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Join our free webinar on July 7 at 5 PM for insights into 10 recent High Court income tax judgments favoring assessees. Expert analysis by CA Dipak Dama.
Under a contract with a cement company, the Assessee carried out activities of loading of cement bags into closed wagons, cleaning, sealing and riveting, etc., wagon door complete spillage recovery of total quantity, drawing of bags to stenciling floor, and wagon door opening/wagon cleaning – It was compensated for different items of work at separate rates prescribed in contract.
Customs duty is leviable @ 36.05% (Basic Customs duty @ 35% + Education Cess @3%) on the value of dutiable goods that is in excess of the Duty Free Allowance.
Why the need for a Street Vendors (Protection of Livelihood and Regulation of Street Vending) Bill, 2012 , which has been passed by the Lok Sabha in the recently concluded session. ?
It has come to the notice of the CBDT that the officers, even after giving notice for VRS, continue to take decisions of sensitive nature. The Centeral Vigilance Commission(CVC) has taken a serios view of this practice.
Rs.11,19,765/- claimed Ly the appellant as commodities income is not relatable to the business of the appellant and as held by the Assessing Officer, duly affirmed by the Income TAX Appellate Tribunal and is a sham transaction, recorded with the sole object of evading tax by claiming this amount as income from other sources.
Further, it has also been decided that issue of corporate guarantee on behalf of second generation or subsequent level step down operating subsidiaries will be considered under the Approval Route, provided the Indian Party indirectly holds 51 per cent or more stake in the overseas subsidiary for which such guarantee is intended to be issued.
The assessee company is engaged in the business of construction work. The Assessing Officer applied provisions of section 145 of the Act and computed the total income at 5% of turnover and levied penalty u/s 271(1) (c) of the Act.
The facts of the case are that the assessee is a partnership firm and the Assessing Officer noticed that the debit balance in the partners’ account was more than the credit balance. He, therefore, charged the interest on the net debit balance of partners at the rate of 12% and accordingly made the addition of 20,61,845/-
On submission of the proof of current address, the account would be treated as a normal NRO account, and will be operated in terms of instructions contained in RBI’s Master Circular on Non-Resident Ordinary Rupee (NRO) Account No. RBI/2013-14/2 Master Circular No.2/2013-14 dated July 1, 2013 issued by our Foreign Exchange Department, Central Office and the provisions of Schedule 3 of FEMA Notification 5/2000 RB dated May 3, 2000may also be kept in view.
On a review of the policy, it has been decided to enhance the ceiling on loans to individuals for carrying out repairs / additions / alterations to their dwelling units to ` 2 lakh in rural and semi-urban areas and ` 5 lakh in urban areas.
