4. We have carefully considered the arguments on both the sides. We have also perused the order sought to be rectified. The Tribunal while deciding the appeal formulated the questions arising in the appeal. These are No.l to 5 as recorded in para 17 of the order. As regards first question the Tribunal held that the assessee has business connection in India. However, after considering clause (a) of Explanation 1 to section 9(1 )(i) of the Act
15. Though a search and seizure operation was conducted on 31.05.2003, but no indiscrirninating material was found therein. It seems that consequent upon the search in response to a notice under section 153A the assessee opted that the original return be taken as a return under the aforesaid provision. Thereafter, a questionnaire was issued requiring the assessee to inter-alia file the details of loans and gifts
15. We have heard both the parties at length and carefully gone through the materials available on record. In the instant case, the controversy to be resolved is whether assessee was a Local Authority for the year under consideration and as such was eligible for exemption of income u/s. 10(20) of the Act or not. Section 10 of the Act deals with the income which are not to be included in computing total income of previous year
The following Benches will not function during the period from 20.07.09 to 24.07.09 “A1, B1, E1, H, L, & WT” The cases hanve been adjourned to respective dates – See seprate notice.
Discover the tax benefits for small businesses in Union Budget 2009. Simplified tax code, exemption from compliance procedures, and more.
Under the existing provisions, in a nutshell, gifts received by individuals and HUFs, only as sum of money from non relatives in excess of Rs.50000/- per annum are taxable. Gifts on the occasion of marriage or under a will are also outside the tax net. Gifts in kind are also not taxable. Now the gifts in kinds are being made taxable in the hands of recipients. Cases of deemed gifts due to inadequate considerations are also being brought in the tax net.
As everybody is already aware, National Bank for Agriculture and Rural Development (NABARD) takes panel from the Institute of Chartered Accountants of India for the empanelment of Statutory Auditors of Regional Rural Banks. (RRBs). In this context, it is advised that members should refrain from sending separate empanelment application/bio data directly to the NABARD for […]
The society is registered with the object principally of looking after the property including building thereon. There is no trading or business transactions. The members by adopting the bye-laws agree amongst themselves that a fee for transfer of flat/tenement when it is sold would be paid to the society. It may be that both incoming or outgoing member have to contribute to the common fund of the society
12. Section 9(l)(vi)(c) provides that any income by way of royalty payable by a person who is a resident except where the royalty is payable in respect of any right, property or information used or services utilized for the purpose of a business or profession carried on by such person outside India or for the purposes of business or profession carried on by such person outside India or for the purpose
8. We shall first deal with the question whether furnishing of bank guarantee amounts to actual payment and fulfils the conditions stipulated in section 43B of the Act. The requirement of Section 43B of the Act is the actual payment and not deemed payment as condition precedent for making the claim for deduction in respect of any of the expenditure incurred by the assessee during the relevant previous year specified in Section 43B.
