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NEBULA Watch, which is predominantly a jewellery, is made of gold, precious metals and /or precious stones /diamonds and is made of 18 Karat gold. Under the circumstances, the same can be said to be an Article or Jewellery falling within Entry No.13(ii) of Schedule II of the Act.
Out of the 238 listed companies identified as Vanishing Companies, due to the efforts of the Ministry and law enforcement agencies, 161 such companies have been traced and 77 more companies are still in the list of Vanishing Companies.
By consent of the learned advocates appearing for the parties, all these writ petitions are taken up for hearing together, as similar questions of law are involved in these writ petitions, in order to avoid a conflicting judicial opinion. We are also informed that facts are, almost, identical.
It upheld the view of the Tribunal that the imposition of penalty was not justified as admission of appeal in quantum proceeding on this issue as substantial question of law was proof enough of the issue being debatable.
These four appeals by the revenue, under Section 260-A of the Income Tax Act, (“the Act”) are directed against four separate orders of the Income Tax Appellate Tribunal (Delhi Bench) (“ITAT”) for AY 2005-06 and 2006- 07. The following common question of law was framed for decision by this court
Excessive Claims for Business Credits: Avoid improperly claiming the fuel tax credit, a tax benefit generally not available to most taxpayers. The credit is usually limited to off-highway business use, including use in farming. Taxpayers should also avoid misuse of the research credit.
Mergers and amalgamations are vital corporate transactions and completely overhaul and transform the structure of the merging entities. A ‘merger’ is a combination of two or more entities into one; the desired effect being not just the accumulation of assets and liabilities of the distinct entities, but organization of such entity into one business.
Services provided by an educational institution (as defined) to its students, faculty and staff are exempt under clause (a) of Notification Number ST-25/2012 dated 20/06/2012.
