The phenomenal growth of the Indian economy has resulted in a large number of salaried income tax filers. In India, it is estimated that there are about 8.50 crore tax-filers and of which the salaried and managerial personnel constitute the largest segment.
Explore the significance of Section 6 in the Income Tax Act, 1961, shedding light on the determination of an individuals residential status in India. Understand the tax implications and recent amendments by Finance Acts 2021 & 2022.
Whether order of the Adjudicating Authority (‘NCLT’) can be challenged in a proceeding under Article 226, has been, recently, analysed in the matter of Tharakan Web Innovations Pvt. Ltd. Vs. National Company Law Tribunal (1st February, 2022) in W.P. (C) Nos. 27636 of 2020 & 14158 of 2021 before Kerla High Court.
With almost 1.4 billion residents, India is slowly overtaking China as the country with the most population in the world. The private sector is quickly expanding and tightening the ties with the developed economies, becoming a hot destination for multinational companies seeking to expand to new markets.
In re New Grand Auto Body Works (GST AAR Kerala) The applicant is providing services of body building of commercial vehicles used for carrying goods on the chassis supplied by the customers. The body is built as per the requirement of the customers. The main issue to be determined is whether the activity constitutes supply […]
In re Sri. Puthusserikudy Thankappan Santhosh, M/s. Oyester Auto Body (GST AAR Kerala) Question 1. Whether the activity of commercial vehicles body building on job work basis, on the chassis supplied by the customer, is supply of goods or supply of services? Ruling: The activity of commercial vehicle body building on the chassis supplied by […]
Srijal Gupta Vs ITO (ITAT Amritsar) After a thoughtful observation of the fact of the case we decided that the reopening was made u/s. 148 related to purchase of property amount to Rs.9,53,750/-. But after completion of assessment, the ld. AO had accepted the assessee’s investment and had not added any amount related to source […]
Orchid Foundations Pvt. Ltd Vs ITO (ITAT Chennai) The intended purchaser i.e., M/s SVC made efforts for clearing the encroachments and incurred expenditure of Rs.811.75 Lacs which were paid through banking channels. The details of payment as well as the bank statement and acknowledgement / receipts were already furnished to Ld. AO during the course […]
Satya Prakash Vs ITO (ITAT Delhi) ITAT consider it necessary to impose a token cost of Rs.2,000/- to the assessee in aggregate owing to continued negligence shown to the statutory notices at both the levels. The assessee shall deposit the cost awarded in favour of ‘The Prime Minister Relief Fund and receipt thereof shall be […]
Sundaram Infotech Solutions Ltd Vs ITO (ITAT Chennai) We find that there is no quarrel on the proposition since the only dispute under the appeal is tax treatment under finance lease. The operating lease transactions have not been disturbed by Ld. AO and the only dispute is qua deduction of principal component under finance lease […]
