ITAT Chandigarh held In the case of M/s GlaxoSmithKline Consumer Healthcare Ltd vs. The JCIT that it is a settled law that an unascertained liability has to be allowed even if the same is quantified on a future date.
A country’s true economic growth depends not just on its mega-scale industries and multi-national organizations but also on its medium level industries, small scale business and cottage industries. For a developing country like India whose economy is majorly dependent on agriculture and related industries, medium level and small scale industries could be considered as its heartbeat.
As per the direction of the Supreme Court of India vide order dated November 5, 2015 in the matter of Supreme Court Advocates-on-Record Association and Anr. Versus Union of India (WV Petition (s) (Civil) No(s). 13/2015)
‘Report of The Joint Committee on Business Processes for GST’ has already been circulated and views have been sought from people at large for suggesting improvements thereupon. This report is divided into three parts namely GST Registration, GST payment process and GST refund process. In this article, some benefits of the proposed payment process under GST regime have been discussed alongwith some minor drawbacks of the proposal.
A curious yet a serious observation made by a court in a recent judgment few days ago; a child born out of forced sexual association i.e. rape can inherit rights in the property of his/her’s biological father. It’s shameful to see the percentages of rapes in India after the Nirbhaya’s case scaling high
The undersigned is directed to refer to the CBEC’s Supplementary Instructions on Central Excise which stipulates procedures to be followed on various procedural aspects w.r.t. registration, invoice systems, rebate procedure under exports, bonds/ LUTs etc. It may be noted that considerable time has elapsed since these instructions were last issued and several instructions have lost relevance due to changes in law/ procedures over the past few years.
Instruction No. 16/2015 Sub-section (2) of Section 12AA of the Income-tax Act 1961 prescribes that every order granting or refusing registration under clause (b) of sub-section (I) of that Section shall be passed before the expiry of six months from the end of the month in which the application was received under clause (a) or clause (aa) of the sub-section (1) thereof. Thus while processing the application u/s 12AA of the Act, the time limit of six months has to be adhered to by the Commissioner of Income Tax (Exemptions). However, it has been brought to the notice of the Board that the said time limit has not been observed in some cases.
This notification shall come into force with effect from the 7th day of November, 2015
Knorr-Bremse India Pvt. Ltd. vs. ACIT (P&H HC) A reading of the orders of the TPO, the DRP and of the Tribunal makes it clear that one of the main reasons for not accepting the assessee’s case was that the assessee had not been able to substantiate that the payment for the services had actually increased its profits.
ITAT Delhi held In the case of DCIT vs. M/s. Spice Retail Ltd. that the expenditure incurred by the assessee on advertisement has been treated as revenue in nature. It is not open for the AO to treat an expenditure as party revenue in nature and balance 25% as deferred revenue expenditure.
