ITAT Chennai held that UPS and Printers being part of a computer systems and hence eligible for higher depreciation at the rate 60%
Analysis of Maharashtra AAAR ruling on Composite Supply under GST – Learn about M/s. Kasturba Health Societys case and its implications for GST
The narcotic drugs, psychotropic substances and controlled substances seized under the Act shall be classified based on physical properties and results of the drug detection kit, if any, and shall be weighed separately.
Supreme Court in JCIT v. M/s. Chambal Fertilizers & Chemicals Limited held that the term tax under Section 40(a)(ii) of the Income Tax Act, 1961 should also include cess.
Section 60(5) makes it discernible that it is a provision with a non-obstante clause that ‘notwithstanding anything contrary contained in any other law’ gives a jurisdiction to the NCLT to entertain or dispose of any application or proceeding by or against the corporate debtor or corporate person;
CESTAT held that, the refund cannot be denied on the ground of double benefit to Appellant due to non-transfer of unutilized CENVAT credit. Further, interest was allowed under Section 11BB of Central Excise Act, 1944 for delay of refund.
ITAT Delhi held that total allowance of the remuneration (including bonus) to the partners has to be within the permissible limit of provisions of section 40(b) of the Income Tax Act.
As an ongoing exercise to continuously align regulatory provisions to reflect the market dynamics and their impact on investor interest, SEBI conducts various reviews in consultation with the stakeholders.
Delhi High Court held that circular/ instruction no. 5051 dated 07.02.1991 states that prosecution normally be not initiated against a person who has attained the age of 70 years at the time of commission of offence. However, petitioner cannot be permitted to take benefit of Circular/ Instruction No. 5051 dated 07.02.1991 to find an escape route for the wrong committed by him.
CESTAT Ahmedabad held that as assessment of shipping bills has attained finality, classification of goods cannot be questioned subsequently by the Customs.
