhere near the market price, their interests are therefore very much affected and the Karta has misled them to sign the sale deed. In the above circumstances.
Q.1 Please explain the scheme of “in transit sale” covered by section 6(2) of CST Act, 1956? Ans.: Section 3(a) of CST Act,1956 defines the interstate sale/purchase transaction. Section 3(b) defines the interstate sale effected by transfer of documents of title to goods. When the goods are in movement from one State to other. The whole section 3 reads as under:
Can residential premises be used for professional or business office purposes? It is generally believed that only a part of the flat can be used for professional purposes and that no part of the flat can be used for business office purposes. However the decided case laws on the subject speak otherwise.
Income-tax arrears against assessees — of Rs 2,01,276 crore as on March 31, 2009 — have once again become an issue, as Parliament’s standing committee on finance has asked the Department of Revenue and the Central Board of Direct Taxes (CBDT) to put in place a Management Information System (MIS) within three months for collating and retrieving data concerning appeals, pendency disposal and recovery.
