The moot question to be addressed is whether The company has given gifts to employees as a reward for their performance. Gift includes iPad and i-phone, the value of the i-phone exceeds INR 50k, will this fall in the ambit of supply as per Schedule-I?
LLP means a business where minimum two partners are required and there is no limit on the maximum number of partners. The liabilities of the partners are limited up to the extent of Capital contribution done by each partner in LLP.
Government extends GST Compensation Cess levy till 31.03.2026. Learn about the implications and new rules in this important move.
The new section 194R mandates a person, who is responsible for providing any benefit or perquisite to a resident, to deduct tax at source before providing such benefit or perquisite. The benefit or perquisite may or may not be convertible into money but should arise either from carrying out of business, or from exercising a profession, by such resident.
GOVT urged that all Commissions to see how digital media such as WhatsApp and e-mail can be generously used to issue notices, replies and other documents.
The amount was never debited to the profit and loss account as an expenditure in the year they were received also the amount has not been written off. Said amount not taxable u/s 41(1)
SC held that The period of limitation shall be governed by the Act and not by Section 44A of the CPC, since the latter provides only for the procedure to be followed for executing a foreign decree
Disallowance u/s 40A(3) would not fall within the ambit of a prima facie error or arithmetical error warranting adjustment in terms of Section 143(1) of the Act unsustainable.
SC held that In Case Of Specific Risks, such as those arising from loss due to fire etc. , the Insured Cannot profit and take advantage by double Insurance.
Enhancing the quantity of gold by the weight of stones and diamonds is not logical. It was neither valued nor any Expert Valuers report was available on record. Addition unsustainable.
