Circular No.186/5/2015-ST If ancillary services are provided in the course of transportation of goods by road and the charges for such services are included in the invoice issued by the GTA, and not by any other person, such services would form part of GTA service and, therefore, the abatement of 70%, presently applicable to GTA service, would be available on it.
A new termed introduced by Finance Act, 2015 for determination of residential Status of foreign company is Place of Effective Management, commonly known as PoEM. Though PoEM seems to be new in context of Indian Income Tax Act, the term has already found its aplace under Article 4 of Bilateral Tax treaties entered by India with various other countries in form of tie-breaker criteria for dual resident companies.
In the case of Sandvik Asia Limited vs. DCIT, Bombay High Court held that the payment made by the Appellant in its nature is different from a payment made to protect the property. In fact, Supreme Court in the case of Assam Bengal Cement Co. Ltd. v/s. CIT 27 ITR 34
Anger is the negative emotion a person gets in reaction to the frustration or displeasure experienced. Usually, it happens when events go against one’s expectations. A family planned for a movie show, but the same was canceled as the father came late. T
In the case of M/s Blessing Construction vs. ITO The Ahmedabad Tribunal has held Merely because the Assessing Officer or the ITAT did not consider the evidences to be sufficient for the purpose of explaining the cash credit u/s 68, it will not automatically lead to levy of penalty u/s 271(1)(c).
Brief of the case- ITAT Ahmedabad held in the case of Arvind Murjani Brands Pvt Ltd vs. ACIT that As the amount on which tax was deducted at source is not at all chargeable to tax, then the command of section 199 will have to be harmoniously and pragmatically read as providing
In the case of Smt. C. Vijay Kumari vs.ITO the Hyderabad ITAT has held that addition made by AO to the total income of the assessee on account of profit arising from sale of agricultural land treating the same as business income instead of capital gains claimed by the assessee as exempt
In case of JCIT vs. Riddhi Siddhi Gluco Biols Ltd. The Ahmedabad tribunal has held that Interest free funds available with assessee was much more than the interest free loan given by the assessee. A.O made proportionate disallowance merely on the presumption that the proportionate borrowed money must have been utilized for investment in capital work-in-progress. Relying on decision
In case of ITO VS. M/s.Testree Solutions Pvt. Ltd, ITAT Bangalore held that the export proceeds received after the expiry of the period of six months from the end of the relevant previous year was to be allowed as a deduction u/s 10A .
In the case of DCIT vs. M/s. Vaghasia Associates, ITAT Ahmedabad held that merely because some estimated labour payment was written on the projected profit & loss account, the addition for unexplained expenditure cannot be made.
