The concept of Limited Liability Partnerships (LLPs) in India was introduced in the year 2009 with the enactment of the Limited Liability Partnership Act, 2008 (6 of 2009) which was notified on 31.03.2009. The first LLP was formed on the 02nd Day of April 2009 and since then almost 10,000 LLPs have been formed so far as per the records of...
Tyre retreading is a process where the TREAD (the portion of the tyre which meets the surface of road) of an old tyre is replaced/ repaired using a vulcanizing solution to give fresh lease of life to the tyre. When a tyre is manufactured it is estimated that approximately 75%-80% of the manufacturing cost is incurred in tyre body and rema...
As per the extant guidelines, Indian companies in the infrastructure sector, where infrastructure is as defined under the extant guidelines on External Commercial Borrowings (ECB), have been allowed to import capital goods by availing of short term credit (including buyers'/suppliers' credit) in the nature of 'bridge finance', under the ...
India is sold in the hands of US and European economy. This is the new slogan which might be used across the nation from Monday 17th September 2012 onwards. Every political party will come up with various types of activities like Traffic Jam, and Violence Activities in order to protest against the reform which has been declared on last Fr...
C.I.T Vs M/s Atma Ram Properties P.L.TD (Supreme Court of India) -
Liberty is given to the Department to move the High Court pointing out that the Circular dated 9th February, 2011, should not be applied ipso facto, particularly, when the matter has a cascading effect. ...
DCIT Vs Magarpatta Township Development & Construction Co. (ITAT Pune) -
Assessee was held entitled for deduction u/s.80IB(10) in case there was enhanced income on account of statutory disallowance u/s.43B, 40(a)(ia) and 36(1)(va), etc. In the instant case nature of receipts on credit side of Profit and Loss Account for eligible housing projects u/s.80IB(10) was the same and disallowance of expenditure on the ...
Harsh Constructions Vs Commissioner of Central Excise (CESTAT Ahmedabad) -
There is a fallacy in above reasoning of Commissioner (Appeals). The same service for which the contractor has procured an order, does not stand actually provided by him but is passed on to sub-contractor, who provided the actual service, it cannot be said that the contractor is liable to pay duty on the same....
Commissioner Of Income Tax -VI Vs M/S. Uberoi Sons (Machines) Ltd (Delhi High Court) -
In view of judgment in R.J Wood. The Court held that receipts towards mesne profits should be taxed in the year of their receipt. The revenue had not however, re-opened the assessment in respect of the year of receipt of the amounts, in this case. ...
Rakesh Shantilal Mardia, Ahmedabad Vs Deputy Commissioner of Income Tax (Supreme Court of India) -
We find from the records that the assessee has computed his interest income arising on the difference between purchase price of the debenture and redemption price after six years and calculated the income on amortization basis....
Assistant Commissioner of Income-tax Vs Handy Waterbase India (P.) Ltd. (ITAT Chennai) -
There is nothing whatsoever in the order of TPO which required or recommended any adjustment to the value of the international transactions. TPO did not deem it necessary to effect any revision of the sales price as shown by the assessee in its books....