In the present case the Hon’ble Tribunal held that the Forex gains or losses after the sale receipts would be treated as an amount which will be eligible for deduction under section 10B. On the second issue
‘Tomorrow’ can be an uncertain word or it can be full of possibilities for Happiness. It all depends on how we plan our future, especially our finances. The idea of travelling back and forth in time, whether to undo some action or with the curiosity attached to different situations excites anyone and everyone. But hey, wouldn’t we all love to look back at ourselves 20 years from now and be glad about taking certain steps?
Assessee, a partnership firm, was engaged in the business of manufacturing of enameled wire, submersible wire, bare copper wire etc. Assessee filed its return of income related to AY 2009-10 declaring gross loss of (-)3.65% against the total turnover of Rs.590703526/- with net loss of Rs.36385885/-
In exercise of the powers conferred by sub-section (8) of Section 1 1C and Section 26A of the Securities and Exchange Board of India Act, 1992, Section 26A of the Securities Contracts (Regulation) Act, 1956 and Section 22C of the Depositories Act, 1996.
In stations having more than one CCIT, the decision to file an appeal before the High Court will be taken by two CCsIT including the CCIT in whose jurisdiction the matter lies. The Principal CCIT concerned may issue directions for pairing of CCsIT for this purpose. In case of disagreement between the two CCsIT, the matter will be referred to the Principal CCIT.
Cases where an employee work under two employer in a single financial year Normally an employee is employed under employer during whole financial year and thus no problem arises in deduction of TDS from salary. In this case all information relating to income of employee is readily available with employer and computation task is easy […]
Peak credit theory will be applicable only when there are deposits in cash and withdrawals in cash. In the instant case when the deposits are made in cash and most of the withdrawals are by way of clearing and not cash withdrawn, therefore, the theory of peak credit is not fully applicable to the facts of this case.
Liability need not to always be a contractual one. On the basis of understanding between the two parties, both sides have passed necessary accounting entries. It was a genuine transaction. Since the assessee was unable to complete the SEZ it transferred the land to the sister concern IGICPL.
During the Board Meeting held on 20thAugust, 2014 (BMB No.18/2014), CBEC had decided to build a Management Information System (MIS) for CBEC so that various critical information relating to key result areas are collected in a reliable, efficient and useful manner. The Board had accepted the proposal to build the MIS in a phased manner as per the detailed roadmap recommended by the Working Group constituted for this purpose.
Here the assessee originally did not have the correct PANs of all the persons from whose payments, tax at source was required to be deducted. Despite that, the assessee did deduct tax at source and paid the amount to the exchequer well in time. The only fault of the assessee was in not filling PANs of some of the deductees which were not available at the time of filing e-returns. As soon as the AO issued notice for imposing penalty u/s 272B, the assessee obtained the relevant PANs and complied with the requirement by filing the revised statement.
