"28 October 2014" Archive

Merely having same partners or employees doesn’t mean that a new entity is formed by splitting of existing business

CIT Vs M/s Yash International Inc (Himachal Pradesh High Court)

The Hon'ble Himachal Pradesh High Court in the case of CIT vs. M/s Yash International Inc. held that the fact that the new firm has almost the same partners and some workers of existing firm shifted to new firm’s unit cannot make the new entity arising as result of splitting up of the existing one....

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SEBI (Share Based Employee Benefits) Regulations, 2014

Notification No. LAD-NRO/GN/2014-15/16/1729 28/10/2014

- In exercise of the powers conferred by section 11, section 11A , section 30 of the Securities and Exchange Board of India Act, 1992 read with section 62 of Companies Act, 2013 and rule 12 of Companies (Share Capital and Debentures) Rules, 2014, the Securities and Exchange Board of India hereby makes the following regulations to provide ...

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Expenses incurred for erection & commissioning of lift & Refund by Builder to buyer of Flats – Tax Provisions

In this article, the author has enlightened the nature of expenses incurred for erection and commissioning of lift with regard to the purview of the expression works contract in accordance with the provisions of Andhra Pradesh General Sales Tax Act, 1957 & u/s 194C of the Income Tax Act, 1961 and the treatment of excess amount of refund p...

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Posted Under: Income Tax |

Income from growing of mushrooms cannot be treated as an agricultural income

Chander Mohan Vs ITO (ITAT Chandigarh)

Even if, growing of mushroom necessarily involve use of some soil, it could not by itself amount to carrying on a primary agricultural operation in the sense of cultivation of the soil. The assessee has failed to explain as to how it can be claimed that basic agricultural operations were carried out in mushroom production and how expendit...

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