Shabina Abraham & Ors. Vs. CCEC (Supreme Court of India) The legal heirs submitted that a reading of Sections 2(f), (3), Section 4(3)(a), Section 11 and 11A as they stood at the relevant time would show that unlike the provisions of the Income Tax Act
In the case of Commissioner Of Central Excise, Hyderabad Vs. M/S Sarvotham Care Limited, it was held that wherein the shampoo having medicinal properties and the dominant use of shampoo was medicinal.
Delhi High Court held In the case of CIT (Exemption) vs. Bhagwan Shree Laxmi Nariandham Trust that anonymous donations received by a wholly religious trust are exempt u/s 115BBC. Mere the trust deed have clauses related to charitable activities along with organizing spiritual seminars
In a major step, the organization has clarified that student trainees who are paid stipend during on the job training while pursuing course in technical /professional educational institutions would not come under the definition of employee for the purpose of EPF &MP Act. This removes the ambiguity surrounding the eligibility of such student-trainees for enrolling as members of the Fund and is expected to bring about greater clarity among employers and also reduce litigations.
Draft Interpretation published by the IFRS Interpretations Committee for comment only. Comments on the Draft Interpretation need to be received by December 21, 2015. The International Accounting Standards Board’s IFRS Interpretations Committee (‘Interpretations Committee’) published for public comment a proposed Interpretation of Standards, designed to address diversity in how the Standard is applied in practice. […]
The government the other day notified 0.5% Swachh Bharat Cess vide Notification No. 22/2015-Service Tax dated 06.11.2015 w.e.f 15.11.2015 encompassing all the taxable services and making the services dearer for the end consumers this Diwali. Here are some handy points on Swachh Bharat Cess.
India is one of the fastest growing economies since last few years and witnessed a large amount of foreign investment in various sector. Foreign Direct Investment (FDI) in India is undertaken in accordance with the FDI Policy which is formulated and announced by the Government of India. The Government of India has allowed different channels of Investment in India on basis of the entity of the foreign national.
Notification 83/2015 in respect of Income Tax Rules, 1962 dated 19th October, 2015 Applicable for determination of arm’s length price of transactions from AY 2015-16 onwards; Applicable for International Transactions as defined u/s 92B & Specified Domestic Transactions as defined u/s 92BA of Income Tax Act. Overview along with steps to incorporate amended Rule 10B […]
The ITAT Delhi in the case of ITO vs. Shree Rajeev Goenka that assessee cannot be said to make full and correct disclosure of all the facts if the return of income due date which he mentioned in return filed is different from the due date he claimed during reassessment proceedings.
The ITAT Bangalore in the case of Hewlett Packard India Sales P. Ltd held that creation of warranty Provision which is much higher than previous years provision cannot be disallowed without examining the scientific basis used by the assessee in working out the same.
