Whether the CESTAT was right in holding that the assessee was not providing Management, Maintenance or Repair Service by collecting amount from prospective flat buyers, for maintaining the building, in the guise of deposits which is not returnable? Whether the CESTAT has erred in holding that assessee is providing statutory service and has rendered definition provided under Section 65(105)(zzg) of Finance Act as null and void by accepting that he is not providing Management, Maintenance or repair service by maintaining the building and collecting amount for that or not?
Where search was conducted and addition was made by AO in respect of completed assessment on the basis of the entries found recorded in regular books of account of the assessee and no material evidence was unearthed during search, AO was not justified since completed assessment could not be disturbed in absence of contrary material found during search.
Total dues payable by the Bank consisted of principal component and interest component. The principal Component being a loan in respect of which no deduction, benefit or loss was either claimed or allowed, was transferred to Capital Reserve Account and interest component was duly credited to the Profit and Loss Account and also offered to tax as income within the meaning of section 41(1) of the Act. The loan received is a capital receipt and it does not lose its capital nature even when it is renounced or waived by the lender.
Whether, the value of goods/material supplied or provided free of cost by a service recipient and used for providing the taxable service of construction or industrial complex, is to be included in computation of gross amount (charged by the service provider), for valuation of the taxable service
ITO Vs Suresh Chand Ravi Datt (ITAT Jaipur) There is not dispute that the business of the assessee dealing in food grains, oil seeds and pulses etc is a seasonal business depending upon crop seasons. Therefore, during the non harvesting season the assessee is not having much business activity and accordingly the funds which are […]
Whereas, sub-section (2) of section 152 of the Companies Act, 2013 (18 of 2013) (hereinafter referred to as the said Act) provides that every director (including an independent director) shall be appointed by the company in general meeting
Under section 2(47)(v ) any transaction involving allowing of possession to be taken over or retained in part performance of a contract of the nature referred to in section 53A of the 1882 Act would come within the ambit of section 2(47)(v).
Assessee filed return of income declaring total income of 3,90,370/- on 3.10.2007. The assessment was completed u/s 143(3) of the Income Tax Act, 1961 (hereinafter called as the Act) on 31.12.2009 determining the total income at 6,90,370/-. Subsequently, the case was reopened u/s 147 of the Act by issue of notice u/s 148 of the Act for not considering the disallowance u/s 40a(ia) of IT Act.
It is not discernable whether the interest paid for the acquisition of the impugned property has been claimed by the assessee under Chapter IVC of the Income Tax Act, 1961, namely ‘income from house property’. If the assessee had already claimed interest under the head income from house property, the same interest cannot be capitalized and added to the cost of acquisition of the property.
1. Whether the product ‘Fludeoxyglucose’ or ‘FDG ‘ can be classifiable under Chapter 3006 3000 of the Central Excise Tariff Act, 1985 ? 2. Whether chemicals used as pharmaceuticals that are inorganic or/ and of organic nature shall merit classification only under Chapter 28 & 29 and not under Chapter 30 which has been specifically carved out for chemical pharmaceuticals by makers of law ?
