It was held in the case of CIT v/s South India Corporation Ltd. by Kerla High Court That the assessee is not entitled to claim deduction of the belated payments to the Provident Fund in view of the section 36(1)(va) and 43B of the Income tax Act.
The Hon’ble Kerala HC in the case of Jose Kuruvinakunnel vs. CIT held that the I.T Act does not envisage double taxation and assessment should be in the hands of the right person and that there cannot two assessments for the same income.
The Hon’ble Kerala HC in the case of Beacon Projects Private Limited held that a sum paid can be termed as interest only when the same is paid in respect of a pre-existing debt obligation and there existed a debtor-creditor relationship.
The Hon’ble Kerala HC in the case of Kerala Kamudi P. Ltd. held that the assessee is allowed to follow hybrid system of accounting for different nature of transactions provided the same is followed consistently and income can be deduced from such accounting.
The development and progress of any society depend on the systems it follows. Divergence and disparities in the conduct of the individuals tend to distract the aim of the society. However, when a set of standards and procedures is put in place, people behave in an orderly manner which in turn promotes cohesion and cohabitation.
The High Court of Patna has reaffirmed the legal position that State Governments are not competent to levy VAT on MRP in the case of M/s. Mapra Laboratories Pvt. Ltd., Vs. The Commercial Tax Officer, Special Circle, Patna.
While concluding my previous article on CSR – Interplay between Companies Act, 2013 and Income Tax Act, 1961, I have mentioned that the CSR policy should be formulated by the CSR Committee in such a manner as to require CSR expenditure to be incurred on such activities as laid down in Schedule VII that are also eligible for deduction under sections 30 to 36 of the IT Act
Notification No. 41/2015-Central Excise Central Government being satisfied that it is necessary in the public interest so to do, hereby makes the following further amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue) No. 12/2012-Central Excise, dated the 17th March, 2012, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i) vide number G.S.R.163(E), dated the 17th March, 2012, namely: –
With the introduction of the Point of Taxation Rules, 2011 and the advent of negative list-based comprehensive taxation of services in 2012, it becomes necessary that the guidelines for detailed scrutiny of returns needed a revision. In this background, the CBEC vide Circular 185/4/2015-Service Tax dated 30th June, 2015 has outlined the manner of detailed manual scrutiny of ST-3 returns to be effective from 01.08.2015.
Notification No. 46/2015-Customs Central Government being satisfied that it is necessary in the public interest so to do, hereby makes the following further amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue) No. 12/2012-Customs, dated the 17th March, 2012, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R.185(E), dated the 17th March, 2012, namely:-
