S. 40(a)(ia) can be invoked only when the two conditions, namely, that tax is deductible at source and such tax has not been deducted is satisfied. Where tax is deducted by the assessee under a wrong provision of TDS and there is a shortfall, s.40 (a) (ia) disallowance cannot be made.
That once the AO became aware that the property was not owned by the assessee and that he had received the amount on someone else’s behalf, notice could not have been issued under Section 158BD. He urged that this Court should not interfere with the ITAT’s order on this ground alone.
I have prepared a chart on the subject matter of Capital Gain for FY 2014-15 on Shares and Mutual Funds after considering the recent amendments related to changes in taxation of shares and Mutual fund and Considering the complexity involved in the matter. I have tabulated information for quick reference and the same are self explanatory :-
In my opinion, in the present scenario collection of taxes from builders and developers in the State of Rajasthan for the period between 1st April 2014 to 13th July 2014 would not be valid proposition as analyzed on the basis of principles laid down by Hon’ble Apex Court and Punjab and Haryana High Court.
Hon’ble Tribunal held that benefit of Notification 67/95-CE shall not be available agreeing with the argument of the department. However, it was held that the said transaction would be undoubtly be covered under Rule 4(5)(a) and thus the demand was dropped.
With the time for admission to colleges having arrived, there is often confusion in the minds of students regarding which colleges to join and the courses to be taken up. To help the students make an informed decision on the choice of college and the courses, the Ministry of Human Resource Development, Government of India […]
Notification of Black Money Rules and issue of Explanatory Circular for Compliance Window under Black Money Act The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Rules, 2015 (the Rules) have been notified vide notification no. G.S.R. 529 (E) dated 02-07-2015. These Rules provide the method of determination of Fair Market Value […]
Competition Commission of India (CCI) Amends its Combination Regulations; The Proposed Amendments Provide Flexibility to Parties Regarding Signing of the Notice; Form-I Required to be Filed for Notifying Combination Revised As part of its ongoing and regular efforts to make M&A filing requirements simpler and readily acceptable to various stakeholders, the Competition Commission of India […]
As the only rights to use the know-how and the technology has been granted to the assessee not the ownership of the know-how has been transferred .The ultimate ownership remains with the Honda Motorcycle company Limited.
The hospital had hired the doctors i.e professionals for their expertise, experience, and skill in the profession and requests them to be associated with the hospital, then their engagement cannot be said to be of employer-employee relationship.
