D. K. Chandel Vs Wockhardt Ltd. & Anr. (Supreme Court) The Supreme Court has observed that the production of the account books/cash book may not be relevant in a criminal case filed under Section 138 of the Negotiable Instruments Act. As held by the Trial Court as well as by the High Court that the […]
It is a well known and understood fact that land is not a depreciable asset. By its very definition, depreciation means decrease in the value of an asset through wear and tear, deterioration or obsolescence. While these implications easily apply to buildings or other structures built upon land, the land itself as an asset has no finite life.
It is a well settled and in substance a legal precedent that what is subject to tax is a real income. The principle of real income has been subject matter of intrinsic litigation in past and the possibility of probable dispute on the scope of what constitutes real income in days to come cannot be completely ruled out despite there have been series of amendments/clarification brought into the existing provisions of the Income Tax Act 1961 (the Act).
The season of filing of tax return is here. This year all those who have taxable income are required to file their return. Also those with income above Rs five lakhs have to compulsorily e-file their return. Its very important to file error free Income tax Return to avoid future problems. Lets see the most commonly committed mistakes those could be avoided.
Kun Motor Company Pvt. Ltd. Vs Assistant Commissioner (CT) (Madras High Court) There is no dispute that the Petitioner is a dealer in motor cars and had received trade discount from the manufacturer from whom it had purchased the cars for retail sales at its show rooms. The trade discount which has been offered by […]
1. Meaning of Job Work and Job Worker : As per Section 2(68) of the CGST Act, 2017, the meaning of word Job Work, that under taking any treatment or processes by a person on goods belonging to another register person and the expression ‘job worker’ shall be constructed accordingly. 2. Meaning of Goods : […]
Akay Flavours & Aromatics (P) Ltd. Vs CBIC (Kerala High Court) In the given case, the petitioner has later filed amendments in the GST returns with IGST amounts, therefore, the refunds can be processed through an officer interface option, which is already availed in ICES. Necessary action to sanction IGST refunds in the instant case […]
Bajrang Lal Naredi Vs ITO (ITAT Ranchi) In the instant appeal, the applicability of Section 56(2)(vii)(b) of the Act as amended by Finance Act, 2013 and applicable to AY 2014-15 in question. On a perusal of pre-amended provisions of Section 56(2)(vii)(b) of the Act, we gather that where an individual or HUF receives from any […]
Uday Gopal Bhaskarwar Vs ACIT (ITAT Pune) ITAT explains Provisions of Clubbing of Income of Wife with Husband- Allows Losses of F&O Business of Wife to be clubbed with Income of Husband Where the spouse (husband) of an individual (wife) transfers some assets otherwise than for adequate consideration or in connection with an agreement to […]
The Expenses incurred on a Donation made through Banking Channel used for Scientific Research will be allowed to the assessee as Herbicure Foundation has confirmed that the amount has been utilized for scientific research and there is no evidence that the same is returned back in cash.
