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The value of the imported goods cannot be based on the value of the goods in the local market. In the present case, no valid reasons have been given by the commissioner to reject the valuation adopted by the overseas chartered engineer. Similarly, comparing the value of the imported goods which are old and used with the data available in DOV is also not appropriate as the said data do not disclose the age, residual life, physical condition of the goods sought to be compared.
Any technique to multiply gains and losses in finance is known as leverage. Buyout means when a firm purchases the controlling interest of another firm to takeover assets or its business operation or both. Therefore, leveraged buyouts mean when and investor acquires a controlling interest in company’s equity, where a considerable amount of purchase value is financed through leverage
Fee Income tax Return Preparation Software/File for Non-Govt Employees for the Financial Year 2011-2012 and Assessment Year 2012-2013
DCIT Vs M.G.S. Hospitalities (ITAT Delhi)- Section 40A(2)(b) – When assessee firm pays hefty salary to the father of a partner, it attracts provisions of Sec 40A(2)(b) but dis allowance can be made without verifying the market value of services provided by the partner’s father.
The effect analysis for IFRS 10 Consolidated Financial Statements, which also includes the effect analysis for IFRS 12 Disclosure of Interests in Other Entities, and the effect analysis IFRS 11 Joint Arrangements are now available for download on the project pages.
Ghisalal Vs Dhapubai (D) By Lrs. (Supreme Court of India)- Hindu Adoptions and Maintenance Act, 1956, s. 7- Adoption by husband -This is clear from Section 7 of the Act. Proviso thereof makes it clear that a male Hindu cannot adopt except with the consent of the wife, unless the wife has completely and finally renounced the world or has ceased to be a Hindu or has been declared by a court of competent jurisdiction to be of unsound mind. It is relevant to note that in the case of a male Hindu the consent of the wife is necessary unless the other contingency exists.
Taxation of services is now almost seventeen years old in India with over 120 services in the service tax net which have been added successively in last 17 years. While government proposes to introduce goods and service tax (GST) an hear future (not certain in 2010 atleast), in all likelihood, we may land up in a scenario where all services (barring a few as per negative list) are taxed to service tax in 2012 or when Good & Service Tax comes in.
