ITAT held that the rate of profit @15% on estimated unaccounted sale is an arbitrary rate without any comparable cases. The best comparison is also available of the business of the assessee himself wherein he has shown net profit at the rate of 6%.
A person who is employed for wages in the factory or establishment, on any work of, or incidental or preliminary to or connected with the work is covered. The definition brings various types of employees within its purview.
Section 14A contains the expression ‘in relation to income which does not form part of the total income’. The said decision cannot be used in the reverse to contend that even if no income has been received, the expenditure incurred can be disallowed u/s 14A.
Action plan on Base Erosion and Profit Shifting (‘BEPS’) issued by Organization for Economic Co-Operation and Development’s (‘OECD’) inter alia has proposed to levy a tax on digital transaction to equalize the tax burden on remote and domestic supplier of goods as well as services.
Government officials from around the world have called on the OECD to convene a special project meeting of the Joint International Tax Shelter Information and Collaboration (JITSIC) Network to explore possibilities of co-operation and information-sharing, identify tax compliance risks and agree collaborative action, in light of the Panama Papers revelations.
E-Filing Vault – Higher Security- Restricting the methods/options for Login and locking the reset password options will secure account from possible mis-use. This is for additional security or secured access.
Central Government, with immediate effect, hereby makes the following amendments in Schedule-2 (Export Policy) of ITC HS) Classification of Export and Import Items, as amended from time to time : -(a) Export to European Union is permitted subject to registration with APEDA, the designated Competent Authority
In exercise of powers conferred under paragraph 2.04 of the Foreign Trade Policy, 2015-20, the Directorate General of Foreign Trade hereby makes the following additions in Appendix 2G of Appendices and Aayat Niryat Forms of Foreign Trade Policy, 2015-20 with immediate effect.
Delhi High Court stay order in W.P. 2892/2016 filed by Mr. Kavin Gulati and W.P. 2891/2016 filed by M/s Delhi High Court Bar Association; Gujarat High Court Stay Order dated 20.03.2016 in SCA No. 4296/2016; Calcutta High Stay Order in W.P. No. 291/2016- Filing of Transfer Petition in Supreme Court and seeking vacation of stay against various High Court Orders staying the levy of Service Tax on legal services provided by Senior Advocates- reg.
ITAT held that it is not in dispute that the receipt representing forfeiture of share warrants is only a capital receipt & not chargeable to tax. However, the same has been duly credited in the profit and loss account as an extraordinary item.
