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Join our free webinar on July 7 at 5 PM for insights into 10 recent High Court income tax judgments favoring assessees. Expert analysis by CA Dipak Dama.
In our considered view, without proving the nexus between the borrowed funds and its utilisation for non-business purposes, no dis allowance of interest expenditure can be made.
All Petrol Stations in Uttar Pradesh to be re- assessed by a Team of State STF, W&M Department, Civil Supplies Department and OMCs says Petroleum Minister
Circular no. 06 of 2005 dated 15/06/2005 regarding the disposal of refunds stands withdrawn with immediate effect. This issues with the approval of the competent authority
If during the course of assessment proceedings, the assessee filed details of claim of exemption of the same u/s.54F of the Act, the Assessing Officer is duty bound to entertain those details and verify the same and if the assessee is found eligible otherwise as per the conditions u/s.54F of the Act, he is bound to allow deduction to the assessee.
Minister of State (I/C) for Labour and Employment, Shri Bandaru Dattatreya launched two schemes One IP- Two Dispensaries and Aadhaar based Online Claim Submission on the occasion of International Labour Day today.
I am directed to refer to your letter Reference No. Confdn/Casual Labour/2015-19 dated 29th June, 2016 addressed to Department of Personnel & Training, New Delhi on the subject mentioned above and to inform you on receipt of your request through the Department of Personnel & Training, the case was referred to the Ministry of Finance, Department of Expenditure, New Delhi for taking suitable action, as deemed fit. The matter was duly examined by the Department of Expenditure, Ministry of Finance and has not been agreed to the request.
It has been decided to prescribe following new procedure as regards import involving High Sea Sale transactions: –i. Bill of Entry / Integrated declaration filed by the Customs Broker/Importer should contain correct and complete details of the “High Seas Sale Buyer & Seller” along with High Seas Sale Commission
CIT (E), while considering an application for registration under Section 12AA, is not supposed to examine whether applicant is entitled for certain exemptions under Section 11 or 12 or not since that is within the jurisdiction of Assessing Authority and not CIT (E).
Presently, Prosecution Management Module (PMM) is designed to capture prosecution data pertaining to Central Excise and Service Tax Soon, it would be expanded to include Customs also.
In K.H. Shoes Ltd v. ACIT, the division bench of the Madras High Court held that the Refund of Sales Tax received by the assessee is not deductible under section 80HHC of the Income Tax Act when such income has no direct nexus with his Export Business.
