Owing to the federal structure of India, where there are two taxing authorities – the Central Government and the State Government(s), the Country has witnessed overlapping of powers of the State Government(s) and the Central Government.
Merely because of the fact that assessee is a CEO of a multinational company mistake cannot be treated as false because in case of a person holding senior position such like mistake oftenly crept in as invariably person holding high position use to delegate the computation work to file the return of income to a Chartered Accountant
The respondent assessee engaged in the business of real estate consultancy / agency and property management services. During the course of the assessment proceedings, the Assessing Officer sought to include the service tax billed by it for rendering services to the service receivers as trading receipts on invocation of Section 145A(ii) of the Act. Besides, […]
S.O. 2866(E) Central Government hereby appoints 7th September, 2016 as the date on which the provisions of section 124, sub-sections (1) to (4), (6) [with respect to the manner of administration of the Investor Education and Protection Fund] and (8) to (11) of section 125 of the said Act shall come into force.
Aggregation of transactions or ‘Combined Transaction Approach’ is a well-accepted practice for benchmarking and determination of Arms’ Length Price of international transaction/ specified domestic transactions in Transfer Pricing Certification and assessments and is widely upheld in many judgements.
SIT feels that for controlling and tracking illicit financial flows out of the country, use of RBI data by various Law enforcement agencies like Enforcement Directorate, Directorate of Revenue Intelligence and CBDT is of critical importance.
It is held that the petitioner has miserably failed to make out a case for interference in exercise of extra-ordinary jurisdiction under Article 226 of the Constitution of India within the four corners of law and yardsticks set out by Their Lordships of the Supreme Court in the above-quoted judgements (supra) qua interference in contractual matter.
The Direct Taxes Committee at its 53rd meeting held on 30th August, 2016, while considering an item `Constitution of a Committee by the Government of India to examine the desirability and feasibility of having a new Financial Year’, decided to request the President, ICAI to constitute a Study Group for examining the desirability and feasibility of having a new financial year
Funds lying with a private Provident Fund Trust where the establishment which was granted exemption/ relaxation, but is lying closed since long and the Trust is running illegally cannot be said to be safe and in the interests of the employees.
Dr. Urjit R. Patel assumed charge as the twenty-fourth Governor of the Reserve Bank of India effective September 4, 2016 after serving as Deputy Governor since January 2013. He was re-appointed as Deputy Governor on January 11, 2016 after completion of his first three-year term of office.
