The assessee is a charitable trust and has challenged the confirmation of the order of the AO where he disallowed the accumulation of the 15% even when the income was allowed u/s.11(1)(a) of the Act. The AO observed that if the trust is not left with surplus and there is deficit, then there can be no accumulation made. He further stated that accumulation or setting apart of 15% of income has been allowed by virtue of provision of section 11(1)(a) of the Act, when assessee is unable to spend the entire amount and where the entire amount has been spent, there is no surplus left that can be accumulated.
The growth of the nation is deeply connected to the wellbeing of the farmer and the productivity of farming. Farmer Empowerment is thus a priority for any government that intends to push our nation to greater heights.
On the basis of an assessment of the current and evolving macroeconomic situation at its meeting today, the Monetary Policy Committee (MPC) decided to keep the policy repo rate under liquidity adjustment facility (LAF) unchanged at 6.25 per cent.
In a recent ruling, the Delhi High Court found that the Transfer Pricing Officer (TPO) cannot go beyond a remand order when such remand was based on a specific finding. The division bench comprising of Justice S. Ravindra Bhatt and Justice Najmi Waziri was hearing a writ petition filed by M/s LI & FUNG India, against the Show Cause Notices issued by the Revenue.
Supreme Court of India in its judgment on In Olga Tellis vs. Bombay Municipal Corporation (AIR 1986 SC 180 AT 193) observed, The question which we have to consider is whether the right to life includes the right to livelihood. We see only one answer to that question namely that it does.
This Statement reviews the progress of various developmental and regulatory policy measures announced by the Reserve Bank in recent policy statements and sets out new measures for further refining the liquidity management framework; strengthening the banking regulation and supervision
CBEC hereby determines rate of exchange of conversion of each of foreign currencies WEF 7th April, 2017 vide Notification No. 33/2017-Customs (N.T.)
One person possessing 14 kgs smuggled gold valued at Rs. 4.1 Crore has been intercepted and arrested on 02/03 April by DRI at Nager Bazaar near Dumdum Railway Station in Kolkata.
Taxation of liquor–Notification u/s 41(5) of MVAT Act- corrigendum Notification No. VAT-1517/CR-28/Taxn-1 dated 6-4-2017
Request for Proposal For Appointment of Consultant for Implementation and Compliance of Goods and Service Tax (GST) in Oriental Bank of Commerce (OBC)
