On a review, it has been decided to allow refinancing of such bridge finance (if in the nature of buyers’/suppliers’ credit) availed of, with an ECB under the automatic route subject to the following conditions:- (i) the buyers’/suppliers’ credit is refinanced through an ECB before the maximum permissible period of trade credit;
The AO in the said case did not examine whether the share application money can be treated as loan or deposit within the meaning of provisions of sec. 269SS of the Act nor the Addl. CIT. The ld. CIT(A) found as a fact that the shares were subsequently allotted to the applicant-companies as shown by the form filed before the Registrar of Companies.
On a review, it has been decided: (a) to enhance the maximum permissible limit of ECB that can be availed of to 75 per cent of the average foreign exchange earnings realized during the immediate past three financial years or 50 per cent of the highest foreign exchange earnings realized in any of the immediate past three financial years, whichever is higher;
It is well settled that the Legislature has conferred power to condone the delay to enable the Courts and Tribunals to do substantial justice to parties by disposing of matters on merits. Similarly, if the delay is not inordinate and unexplained when is condoned the maximum that can happen is that a cause would be decided on merits after hearing parties.
The claim of the assessee of having converted the capital asset of land into stock in trade for the purpose of his business as envisaged in section 45(2) was not accepted by the Assessing Officer as well as by the Commissioner (Appeals) mainly for the reason that there was no business of real estate development actually commenced or carried on by the assessee and it was a case of transfer of land as capital asset simpliciter as per the Development Agreement.
On perusal of the material on record, it is found that the assessee first of all seeks to get the benefit under the provisions of Indo UAE DTAA Treaty on the ground that payees were residents of UAE as per article 4(1). The other limb of its case is that the payment of fees for registration of trademark to Advocates in Emirates were not in the nature of fees for technical services in view of the section 9(1)(vii) but was purely for professional services.
If the final tax liability of the contractor or sub-contractor is less or nil as the case may be than the tax deduction made u/s 27, then such contractor or sub-contractor must move an application u/s 27(10) to seek Nil or lower rate of tax deduction certificate and in such case granting of NIL/Lower rate of tax deduction certificate will be justified.
The Preamble of the SEBI describes the basic functions is to protect the interests of investors in securities and to promote the development of, and to regulate the securities market and for matters connected therewith or incidental thereto. The SEBI only act as market regulator and control the irregular market practices.
Transfer of Right to use is a taxable event in the eye of law. A thin line of demarcation has been made as to when the activity will be covered under the provisions of Sales Tax law and when the same will be qualified as a service. To getting a clear understanding of the same, the provisions laid down are discussed here forth.
The Department of Sales Tax, Maharashtra State has declared the List of Suspicious Dealers who has issued false bills without delivery of goods on their website http://mahavat.gov.in in Excel 2007 file containing 698 names firstly. An additional list making total 817 names was declared later and further list was updated covering 1009 names.
