The Supreme Court in CCIT vs. Kesaria Tea Co. Ltd. (2002) 20 SITC 172 (SC) has laid down that the resort to section 41(1) can be taken only if the liability of the assessee can be said to have ceased finally and there is no possibility or reviving it. Also, it has held that an unilateral action on the part of the assessee by way of writing-off the liability in its accounts does not necessarily mean that the liability ceased in the eye of law.
To acquire any such shares , stocks, debenture, debenture stock, bonds, obligation or securities by original subscription, exchange or otherwise and to subscribe for the same either conditionally or otherwise, to guarantee the subscription thereof issued or guaranteed by any government, state, public body, or authority, firm, body corporate or any other entity or persons in India or elsewhere
I am directed to refer to the above mentioned subject and to say that the decision of the Hon’ble Supreme Court in the case of N.R. Parmar has been implemented by Ahmedabad, Lucknow and Guwahati charge. Consequent upon this, CBDT is receiving
notification of the Central Board of Excise & Customs No. 66/2015-CUSTOMS (N.T.), dated 2nd July, 2015, except as respects things done or omitted to be done before such supersession, the Central Board of Excise & Customs hereby determines that the rate of exchange of conversion of each of the foreign currencies specified in column (2) of each of Schedule I and Schedule II annexed hereto,
It is a matter of general belief that taxes on income and wealth are of recent origin but there is enough evidence to show that taxes on income in some form or the other were levied even in primitive and ancient communities. The origin of the word Tax is from Taxation which means an estimate.
Kind reference is invited to AIS instructions no. 80, AST instruction no. 97 and 134 on the above subject (copies enclosed for ready reference) wherein procedure for migration of PAN lying in old/orphan/defunct Jurisdiction to the Jurisdictional A.Os. through the Nodal officer/jurisdiction defined under CIT(CO) was circulated.
All contract or transactions existing on the 1st day of April, 2015 or entered into on or after the 1st day of April, 2015 shall be dealt with in accordance with the provisions of Income Computation and Disclosure Standards
Money can get many things, but not all of our life. Can we buy health, love and affection? Is it possible to remove a person’s pain and problems with money alone? Despite the facilities like best teaching, environment and timely food, a student fails in the exams. A man asked God, Give me everything to enjoy life. God replied, I have given you life to enjoy everything. Life can be happy without money, but not the other way round.
