M/s. A. T. Kearney India Pvt. Ltd. Vs. ITO (ITAT Delhi) Profits and gains u/s 10A were not to be included in the income of the assessee at all and as such the question of setting off of loss of assessee of any profits
MVL Industries Ltd. vs. D.C.I.T. (ITAT Delhi)- Provisions of section 14A are to prevent claims of deduction of expenditure in relation to income which does not form part of the total income of the assessee; that these provisions are enacted to ensure that only expenses incurred
Anything that impairs the success of an effort by a person is called as ‘a Handicap.’ In other words, it’s a condition that affects the performance of a person. The handicap might be of mental or physical nature or both. Many people think that having some problem in the body is the disability. The handicapped mind is the biggest defect one should worry, and not the physical disabilities like blindness, dumb, deaf, etc.
How would liability be determined in case of reverse charge services where services have been received prior to 15.11.2015 but consideration paid post 15.11.2015? Does a person providing both exempted and taxable service and reversing credit @ 7% of value of exempted service under Rule 6 of Cenvat Credit Rules, does he need to reverse the SBC also?
With insertion of 4th proviso in section 123(1), no Co. shall declare dividend unless carried over previous losses and depreciation not provided in previous year(s) are set off against profit of the company for the current year.
Assessment under section 144 popularly known as best judgment assessment is an assessment carried out as per the best judgment of the Assessing Officer. Best judgment assessment can only be made at the instance of certain failures as specified under section 144 on the part of the taxpayer.
What would be the effective rate of tax in case of Partially exempted services i.e. abatement scheme under notification 26/2012? In this respect it is mentioned that the abatement scheme does not alter the value of taxable service but only alters the rate of service tax. Thus, in case of GTA services, wherein the abatement is 70%, for a service of Rs. 100, the service tax is to be payable at 4.2%.
Elections are normal in democratic institution. Our Electoral College is uniquely as it impact on both the power of governance of our Alma Mater ICAI and the relative power of member’s livelihood. We, the contestants are not different from others the only difference is that by accepting the challenge of election we have decided a step further. We are going to represent you as a model of true professional which combines the idea of the pivotal player in addition to our role of practicing member.
