Starting a business is capital intensive, and business owners must have sufficient funds to cover all types of costs. These include business expenses, such as employee salary, merchant payments, buying machinery, workspace rent, and so on.
ITAT Delhi held that disallowance u/s 37(1) of the Income Tax Act towards investment made out of interest free own funds available with the assessee is unjustifiable and hence deleted.
ITAT Raipur held that invocation of section 263 of the Income Tax Act justified as AO passed the order without making any enquiry or verification and hence such order passed is deemed to be erroneous and prejudicial to the interest of revenue.
CESTAT Mumbai held that service tax paid on services received from overseas service providers in foreign countries duly refundable as the same cannot be fastened with the liability of service tax as a ‘deemed service provider’ in India.
ITAT Raipur held that once it is established that the commission income were receivable, the said commission income is liable to be brought to tax in the year in which the same has been accured.
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ITAT Kolkata held that claim of deduction towards marketing and sales expenses relating to work-in-progress project is allowable in the year in which project is completed and sales are booked in the profit and loss account.
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सामान्य प्रयोजन हेतु प्रयुक्त वित्तीय विवरण: वित्तीय विवरणों में प्रदान की गई जानकारी का उद्देश्य मौजूदा और संभावित निवेशकों, ऋणदाताओं और अन्य लेनदारों निर्णय लेने के लिए सक्षम करना है। आम तौर पर उनकी जानकारी की आवश्यकता को निम्नलिखित रूप मेंसंक्षेप में प्रस्तुत किया जा सकता है: i). व्यवसाय के आर्थिक संसाधनों और व्यवसाय की […]
CESTAT set aside the order demanding service tax on rental property and held that, income received from rent by assessee is not subject to levy of service tax.
