In the present case, the capital assets has never come into existence and accordingly ITAT has allowed travelling expenses or ore testing charges only as revenue expenditure. The travelling expenses or manganese ore testing charges pertaining to the existing mine allowed by the ITAT
A plain reading of reasons, gives rise to doubts whether some lines have gone missing or some punctuation marks have been left out. Grammatically also the reasons recorded make little sense. It is well settled that the reasons recorded for reopening the assessment have to speak for themselves.
In its endeavour to ease the process for FDI applications, Government launched a new secured FIPB website namely http://fipb.gov.in in 2015. Website offers increased portfolio services to applicants in an efficient manner and also allows more transparent way of business to keep applicant informed on the current status of their applications.
It is clear that the assessee was under the bonafide belief that the provisions of Section 44AB were not applicable to a Club, while supplying beverages, liquor etc., to its members as it was not engaged in any business
1. The superb question of law that falls for consideration in this writ petition is, whether the Chhattisgarh Lok Aayog has jurisdiction and authority to pass an order directing the State Government and / or its authorities to hold departmental enquiry mandatorily and to recover the amount in exercise of its advisory jurisdiction under sub-section (1) […]
After a seemingly endless amount of time, the salaried class seeks after a ‘typical man cordial’ Budget that may oversee family unit spending plans, regardless of expansion. Key procurements in direct duties that might be taken a gander at in this Budget, especially for the salaried class of people, are the following:
Union Budget 2016 is likely to focus more on rural spending, defense and housing. According to my opinion Some proposed Direct Tax Changes should be : Tax on Companies/ Firms/LLPs: Corporate Tax rate to be reduced to 25% from the current 30%. Further the same should be inclusive of surcharge and education cess.
The wise see knowledge and action as one; they see truly ….. so go the words of wisdom in the Bhagavad Gita, which are worth emulating by one and all, specifically in the present scenario when a new cohesive team of elected members is commencing its fresh tenure as representatives of the Indian CA fraternity. A beginning is only the start of a journey to connect another beginning.
Bombay High Court held In the case of CIT vs. M/s. Pentair Water India Pvt. Ltd. that we find no infirmity in the findings of the Tribunal. In fact, the Tribunal has endorsed the views of the CIT Appeals whilst coming to such conclusions.
The Economic survey 2015-16 states that the fiscal deficit target of 3.9 per cent for the year 2015-16 seems achievable. This assessment is based on pattern of revenue and expenditure in the first 9 months of the current financial year, inspite of the challenges posed by a lower than projected nominal GDP growth.
