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Even though the privity of contract may be between the assessee (whose obligation it is for the transportation of goods) and the transporter, rather, irrespective of whether the contract is between the assessee and the transporter or the principal and the transporter – the payment in either case being only in pursuance to a contract; the liability under section 194C being on the person responsible for making the payment
There is no material that shares and securities purchased in the year under consideration and classified as investment in books were actually intended to be held as long term investment. Profits realised by the sale of shares may be capital gain, if the seller is an ordinary investor changing his securities, but it may be business income, if the seller of the shares is trading in shares.
Since every case is to be judged in the facts and circumstances of that case, one cannot hold the view that denial of inspection sought for by the appellant can be brushed aside on the ground of lack of prejudice or conclusion based on facts already considered in other orders relating to the appellants issued by the whole time member.
On a consideration of the facts on record, it has to be concluded that the appellants have not acted in compliance with the statutory requirements of the director of a company. The director of a company is expected to exercise due care and diligence in the approval of documents brought on the table during Board meetings.
A perusal of the impugned orders clearly evidences the lack of clarity and understanding on the part of the department. The activity of live telecast of the horse race has been classified as ‘broad casting services’ during one part of the period and during another period, the very same activity is classified as ‘intellectual property rights service’.
Assessment plays vital role under the Punjab Value Added Tax Act, 2005 and the period for framing an assessment is 3 years from the date of filing of an annual statement i.e. 20th of November but the power conferred to extend the period for framing an assessment after the 3 years has its own importance as the commissioner can extend the time period upto 6 years from the date of filling of annual statement but this power can only be exercised where circumstances so warrant
CA Hiral Raja Section 254(2A) of the Income Tax Act states that the Appellate Tribunal, where it is possible, may hear and decide the appeal within a period of four years from the end of the financial year in which such appeal is filed.
British telecom giant Vodafone has decided against making a provision in its balance sheet for the over Rs 11,000 tax claim made by Indian authorities for its 2007 deal to acquire stake in Hutchison-Essar.
Information received from the Government of France has been analysed and investigations into the information have been undertaken by the different jurisdictional authorities under the Income-tax Act, 1961. Investigations in the matter are under progress including with the foreign tax authorities to obtain more information with regard to the reported account holders.
Central Board of Direct Taxes has said it does not have any information about names and addresses of Indians who have reportedly stashed money in Swiss banks. The CBDT, a part of Department of Revenue in the Finance Ministry, said this when the matter came before the CIC where Information Commissioner Rajiv Mathur was hearing […]
