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ITAT was justified in law in holding that the amount of Rs. 63,46,000 paid by the assessee for acquiring technical know-how was allowable as revenue expenditure? The Tribunal was justified in its opinion that the payment made in question was allowable as revenue expenditure and not as capital expenditure allowable for deprecation under Section 32 of the Act .
Service Tax Second Amendment Rules 2010 – Exempts persons marketing the lottery tickets other than the distributors or selling agents appointed or authorised by the lottery organising State. NOTIFICATION NO 50/2010-Service Tax, Dated : October 8, 2010 In exercise of the powers conferred by section 93 of the Finance Act, 1994 (32 of 1994) (hereinafter […]
NOTIFICATION NO 49/2010-Service Tax, Dated: October 8, 2010 In exercise of the powers conferred by sub-sections (1) and (2) of section 94 of the Finance Act, 1994 (32 of 1994) (hereinafter referred to as the said Act) , the Central Government hereby makes the following rules further to amend the Service Tax Rules, 1994, namely […]
It is further important to note the observation of the Hon’ble Supreme Court on the distinction between software, being a set of instructions allowing physical hardware to perform instructions and Data, which is information that does not perform any
Securities and Exchange Board of India (SEBI) had notified the Regulations for Public Offer and Listing of Securitized Debt Instruments on May 26, 2008. The Regulations, inter alia, specified initial disclosure requirements for offer documents for pu
Provided that the Central Government may entertain the representation after the expiry of the said period of thirty days, if it is satisfied that the organisation was prevented by sufficient cause from making the representation within thirty days.
The Central Excise Department today said its has slapped a show-cause notice on Philips Electronics for allegedly evading excise duty to the tune of Rs 22 crore. Central Excise Commissioner (Chandigarh) H K Thakur also said two-wheeler major TVS Moto
The CBI has arrested a State Bank of India (SBI) employee for allegedly cheating hundreds of illiterate or semi-literate customers who opened their savings accounts in the bank and misappropriating Rs five crore in the process.
Provident fund subscribers who have inoperative accounts from their earlier jobs will not lose interest if they file an application for withdrawal of accumulated funds or transfer to an operative account before March 1, 2011 even if the settlement ha
A 3 Member Special Bench was constituted to decide whether the assessee was entitled to claim depreciation u/s 32 on intangible assets termed ‘Goodwill’. At the hearing, the assessee raised a preliminary objection that as the Judicial Member on the Special Bench has already taken a view about allowability of depreciation on goodwill in the case of Bharatbhai J. Vyas vs. ITO 97 ITD 248 (Ahd.) judicial discipline requires that this Special Bench should consist of persons who have not already taken a view.
