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In the absence of any incriminating material unearthed during the course of search, the AO had no jurisdiction to initiate proceedings u/s 153A of the Act when no assessment proceedings were pending for this.
An employee wins a foreign jaunt; apart from the pleasure pursuit, the employee will undergo training abroad. On board the flight bound overseas, the employee is found drunk, too much. He is deplaned. The employer treats it as grave misconduct, punishes him —with removal from service. Is the punishment shockingly disproportionate
Assessee to prove that it is covered by exceptions to chargeability to tax as is provided by provisions of Section 1 15BBC of 1961 Act, namely that the assessee maintained a record of the identity indicating the name and address of the person making such contribution and such other particulars as may be prescribed or else it is a religious trust.
Delhi High Court in the case of CIT vs. Indian Visit Com Pvt Ltd (176 Taxman 164) held that in case of expenditure on website, there is no change in the fixed assets of the assessee and no asset has been created but it is a tool for facilitating the business of the assessee and therefore, held expenditure of website to be of revenue nature.
Value of the broken bottles need not be reduced from the written down value for the purpose of calculation of short term capital gains arising from sale of bottles.
While scrapping an order transferring a case from Delhi to Noida, the division bench of the Allahabad High Court held that the holding of the office of a director by the petitioner and his admission to the undisclosed income are not sufficient grounds for transferring a case under section 127 of the Income Tax Act.
The Court finds that the standard excuse that the Department is putting forth in all such applications for condonation of delay in re-filing the appeal is two-fold. The first is regarding the budgetary constraints of the Departmen
expenditure incurred for organizing sports events are allowable items of revenue expenditure as such events publicise the names of the sponsor.
UDAN (Ude Desh ka Aam Naagrik) program is designed to jump-start the regional aviation market by improving profitability of under-developed regional routes.
A private limited company is a type of privately held small business entity. This type of business entity limits owner liability to their shares. Private limited company does not raise capital from the public. This means that it does not issue shares for public subscription.
