In absence of any finding recorded in the assessment order or in the penalty order to the effect that repayment of loans/ deposit was not under a bonafide transaction and was made with a view to evade tax, the cause shown by the assessee was a reasonable cause and in the view of section 273B no penalty could be imposed.
The ITAT considered the submissions and concluded that the AO could not have brought to tax the amounts that he ultimately did merely based upon the DVO’s report in the absence of any material pointing to under valuation.
Related party transactions (RPT) is one of the important section in Companies Act,2013 which have been in highlight since its notification due to its overwhelming provisions. MCA has issued many circulars and orders relating to RPT. SEBI has also amended Clause 49 for RPT’s vide CIRCULAR No. CIR/CFD/POLICY CELL/7/2014, Dated- September 15, 2014 to align it with Companies Act but there are some places where Clause 49 seems to be more stringent than Companies Act which we are going to discuss in this article.
Sri Damodarlal Badruka Vs. ITO (Andhra Pradesh High Court) It is well settled that once an assessment is re-opened by virtue of the order passed by CIT under Section 263 of the Act, the initial order of assessment ceases to be operative.
CIBIL TransUnion score, a puzzle for many and hassle for some, cleared!!!! CIBIL stands for Credit Information Bureau (India) Limited, which, in association with Dun & Bradstreet and TransUnion provides information w.r.t. a person’s credit discipline to financial institutions looking forward to sanction loans and/or issue Credit cards.
The pre-payment discount given by the taxpayer cannot be equated to quantity discount since quantity discount is reduction in sale price. The pre-payment discount was effectively in the nature of interest because it was in consideration of the taxpayer receiving advance payment and to compensate the buyer for making the payment in advance before the sale of goods.
The writ petitioner under Article 226/227 of the Constitution ofIndia, is a company incorporated under the laws of Mauritius, challenges aruling dated 21.03.2012 (hereinafter referred to as the ‘impugned ruling’) ofthe Authority for Advance Ruling, (herein after referred to as ‘AAR’) in A.A.R.
Interest Income from India- Foreign Remittance- Taxation and Planning. A. Taxation as per Domestic Law: A.1. Definition of Interest- 2(28A) “interest” means interest payable in any manner in respect of any moneys borrowed or debt incurred (including a deposit, claim or other similar right or obligation) and includes any service fee or other charge in respect of the moneys borrowed or debt incurred or in respect of any credit facility which has not been utilised ;
The ITAT Panaji in the case of ACIT Vs. Karishma Global Mineral Pvt. Ltd. held that the sales commission paid by assessee to Singapore based entity is not taxable in India as the same is business profits which cannot be taxed in the hands of foreign company under India
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