It is evident from the facts of the case that an automatic voltage stabilizer involves the operation of a number of electronic components. A voltage stabilizer might have many components some of which use electricity. This cannot be the sole reason for classifying it as an electrical good. As noticed earlier, an electrical device can be an electronic device, but an electronic device cannot be an electrical device. The Tribunal which is the last fact finding authority after taking into consideration the components of voltage stabilizer, the purpose for which it is used and the principles on which it works has come to the conclusion that the voltage stabilizer is electronic goods, for the purpose of taxation under U.P. Trade Tax Act, we are in agreement with the reasoning and conclusion reached by the Tribunal.
Once the three conditions pointed out by the Supreme Court in the judgment of Madhav Prasad Jatia v. CIT [1979] 118 ITR 200 are satisfied, the assessee would be entitled to deductions in respect of the interest and charges paid on the loans; the matter would be different only in a case where after borrowing the funds from the bank, the assessee utilizes those very funds by giving interest free loans to others.
Part II of Schedule VI to the Companies Act, 1956, requires the profit and loss account to be drawn in a manner to disclose the result of the working of the company during the period, and it should disclose every material feature in respect of non-re
Loan Limited (the company) has taken a secured loan of 2100 million from the bank. The loan agreement contains various covenants, which need to be complied with over the period of the loan. The loan agreement gives the bank a right to get the whole
G.S.R. 947 (E). – Whereas, in the matter of import of Bus and Truck Radial Tyres, (hereinafter referred to as the subject goods), falling under item numbers 40112010 (for tyres) and 40131020 and 40129049 (for tubes and flaps respectively) of the First Schedule to the Customs Tariff Act, 1975 (51 of 1975) and originating in, or exported from the People’s Republic of China(China PR) and Thailand (hereinafter referred to as the subject countrie
Issuer Limited (the company) made a public issue of 1,000,000 equity shares of Rs. 10 each, issued at a premium of 2100 per share. In response to its offer for the public issue, the company received applications for 1,600,000 shares, which included
ITAT Mumbai held in above case that that since there was no sale, discarding, demolition or destruction of an asset, no adjustment can be made to the Written Down Value (WDV) of the block of assets. Accordingly, the depreciation on goodwill and non-compete fees has to be allowed since these assets already formed part of the block of assets.
ITAT Delhi held that the perquisite value of rent free accommodation (RFA) provided by the employer being shared between expatriates should be on a proportionate allocable basis provided it is supported by appropriate evidence.
Permission was also given for export of edible oils, in branded consumer packs of upto 5 Kgs with a ceiling of 10,000 tons through custom EDI Ports upto 31.10.2009. This was first notified on 20.11.2008 and extended from time-to-time. Presently as per Notification No. 09(RE-2010)/2009-14 of 01.11.2010 such export of edible oil in branded consumer packs of upto 5 Kgs is permissible upto 31.10.2011, subject to the limit of 10,000 tons.
The back office operations and software development services carried out by an Indian subsidiary are held to be a fixed place permanent establishment of a Foreign Company. It has also been held that the contract entered into by the foreign company with its clients for providing certain IT-enabled services and then assigning or sub-contracting the same contract to Indian Subsidiary for execution can be said to constitute a business connection in India and profits attributed to the permanent establishment are determined based on the global profits in proportion to Indian assets to global assets.
