It is noted that the assessee is into the business of truck plying in North-East States and it is common knowledge that the drivers and cleaners before they start their journey on their trucks conduct puja of the God they believe and they incur expenses for buying garlands, bhog etc. for safe and smooth running of the vehicle while they go to the pre-destined location which are located in the remote areas of Assam, Meghalaya and Mizoram to deliver/collect goods. The expenses thus it is noted are incurred by the assessee for puja is for the smooth functioning of the business of transport as discussed cannot be disallowed.
The word `Subsidy’ is a word of pivotal importance and finds a mention in the American Heritage Dictionary of the English Language which quantifies it as `Monetary-assistance granted by a government to a person or group in support of an enterprise regarded as being in the public interest.’
Comparison between section 68, section 69, section 69A, section 69B and section 69C: -So far as section 68 is concerned, the onus is wholly upon the Assessee to explain the source of the entry. But in cases falling under section 69, 69A, 69B and 69C, the words used show that before any of these sections are invoked, the condition precedent as to existence of investment, expenditure, etc. must be conclusively established by material on record/ evidence.
This blog covers an extensive analysis on the reassessment provisions in light of landmarks judgement which will help professional to face dispose the litigations hastily. I am not inserting bare sections here to increase the size of blog, it is written keeping in mind to provide less, solid and crux content about the matter. It includes gist if case laws on section 147, few riders which can twist anyone mind along with plethora of recent rulings on 147 at the end to left your mind tranquil.
Relevant Act: Societies Registration Act, 1860 What is Society? It means an organized group of persons associated together for charitable purpose called society. Here the charitable purpose which came within the language and spirit of the statute of Elizabeth could be group into four heads- 1. Relief of poverty, 2. Education, 3. Advancement of religion and […]
Relevant Section: Sections 4 & 5 of the Competition Act, 2002. Section 4 of the Competition act discussed about the Anti-Competitive Agreement. What is Anti-Competitive Agreement? 1. Any agreement entered into in contravention of the provisions of the Act, 2. Any agreement entered into between- i. enterprises or ii. Association of enterprises, or iii. Persons, or […]
As regards transactions (issue, transfer and sale of units of AIFs in demat mode) through recognized Stock Exchange or Depository as defined under SCRA, 1956 and Depositories Act, 1996 respectively, the respective Stock Exchange/authorized Clearing Corporation or a Depository is already empowered to collect stamp duty as per the amended Indian Stamp Act, 1899 and the Rules made thereunder.
Paramount Impex Vs ACIT (ITAT Chandigarh) we are not in agreement with the Revenue that the non maintenance of stock register was sufficient for exercising the power of rejecting the books of the assessee. It is not unusual for businesses dealing in large number of small items and operating at a small or medium scale […]
Whether the re-opening of assessment u/s 147 initiated by AO is justified in law? Re-opening of assessment on basis of Internal Audit Objection Not Justified.
“From an Economic Perspective, the key issue is not just the number of cases of Covid-19, but the level of disruption to economies from containment measures”. Ben May, head of Global Macro Research at Oxford Economics, said in a report this week, “Widespread lockdowns such as those imposed by China have been enacted in some […]
