The value of diesel filled free of cost (FOC) by the service recipient is not includable in the value of the GTA service proposed to be provided by the Applicant in the facts and circumstances of the present application subject to conditions as mentioned in draft Transport Service Agreement/ contract incorporated in the body of this decision/ruling.
The report of RRA 2.0 is being placed on the RBI website today. The recommendations of the RRA would be internalised by the Reserve Bank to achieve the intended outcomes.
In view of the satisfactory compliance demonstrated by Mastercard Asia / Pacific Pte. Ltd. RBI lifts business restrictions imposed on them
Understand the difference between Indian Accounting Standards (Ind AS) and Accounting Standards (AS). Explore the changes and benefits of Ind AS for financial statement preparation.
Jyoti Ltd. Vs DCIT (ITAT Ahmedabad) Solitary issue involved therein relates to the addition by Assessing Officer and confirmed by the learned CIT(A) being provision towards contribution to Approved Superannuation Fund for the purpose of determining liability of the assessee on account of Fringe Benefit Tax. FULL TEXT OF THE ORDER OF ITAT AHMEDABAD This […]
Kamal Translifters Vs ACIT (ITAT Ahmedabad) Though the assessee’s claim that payment made to the Director, was for business expediency, but the assessee could not prove before us the nexus between the assessee-company with its subsidiary company in the nature of trade and business. Furthermore, Shri Kamal Deshraj Dogra being director of both the companies, […]
Tenovia Solutions Pvt. Ltd. Vs ADIT (ITAT Chennai) The assessee suffered business-loss during the year and claimed carry-forward of losses for Rs.57,69,223/-. However, CPC has reduced the same to Rs.63,849/-. This was due to the fact that the last date of filing return of income was 31.10.2019. However, the return was filed 12 minutes and […]
N.C. Rajagopal & Co. Vs DCIT (ITAT Chennai) During appellate proceedings, the assessee submitted that the receipts have been offered on cash basis and therefore, TDS credit would be available as per Sec.199 of the Act i.e., in the year in which the respective receipts are offered to tax. In support, the assessee also filed […]
AO cannot make additions only on the basis of minimum income declared by the parties, because the income earned by person cannot decide quantum of loan that a person can give
Service Tax on the amount of liquidated damages – CESTAT Held that, Service Tax is not payable on liquidated damages collected in the nature of penalty.
