Air India Air Transport Services Ltd. Vs DCIT (ITAT Mumbai) We find some force in the submission of assessee that assessee being a Public sector company Act had to submit its audit report in Form 3CA in which report u/s 44AB is required to be submitted for the said purpose. The Tax Audit report u/s […]
Supreme Court has held that the expression ‘reason to believe’ means that there is some prima facie material on the basis of which the Department can reopen the case. The sufficiency or correctness of the material is not a thing to be considered at the stage of issue of notice under Section 148 of the Act.
PCIT Vs Consortium Nussli Comfort Net (Delhi High Court) This Court is in agreement with the Tribunal that Section 292BB does not give the power to condone the failure or delay in issuing the statutory notice required to be issued under Section 143(2) of the Act. Section 292BB deals with failure of service of notice […]
United Spirits Limited Vs Commissioner of Central Taxes (CESTAT Bangalore) CESTAT find that the adjudicating authority has confirmed the demand in respect of various fees paid to the State Government in respect of manufacture, import and sale of alcoholic liquor. The adjudicating authority, though dropped the demand on licence fee, but confirmed the demand on […]
ITO Vs Dr. Sunitha Agarwal (ITAT Bangalore) The advance received from patients cannot remain perpetually so and even after passage of 46 months, it has not been recognized as revenue. Hence the claim of the assessee that the receipts are capital in nature may not be entertained. Revenue before us is alleging the genuineness of […]
Applicable Provisions: Section 164 of the Companies Act, 2013 ‘Disqualifications for Appointment of Director‘ means restricting a person from becoming a director on the basis of certain conditions as mentioned under the Companies Act, 2013 As we aware that the company is artificial person, it cannot act on its own. To run the business, company […]
Whether incomes of a non-resident are taxable in India, regardless of whether the non-resident assessee has PE or Business Connection in India? There is misconception in the minds of few non-resident assessees that their income are not taxable in India if they have neither business connection nor permanent establishment in India but there are certain […]
1. Under which Head of Income ESOP is taxable. ESOP is taxable under income from Salary under income tax act, 1961. ESOP is perquisite according to section 17 of income tax act, 1961. According to section 17(2)(vi) of Income Tax Act, 1961 “the value of any specified security or sweat equity shares allotted or transferred, […]
Dr K R Shroff Foundation Vs Additional CIT/ JCIT/ DCIT/ ACIT / ITO (Gujarat High Court) It is a matter of record that the show cause notice dated 21.04.2021 was responded to on 26.04.2021. The hearing through video conference was requested for between 4:00 pm. to 6:00 pm. on any working day, however, the show […]
As the name itself says, ‘Midday Meal Scheme’ is one meal that is offered to all the children enrolled/ registered in government schools or government aided schools or local body schools or special training centres or education guarantee scheme or alternative innovative centres or madrasas or maqtabs supported under SSA [Sarva Shiksha Abhiyan]. The name […]
