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Shree Samruddhi Overseas Trading Co. Vs DCIT (ITAT Ahmedabad) It is submitted on behalf of the assessee that the assessee had taken a temporary loan of Rs.8 Lakhs and Rs.2 Lakhs aggregating Rs.10,00,000/- in the month of June 2012 from Shri Rakesh Vallabhbhai Swadia. The loan so obtained was also repaid in the month of […]
Missed the response to the Income Tax Departments notice for your filed ITR? Learn about the consequences and actions you can take to resolve the issue.
UNFOLD CARO 2020, COMPANIES ACT, 2013 PART 1 – CLAUSES 3(i) to 3(iii) {As empowered to the Central Govt. under Section 143(11) of Companies Act, 2013 with the consultation “National Financial Reporting Authority” (NFAR)} When I started my career as ‘Practicing Chartered Accountant’ then reporting under Companies (Auditor’s Report) Order, 1988 was applicable then I […]
Minister says the Startup India Seed Fund Scheme will Secure seed funding, Inspire innovation, Support transformative ideas, Facilitate implementation, and Start startup revolution;
Everyone above the age of 18 to be eligible to get vaccine against Covid-19. Vaccine manufacturers incentivized to further scale up their production, as well as attract new national and international players. Vaccine manufacturers empowered to release up to 50% of their supply to State Govts. and in the open market at a pre-declared price
Customs field formations regularly make seizure/ commercial fraud cases. These cases are later on reported on a periodic basis on the DDM portal, though at times with delay and also informed through UO notes in important cases. Many of the cases made by the DRI/ Customs involve not only big seizures of prohibited goods or commercial frauds but at times assume larger importance due to involvement of foreign nationals, prominent persons, leading business houses or any other sensitive issue.
CBDT specifies the sovereign wealth fund, namely, the Norfund, Government of Norway, as the specified person for the purposes of the said clause in respect of the investment made by it in India on or after the date of publication of this notification in the Official Gazette but on or before the 31st day of March, 2024
Nutech Engineering Technologies Ltd. Vs DCIT (ITAT Mumbai) We noted that the assessee has claimed depreciation on the property sold as Lunkard Sky Max of 17 units in AYs 2010-11 and 2011-12. But from AY 2012-13 i.e. Financial Year 2011-12 out of 17 units 7 units were given on rent and accordingly rental income was […]
Customs officers at the IGI Airport intercepted and arrested two individuals coming from abroad and seized 14 Kgs of a white substance prima facie confirmed found to be Heroin. Officers in Lucknow, in two different cases made at the Lucknow International Airport, seized gold weighing about 2.3 Kgs valued at Rs. 1.13 crore and 33 Gold Biscuits weighing 3.8 Kgs and valued at Rs. 1.89 crore.
Since the definition of Business Support Service was amended w.e.f. 01.05.2011 to include ‘operational or administrative assistance in any manner’ hence, the services in relation to operational and administrative assistance could only be taxed post the said amendment and not before that.
