CIT Vs. M/s Gujarat Cypromet Ltd. (Supreme Court of India) The conversion of outstanding interest into loan does not amount to actual payment of the interest in order to qualify for deduction in view of the retrospective insertion of Explanation 3C to Section 43B of Income Tax Act, 1961. FULL TEXT OF THE SUPREME COURT […]
Tushar Trading Company Vs Principal Commissioner of Customs (CESTAT Delhi) Assessing officer has enhanced the declared value on the ground that those are not inconsonance with the current market price of similar goods being sold in the Indian market. However, the adjudication order does not indicate as to how and where the market survey has […]
I had Published articles in Taxguru with titles GST on Export of Services to Nepal and Bhutan & Procedure for Export via Land Customs Stations to Nepal, Bangladesh & Bhutan. I had received many Queries, Questions & Comments from many readers, thus I thought it’s my Responsibility to clarify those Doubts. Let’s first understand basics […]
In re McNally Bharat Engineering Company Limited (GST AAR Andhra Pradesh) Whether the activities carried out by the applicant under all 3 contracts entered for establishment of Solar PV Power Project can be treated as Composite Supply? If yes, whether the said supply can be classified under SI. No.234 of Schedule I of the Notification […]
Shantam Bose Vs. Union of India (Kerala High Court) After the initiation of proceedings the petitioner was promoted to the post of Commissioner of Income-tax (Appeals) as per order dated 12.1.2012. According to him, the factum of his promotion to higher post is indicative of the fact that the official respondents are not considering the charges […]
Now days a question is coming to the mind of many professional that in case of an entity who has not entered into any of the Specified or reportable financial transactions in Financial Year 2016-17 but who falls into the class of person (reporting person) under Section 285BA Read with Rule 114E of Income Tax Rules, are they required to file NIL statement of financial transactions (SFT) in Form No. 61A.
In the era of globalisation, the world of Mergers & Acquisitions is witnessing rapid growth and the race amongst corporates to expand organically and inorganically is seeing significant momentum across the globe. Strategies that focus on core businesses or diversify into new businesses and markets, or even hive-off non-core businesses, are gaining momentum. This endeavour […]
In other words, the amount so incurred would be capitalized entitling the assessee to depreciation as per the eligible rate. The learned Members of the ITAT held that the facts of the instant case precisely fall within the ambit of Explanation 1 to section 32 and upheld the impugned order treating such amount as capital expenditure, eligible for depreciation.
Supreme Court has upheld Telangana High Court judgment in the case of P.V. Ramana Reddy Vs Union of India & Ors. that held that a person can be arrested by the competent authority in cases of Goods and Service Tax (GST) evasion.
FEEL THE FEAR Have you ever experienced that whenever you start a new job, go to new college, start new assignment etc, there is usually a fear. Which kind of fear? Fear of failure, fear of doing mistakes, fear of rejection, fear of being judged and so on. But do you know that it is […]
