THE TAXATION LAWS (AMENDMENT) BILL, 2017 A BILL further to amend the Customs Act, 1962, the Customs Tariff Act, 1975, the Central Excise Act, 1944, the Finance Act, 2001 and the Finance Act, 2005 and to repeal certain enactments.
Acquisition of business is quite common in today’s fast moving dynamics of the world and every such stakeholder of the entity would be interested to know all implications related to its valuation or for reporting purposes.
Clause 171 of CGST Bill 2017 provides that it is mandatory to pass on the benefit due to reduction in rate of tax or from input tax credit to the consumer by way of commensurate reduction in prices.
Union Cabinet chaired by the Prime Minister Shri Narendra Modi has approved the changes to the Motor Vehicles (Amendment) Bill, 2016. The Bill will be introduced in the Parliament.
The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has approved the proposal to move official amendments to the Companies (Amendment) Bill, 2016. The Bill will be introduced in the Parliament.
ITAT held that that the payment made by the assessee to ICC amounting to Rs. 4.56 crore as `Rights fee’ is not in the nature of `Royalty’ or `Fees for technical services’ covered u/s 9(1)(vi) or 9(1(vii) of the Act and as such the assessee was not obliged to deduct tax at source on this payment. Ex consequenti, the provisions of section 40(a)(i) are not attracted.
It is very strange that FAA,being a judicial authority,has held that non providing opportunity of cross examination would not vitiate the assessment proceedings.If the AO/assessee wants to rely upon the statements of someone it is their duty to prove the truthfulness of such statements.
The petitioner is aggrieved with the fact that Ext.P6 communication has been issued to the petitioner under the Limited Liability Partnership Act, 2008 (for brevity the LLP Act), which according to the petitioner, they are not obliged to comply with.
These appeals are preferred by the assessee against the order of CIT(A) on common grounds. Therefore, these appeals were heard together and are being disposed off through this consolidated order.
