The Supreme Court has set aside the penalty demanded by the excise authorities from Pepsi Foods Ltd because there was no intentional default on the part of the company. But the court overruled the excise tribunal on the question of inclusion of freight charges between Pepsi factory and Frito-Lay India.
Provided further that a stock-broker/trading member/clearing member who employs any associated persons specified in this paragraph after the date of this notification shall ensure that the said associated persons obtain valid certification within one year from the date of their employment.
Whether the ITAT was right in law in holding that Freight Subsidy received from the Govt. by the assessee is allowed to be included as profits derived from the industrial undertaking and eligible for deduction under Section 80- 1A of the Income Tax Act, 1961
In the absence of link or connection between the gift made by the devotees and the profession or avocation carried on by the assessee, a religions head, the personal gift cannot be termed as income taxable under the Act
Routers and switches are to be included in block of `Computer’ entitled to depreciation at the rate of 60 percent
Providing comments and suggestions after reviewing the strategies and plans developed by the applicant, giving suggestions to the applicant to improve the product developed by it so as to bring it in line with the common practices followed by other AXA entities across the globe, providing HR support assistance, assisting the applicant in choosing cost effective re-insurance partners, reviewing the actuarial methodologies developed by the applicant and providing suggestions and inputs to achieve standard actuarial practices and processing guidelines in connection with the settlement of claims, marketing and risk analysis, fall short of the requirements laid down in the definition of fees for technical services in Tax Treaty between India and Singapore
Those who take loan and avail financial facilities from the bank are duty bound to repay the amount strictly in accordance with the terms of the contract; any lapse in such matters has to be viewed seriously and the bank is not only entitled but duty bound to recover the amount by adopting all legally permissible methods
In all these petitions, the constitutional validity of the National Tax Tribunal Act, 2005 (`Act’ for short) is challenged. In TC No.150/2006, additionally there is a challenge to section 46 of the Constitution (Forty- second Amendment) Act, 1976 and Article 323B of Constitution of India. It is contended that section 46 of the Constitution (Forty-second Amendment) Act, is ultra vires the basic structure of the Constitution as it enables proliferation of Tribunal system and makes serious
We have considered the rival contentions in the light of material placed on record vis-à-vis amendment brought in provisions of section 115JAB by the Finance Act, 2009 by insertion of new clause (i). According to the amended provisio
In the present case, the trial court had acquitted the appellant-accused in a case related to the dishonour of a cheque under Section 138 of the Negotiable Instruments Act, 1881. This finding of acquittal had been made by the Addl. JMFC at Ranebennur, Karnataka in Criminal Case No. 993/2001, by way of a judgment dated 30-5-2005. On appeal by the respondent-complainant, the High Court had reversed the trial court’s decision and recorded a finding of conviction
