Prithavi Raj Bohra Vs Income-tax Officer, Jalore (ITAT Jodhpur) -
In the present case, a categorical finding is recorded by the Tribunal that the books were never rejected. This aspect has not been considered by the Hon'ble High Court. In the circumstances, the reliance placed on the report of the DVO was misconceived''. By observing these observations, the decision of Hon'ble High Court was set aside a...
B. Nanjamari, Ex-MLA Vs ACIT (ITAT Bangalore) -
This finding of the Tribunal in the case of Jaswant Singh (supra), clearly upholds the view that the provisions of section 57 do not provide for any deduction of expenditure from such salary income, etc. of an MLA. Only those exemptions as laid out as per the provisions of section 10(14), read with rule 2BB(1) and section 10(17) are allow...
Jafferali K. Rattonsey Vs DCIT (ITAT Mumbai) -
In case of securities the 'date of purchase' has to be taken from the broker's note/contract note and the period of holding is also to be reckoned from the 'date of purchase' and not from the 'date of dematerialization'. Since the holding period of the shares as per the broker's note and its subsequent sale after dematerialization is more...
Notification No. G.S.R. 547(E) -
These rules may be called the Company Law Board (Fees on Application and Petitions) (Amendment) Rules, 2012.
(2) They shall come into force with effect from 12th August, 2012.
2. In Company Law Board (Fees on Application and Petitions) Rules, 1991, in the Schedule, serial numbers 1, 2, 3, 13, 18 and the entries relating thereto shall be...
ACIT Vs First Advantage (P.) Ltd. (ITAT Mumbai) -
A plain reading of document on records demonstrate that FADV-US is acting as an agent of the assessee for various purchases/ upgrades. This cannot be a reimbursement. It is purchase on behalf of the assessee. In other words, what can be said is that the assessee has routed its purchases through FADV-US. Such routing of purchases cannot be...
Circular No.161/12/2012 -ST -
Circular No.161/12/2012 -ST Accounting Code for payment of service tax under the Negative List approach to taxation of services, with effect from the first day of July 2012 - regarding. Negative List based comprehensive approach to taxation of services came into effect from the first day of July, 2012. For payment of service tax under th...
Circular No. 162/13 /2012 -ST -
Circular No. 162/13 /2012 –ST Consequent to the changes introduced at the time of Budget 2012 in the Point of Taxation Rules, 2011, together with revision of the service tax rate from 10% to 12% and the subsequent changes that have been made effective from 01.07.2012, the following clarifications have been desired: (a) Point of taxation...
Assistant Commissioner of Income-tax Vs Result Services (P.) Ltd. (ITAT Delhi) -
ACIT v. Result Services (P.) Ltd. - The assessee is paying rent to the holding company as reimbursement since last many years. This position has been accepted by the department all through and it has been never disputed even when provisions for TDS were on statute since 1994. Section 194-I of the Income-tax Act, 1961 was inserted in Act w...
Trade Credits’ (TC) refer to credits extended for imports directly by the overseas supplier, bank and financial institution for maturity of less than three years. Depending on the source of finance, such trade credits include suppliers’ credit or buyers’ credit. Suppliers’ credit relates to credit for imports into India extended b...