The submission of the counsel for the revenue that the Trust was not set up for charitable purposes and it was utilizing its income not for the said purpose cannot be examined at this stage as only objects of the Trust had to be considered by the Commissioner. The Trust was in nascent stage and was yet to work towards its objects.
MCA asks institutes to impart training to its professionals to improve quality of XBRL filings. You are aware that XBRL filing of financial statements by a select class of companies for FY 2010-11 was mandated vide Ministry of Corporate Affairs Notification GSR No. 748(E), dated 5-10-2011. T
Prima facie, liability to pay service tax arises with reference to the place where service was provided rather than the place where consideration was collected
(i) Principle of mutuality applies under the Act. As such, there can be no deduction of interest paid by Indian branch to head office/other overseas branches. (ii) However, the assessee is entitled to deduction of interest paid to head office/other overseas branches as per the terms of the DTAA.(iii) Mutuality applies in relation to income earned by the Indian branch from head office/other overseas branches. As such the interest income so earned cannot be charged to tax. (iv) Consequently, the provisions of section 40(a)(i) cannot apply.
Under existing Policy Conditions, import of arms (including parts thereof) & ammunition is permitted freely, inter alia, to National Rifle Association of India (NRAI) for its own use and for transfer to its State/district affiliates by due certification by Sports Authority of India. The phrase due certification by Sports Authority of India has been substituted by self certification by NRAI.
