Delhi High Court held In the case of Consultating Engineering Services (India) Ltd. vs. DCIT that for reassessment as per first proviso of section 147, it is pre- condition that the assessee has not made a full and true disclosure of the material particulars necessary for the assessment.
In conclusion, it is difficult to hold, in view of the factual position expressed above, that the wisdom of appointment of Judges, can be shared with the political-executive. In India, the organic development of civil society, has not as yet sufficiently evolved.
ACIT Vs. Sri Sandip Somany (ITAT Kolkata)- We find that the assessee being a Joint Managing Director of M/s Hindustan Sanitary Ware and Industries Ltd was in receipt of commission based on net profits of the company determined and finalized in the subsequent year
Meaning of Works Contract in TN VAT: Sec 2(43) defines as Works Contract includes any agreement for carrying out for cash, deferred payment or other valuable consideration, building construction, manufacture, processing, fabrication, erection, installation, fitting out, improvement, modification, repair or commissioning of any movable or immovable property.
Mr.Vinod D Motiwala Vs. ITO (ITAT Mumbai)- AO has considered the fact that the assessee did not carry on any agricultural activity. In our view, the absence of agricultural activity cannot be considered to be the sole ground to determine the intention of the assessee.
Simplification of Tax Deduction at Source (TDS) mechanism for Employees Provident Fund Scheme (EPFS) Under the Employees Provident Fund and Miscellaneous Provisions Act, 1952 (EPF & MP Act, 1952), certain specified employers are required to comply with the Employees Provident Fund Scheme, 1952 (EPFS). However, these employers are also permitted to establish and manage their […]
JCIT vs Smt. Armeda K. Bhaya 95 ITD 313 (Mum.) Section 54 Benefit cannot be reduced proportionately merely because in the Purchase or Sell deed of Property Purchased or Sold name of a Family Member incorporated as co-owner for the sake of convenience
ITO Vs. Shri pardeep Singh Hooda (ITAT Chandigarh) ITAT held that there was no big or unreasonable gap between the amount withdrawn from the bank account and paid for purchase of the property. Since the amount was taken into cashbook after withdrawal from the bank account
Wouldn’t it be great if you could buy an insurance policy that also multiplies your wealth? That’s a Unit Linked Insurance Plan (ULIP) for you. A ULIP gives you the advantage of investing in an insurance policy and a mutual fund without having to make two separate investments. They are investment products that offer good […]
F.No. 225/26112015/ITA.II As per provisions of sub-section (6) of section 245R of the Income-tax Act, 1961 [‘Act’], the Authority for Advance Ruling (AAR) [hereinafter referred to as ‘Authority] is required to pronounce its advance ruling, on an application made by an applicant desirous of obtaining such ruling,within six months from the date of its receipt.
