No issuer shall make a public issue of equity securities / debt securities / non-convertible redeemable preference shares, if the issuer company or its promoter or its director is in the list of the wilful defaulters.
The assessee cannot be said to have paid the consideration for use of or the right to use copyright but has simply purchased the copyrighted work embedded in the CD- ROM which can be said to be sale of ‘good’ by the owner.
ITAT Amritsar held in the case of DCIT vs. All India Pingalwara Charitable Society that object of section 115BBC was to catch the unaccounted money which was brought in as Tax Free Income in the hands of the Charitable Trusts and this law was never meant for taxing the Petty Charities.
Delhi High Court held In the case of Denso India Limited vs. CIT that there can be no dispute that the AO would normally accept the figures given in TP report, if they do not call for his interference. However, his job also extends to critically evaluating materials and in cases which do require scrutiny, go ahead and do so.
Every Local Body Tax (LBT) Practitioner is facing daily disputes with Corporation Authorities for levy of LBT qua goods or qua dealer due to misunderstanding of relevant sections under, The Maharashtra Municipal Corporation Act. The relevant sections for dispute in relation to ‘goods’ are section 127(2), 152B and 152P of the Act.
The Central Bureau of Investigation has filed a charge sheet against then Additional Commissioner, Income Tax, Gandhinagar (Gujarat); his wife and brother-in-law U/s 109 of IPC and Section 13 (2) r/w 13(1)(e) of the PC Act, 1988 & substantive offences thereof, in the court of Special Judge, CBI cases Ahmedabad for possessing assets disproportionate to his known sources of income.
Definition: Private Placement in lay man’s language is making an offer of securities to select group of persons and not to existing shareholder’s.
In the olden days, people had values of culture, privacy, principles, and sentiments. Ethics and empathy remained the hallmarks of yesteryear. Honesty and hard work were held in high esteem in those days. Any shortcuts for making a living were rejected outright. The morality of a person received more appreciation than his outward appearance. In […]
India has set a precedent of how to tolerate and forgive. The invasion and plundering of the vast country by several aliens like the Persians, Greeks, Mongolians and the last by British were allowed without much opposition. In that process, the great traditions and heritages were damaged and some decimated as well. The spread and […]
On finalisation of the provisional assessment, it was revealed that there was some short duty paid by the assessee and there was some excess duty paid by them. It is held that Assessee is entitled for adjustment of excess duty paid with the short paid duty during the period of provisional assessment.
