Issue of imposition of redemption fine and penalty has been settled and now various Benches of the Tribunal have consistently held that the redemption fine of 10% of the value of the goods and penalty of 5% of the value of the goods is sufficient punishment to the importer. Therefore, following the ratios of various […]
This Reference, under Section 21 (5) of Chartered Accountants Act, 1949 (hereinafter referred to as “Act, 1949”), has been received in this Court, sent by Council of Institute of Chartered Accountants of India (hereinafter referred to as “ICAI”) in the matter of D.K.Agrawal, FCA of M/s Dinesh K. Agrawal & Co., Chartered Accountants, 46A, Madhav Kunj, Pratap Nagar, Agra.
The division bench of the Delhi High Court confirmed the Income Tax exemption granted to the Viswa Hindu Parishad (VHP) for the period in which they were banned by the government under UAP Act.
FIEO Press Release on GST In the background of the forthcoming GST being introduced soon in the country, Shri Ganesh Kumar Gupta, President, Federation of Indian Export Organisations(FIEO) accompanied by Shri Nari Kalwani Regional Chairman and other Managing Committee Members of FIEO (Eastern Region) called on Dr Amit Mitra, Hon’ble Minister for Finance & Commerce, […]
In CIT Vs. Hero Motor corp Ltd, the Delhi High Court held that the payment of export commission made by the Hero Motors to Honda Motor Co. Ltd (HMCL) was not in the nature of payment of royalty or fee for technical services attracting dis allowance under Section 40 (a) (i) of the Income Tax Act.
Transfer Pricing Officer has selected RPM as most appropriate method for determining the arm’s length price of the transaction of sale of programmes and film rights to ATL in contrast to the TNM method selected by the assessee. The first controversy is as to whether the Transfer Pricing Officer was justified in selecting the RPM as most appropriate method.
Such inconsistent decision-making ought to have been avoided at all costs so as to ensure credibility of the system. The impugned orders are palpably illegal, faulty and contrary to the basic principles of law and Judge has ignored large number of binding decisions of this Court while giving impermissible benefit to the accused persons and delayed the case for several years.
In the notice issued u/s 274 r.w.s. 271(1)(c) of the Act of even date, both the limbs of Sec. 271(1)(c) of the Act are reproduced in the proforma notice and the irrelevant clause has not been struck-off
These appeals are filed challenging the orders passed by the Income Tax Appellate Tribunal, Cochin Bench, in ITA Nos. 120/08 and 119/08 pertaining to the assessment years 2002- 03 and 2001- 02. For the assessment years in question, the assessee had made deduction of payments said to have been made to doctors towards MRI Commission, CT Scan and USG Commission, Pathology Collection Commission and CT Commission National Hospital.
Assessee education-trust could claim depreciation on assets acquired for purpose of carrying out charitable activities and could also carry forward deficit of earlier years and set it off against income of current year.
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