CIT Vs M/s Modipon Ltd. (Supreme Court) Purpose of introduction of Section 43B of the Central Excise Act was to plug a loophole in the statute which permitted deductions on an accrual basis without the requisite obligation to deposit the tax with the State. Resultantly, on the basis of mere book entries an assessee was […]
The Income Tax Appellate Tribunal Mumbai bench recently pronounced that Export incentives are not Includable while computing eligible profits for deduction under Section 80IC of the Income Tax Act, 1961.
CIT Vs. Apex Finlease Ltd. & Ors. (Allahabad High Court) Section 269SS does not include in its ambit where there is a transaction of loan or deposit by way of entries in the books of account by crediting or debiting the account of the other person. In other words, the provisions of section 269SS of […]
Linklaters Vs Dy. DIT (ITAT Mumbai) Though the lower authorities had rejected the claim of the assessee that it did not have any ‘PE’ during the period November, 2008 to March, 2009, and rather concluded that the assessee had a ‘PE’ in India during the year under consideration, however we find that no concrete reasoning […]
Bank of Baroda Vs. DCIT (ITAT Ahemdabad)-Levy of interest u/s. 201(1A) for the second month can arise only if the period of time between the date on which tax was deducted and the date on which tax was paid to the Government exceeds one month.
This question I faced many times from my clients and colleagues because there is no special provision on this, but if you read section 7, schedule I & section 17(5) together then this confusion will crystal clear. Now let us understand how ?
E-way bill system will be in place on trial basis from January 16, 2018 and will be made mandatory from February 01, 2018 for Inter-state movement of goods. The states have an option to choose their timings for the implementation of E-way bill system for intra state movement of goods.
Question 1: When will e-way bill system be applicable? Answer: As decided at the 24th GST Council meeting, nationwide e-way Bill will be made compulsory from 01.02.2018; trials to start from 16.01.2018. Question 2: What is the last date for filing TRAN-1? Answer: 27.12.2017. Please refer Orders 9/2017-GST and 10/2017, both dated 15.11.2017 Question 3: […]
High Court of Kerala recently declared that interest from loan given to sister concern cannot be set off against the interest paid by the assessee to his benkers for the purpose of eligible deduction under section 57(iii) of the Income Tax Act 1961.
The solitary common issue that arose in these appeals was with regard to the legality of dis-allowance of deduction made towards belated deposit of employees contribution of Provident Fund/Employees State Insurance. A reading of the order passed by the Tribunal shows that the first appellate authority confirmed the order of dis-allowance following the order passed by the Tribunal in ITA No.454/2014.
