AAR held that, assessee’s activity of re-gasification of LNG owned by its customers, amounts to rendering of service by Job Work and leviable to GST @ 12%.
Vide Notification No. 92/2021-Income Tax | Dated: 10th August, 2021 CBDT notifies New 10RB. Relief in tax payable under sub-section (1) of section 115JB due to operation of subsection (2D) of section 115JB and FORM No 3CEEA. MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) New Delhi Notification No. 92/2021-Income Tax | […]
M.M. Aqua Technologies Ltd. Vs CIT (Supreme Court of India) In the return filed by it, the Appellant claimed a deduction of Rs.2,84,71,384/- under Section 43B based on the issue of debentures in lieu of interest accrued and payable to financial institutions. By an order dated 29th October, 1998, the Assessing Officer rejected the Appellant’s […]
Ajay Enterprises Pvt. Ltd. Vs DCIT (ITAT Delhi) The solitary ground raised by the assessee in this appeal pertains to disallowance of Rs. 10,47,025/- incurred by the assessee during the year as ground rent on lease hold properties to L& DO. According to the AO this amount is not allowable u/s 43B of the Income […]
RBI has provided that Cash-out at any ATM of more than ten hours in a month will attract a flat penalty of ₹ 10,000/- per ATM with effect from 1st October 2021. RESERVE BANK OF INDIA RBI/2021-22/84 DCM (RMMT) No.S153/11.01.01/2021-22 August 10, 2021 The Chairman / Managing Director & CEO All Banks Dear Sir / […]
Applicant has sought an advance ruling on applicability of Goods and Services Tax (GST) on cost of the diesel incurred in the form of reimbursements for running Diesel Generator (DG) Set in the course of providing DG Rental Service
Since there was close association between the seller and the buyer and their ‘arranged’ pricing were adequately substantiated by TPO / AO / CIT(A), therefore, that part of the CIT(A)’s order was upheld which confirmed in toto AO ‘s order as regards the ALP and the resultant excess profit to be treated as deemed income under ‘other sources’.
