In a decision that will help corporates restructure businesses, the Chennai bench of Income-tax Appellate Tribunal (ITAT) has held that tax benefit could not be denied to business restructuring, if the exercise fulfills all the conditions mentioned under the Income-Tax Act.
Prices of residential flats are likely to go up by 4% in a couple of months, notwithstanding the recent relaxation in the service tax. The latest Union Budget had imposed a 3% service tax on builders, while the state would impose VAT of 1% on a flat’s price.
Additional I-T commissioner Sumitra Banerji and her husband Subrato, who were arrested in a Rs 1.80 crore bribery case registered by CBI three weeks ago, will spend some more time in jail, as their bail plea was rejected on Wednesday.
This is a petition under Section 482 of the Code of Criminal Procedure, for quashing criminal complaint filed by the respondent against the petitioner under Sections 24(1) and 27 of the Securities and Exchange Board of India Act, 1992. Quash
In the light of the foregoing, the question is answered in the negative. To elaborate, the applicant being a non-resident during the previous year 2008-09, the income earned by him from his employment in USA can not be taxed under Income-tax Act, 1961.
The corporate affairs ministry is tightening the noose around retail companies — a sector which has been left largely untracked due to the absence of a designated sectoral regulator.
These two civil appeals are filed by the Department against the order dated 2nd September, 2008, of the Gujarat High Court refusing to formulate, inter alia, the following question of law: “Whether the Income Tax Appellate Tribunal, in the facts and circumstances of this case, was right in confirming the order passed by the Commissioner of Income Tax (Appeals) deleting the additions made by the Assessing Officer on account of
Recently in the case of Kbace Tech Pvt. Ltd. v. CCE/CST CESTAT ruled that the refund or CENVAT credit on input services is allowed only if the services are consumed in the output service. It is held that the Board’s Circular No. 120/01/2010-ST, dated 19-1-10 does not have the effect of amending the statute and cannot be seen as authorizing sanction of refund if the credit of service tax does not relate to services consumed for providing the output service.
A short question which arises for determination in this civil appeal is – whether the Income Tax Appellate Tribunal was, on the facts and circumstances of this case, justified in upholding the order of the Commissioner of Income Tax (Appeals) directing the Assessing Officer to allow the claim of depreciation as per the Income Tax Rules, 1962, for the purposes of computing the book profit under Section 115J of the Income Tax Act, 1961? In this civil
We have carefully considered the rival submissions in the light of the material placed before us. The reply of the assessee in response to show cause notice against levy of concealment penalty have already been reproduced in para 5 of this order. The relevant portion of statutory provisions regulating levy of concealment penalty are reproduced below for the sake of convenience: –
