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As long as the expense is incurred wholly and exclusively for the purpose of earning an income, even if it is not necessarily for earning that income, it will still be deductible in computation of income. What thus logically follows is that even in a situation in which proximate or immediate cause of an expenditure was an event unconnected to earning of the income
Mr.Chhotaroy learned counsel for the revenue mentioned that the profit and loss account of the assessee as furnished by the petitioners would clearly indicate that the Assessing Officer had not applied his mind to the same.
Once the Assessing Officer is satisfied that a permanent establishment of the petitioner exists in India and business is being conducted from this permanent establishment, the attribution of profits is a necessary consequence.
The most awaited 2014-2015 Finance Budget was presented by Hon’ble Finance Minister, Arun Jaitley on 10th of July 2014. The sugar-coated budget did not aim at bringing any major change due to the reason that there was short time span but still changes in various issues have been introduced. The budget was both a shock […]
Naresh Kansala DOT-COM Companies, Accounting Concepts and “Its Practical Treatments” With the development of IT industry there is huge scope for growth not in the IT industry but in all other industries too and the growth of E-Commerce has revolutionized the way of conducting business. The buyers and the sellers are a mere click-of-the-mouse away. […]
THE Customs Notification 102/2007 dated 14.9.07 providing for exemption of 4% Special Additional Customs Duty leviable in terms of Section 3(5) of Customs Tariff Act 1975 in respect of goods imported for sales as such, by the importers to others was purportedly issued to provide a level playing field to traders vis-à-vis manufacturers who do not […]
The Ministry of Corporate Affairs, in order to give an opportunity to companies who have failed to file annual statutory documents (Annual Return and Financial Statements), has launched Company Law Settlement Scheme, 2014 (CLSS-2014), vide General Circular no. 34/2014 dated 12.08.2014.
Appellant is engaged in the activity of registration of website domain names i.e. appellant is a registrar. The appellant is also accredited by International Corporation for Assigned Names and Numbers (ICANN) for certain top level domains.
NATURE OF INDIAN ECONOMY India is a mixed economy where the means of production are owned by private and public sectors together. The economy of India is the tenth-largest in the world by nominal GDP* and the third-largest by purchasing power parity (PPP). The country is one of the G-20 major economies, a member of […]
CBDT Order No. 130 of 2014 CBDT has transferred and posted several officers in the grade of Additional/ Joint Commissioner of Income Tax with immediate effect. To View List of Such officers Download the Following Order :-
