‘Let us assume that Mr. ‘A’ purchases a machine which is very much required by him for his business purpose but for such acquisition of machine by him, he paid some extra price as per the A.O. This is not the case of the A.O. that using of machine for business purpose is not the main purpose of acquiring of machine and in that situation, in our humble opinion, the A.O. cannot invoke Exp.(3) to Section 43(1) of the Act.
DEDUCTION IN RESPECT OF LIFE INSURANCE PREMIA, DEFERRED ANNUITY, CONTRIBUTIONS TO PROVIDENT FUND, SUBSCRIPTION TO CERTAIN EQUITY SHARES OR DEBENTURES, ETC. [SEC. 80C, APPLICABLE FROM THE ASSESSMENT YEAR 2006-07] – SECTION 80C 1. Under section 80C, deduction would be available from gross total income. 2. Only an individual or a Hindu undivided family can claim deduction under section 80C. Eligible Amount -Any sums paid or deposited in the previous year by the assessee — 1. As Life Insurance premium to effect or keep in force insurance on life of (a) self, spouse and any child in case of individual and (b) any member, in case of HUF. Insurance premium should not exceed 20% of the actual capital sum assured.
As far as instant assessment is concerned, it is a case of individual assessment. The extent of the property sought to be assessed at the hands of HUF was to the extent of 20.88 acres at Alamarathupatti Village. Even though the assessee claimed the property in entirety as HUF property, the partition deed allotted an extent of 4.63 acres alone.
Technical inspection and testing under the Indian Explosives Act, 1884 is a statutory obligation, therefore the same is not liable to tax under Technical Testing and Certification Service. Therefore, the appellants are liable to pay service tax as prayed by the learned counsel.
EPC Contracts refers to an Engineering, Procurement and Construction contract. In an EPC Contract, the EPC contractor undertakes total responsibilities for the project upto the commissioning stage for a pre-agreed consideration.
The Rules would have applicability in the following instances. Person who deals in cross border services. Person who have operations with suppliers or customers in the state of Jammu and Kashmir. Service provider operating within India from multiple location , without having centralized registration , will find them useful in determining the precise taxable jurisdiction applicable to their operations. Determines weather services are wholly consumed in SEZ to avail the outright exemption.
This circular is being issued in exercise of powers conferred under section 11(1) of the Securities and Exchange Board of India Act, 1992 to protect the interests of investors in securities and to promote the development of, and to regulate the securities market.
Carrying out drug trial is essential for approval of the drug in question to be sold in the public and hence, in our considered opinion, clinical drug trial cannot be carried out inside an in-house research facility i.e. usually the laboratory.
In the present case by an unilateral act of the assessee in writing back the amount of gratuity of Rs. 32,39,929/- which was allowed as expenditure in the Assessment Year 1972-73 would not be treated as remission or cessation of the trading liability so as to attract the provisions of Section 41(1) of the Act and the principles laid down by the Apex Court in the case Sugauli Sugar Works (P.) Ltd. (supra) are squarely applicable.
The vision to achieve his childhood goal helped 23-year-old J. Rajashekar Reddy qualify the final hurdle of becoming a chartered accountant. He is the first completely blind candidate in India to manage the feat. “My success is not mine alone but of all those volunteers, teachers, friends and mentors who supported me throughout,” said the […]
