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CUP method is the ‘most appropriate method’ to determine the arm’s length price in the cases of generic drug manufacturers so long as comparables are available and while innovators of drugs are allowed monopolistic pricing during the period when patents are in force so as to recoup the R & D costs, once the patent period expires, the higher pricing of the drug vis-à-vis prices of generic drugs manufactured by competitors cannot be justified on the ground of heavy R&D costs.
The Institute of Chartered Accountants of India (ICAI) has said that the agriculture companies might not have to converge fully with international financial reporting standards (IFRS) and a part of their convergence process would be deferred by anoth
Supreme Court today said it would waive the 1 per cent court fee on the Income Tax Department, on the Rs 2,500 crore deposited by the Vodafone International Holdings, if the government gives an undertaking that it would not make claim of unjust enrichment
Court finds it appropriate to direct the respondent to issue a show cause notice and to give an opportunity of hearing to the petitioner before deciding the issues arising for his consideration relating to the payment of service tax by the petitioner. It would be open to the petitioner to substantiate its claims, by producing the necessary records. Thereafter, the respondent may pass appropriate orders on merits and in accordance with law, taking into consideration all the relevant aspects, including the decisions of the supreme Court cited by the petitioner, as expeditiously as possible.
Whether, in the remanded matters, the appellant should be required to establish integral connection between the service and the manufacture of final products for the benefit of CENVAT credit on the service as held by the learned Member (Judicial) relying on the Hon’ble High Court’s judgment in the case of Ultratech Cement Ltd (vide supra)
Next time you go to a bank ATM, be ready to re-enter your PIN afresh for every transaction you wish to conduct, such as money withdrawal, balance enquiry and checking account details. In order to check misuse of ATM cards by unauthorised people, RBI
In the instant case, the refund claim was filed on 2/1/2009. The learned Consultant’s contention is that the marginal delay of 3 days should be condoned. Since there is a delay of three days, it is not within the power of the authorities to condone the delay in filing the refund claim, that too a time limit which is envisaged in the Notification.
The Income Tax Department has assessed the total taxable income of suspended IAS officer Rajesh Rajora, facing corruption charges, at Rs 5.21 crore and fixed a tax liability of Rs 1.5 crore against him. IT Department sources said that as per the asse
In Circular 204 dated 24.7.1976, the CBDT has accepted that u/s 23(1)(a) the “sum for which the property might reasonably be expected to let from year to year” is the municipal valuation of the property. The same view that the Municipal valuation is the annual value u/s 23(1)(a) has been taken in CIT vs. Prabhabati Bansali 141 ITR 419 (Cal) & M.V. Sonavala vs. CIT 177 ITR 246 (Bom); The contrary view in Makrupa Chemicals 108 ITD 95 (Mum) & Baker Technical Services (P) Ltd 126 TTJ (Mumbai)(TM) 455 that annual value determined by the Municipal authorities is not binding on the AO while determining the annual value u/s 23(1)(a) if it can be shown that the rateable value under the municipal laws does not represent the correct fair rent cannot be followed in view of M.V. Sonavala 177 ITR 246 (Bom) where it was held that the rateable value under the municipal law has to be adopted as annual value u/s 23(1)(a); Note: The issue whether notional interest can be considered u/s 23(1)(a) is pending before the Full Bench of the Delhi High Court in CIT vs. Moni Kumar Subba
Notification No. 2/2011 – Income Tax In the notification of the Government of India in the Ministry of Finance, Department of Revenue, (Central Board of Direct Taxes) number S.O. 1898(E), dated the 3rd August, 2010, published in the Gazette of India, Extraordinary, Part-II, section 3, sub-section (ii), dated the 3rd August, 2010, in paragraph 2 for “This notification shall come into force with effect from the date of its publication
