ITAT Hyderabad held in Shri M.S Lakshmana Rao Vs DCIT that if the assesse had not deposited the capital gain amount under the capital gain account scheme in bank then the assesse should not be barred of the exemption of sec 54
The last date for submitting the applications for entitlement as PSIA has been extended. Applicants can, for the time being, submit applications initially without bank guarantee. However, they shall be required to submit bank guarantee or an equivalent financial instrument before they are notified as PSIA.
In the case of Manikanta Concerns vs. DCIT, ITAT Hyderabad held that the shortage at the time of purchase and the shortage at the time of sale are two different issues and it cannot be said by any stretch of imagination that once the assessee has claimed shortage at the time of purchase
In the case of Pooja Industries vs. ITO, ITAT Chandigarh held that mere denial of deduction u/s 80IC, which the assessee has claimed on roller flour mills with a bonafide belief, would not lead to panel consequences.
The Honorable Finance Minister, during his Budget speech, spoke about moving towards a non adversarial tax regime which would be in consonance with global policy. In doing so, he has tried to address the concerns of foreign investors by making significant changes to the indirect transfer tax provisions under the Income Tax Act, 1961 (Act).
The fundamental principle of sales tax is that there should be sale of goods involving buyer and seller, there should be transfer of property in goods from the seller to the buyer and flow of consideration from the buyer to the seller. In case of samples issued by the assessee as a part of promotion program, first of all there is no buyer and seller, there is no transfer of property in goods and there is no consideration.
♠ Schedule II to the Companies Act, 2013 requires depreciating the asset over its useful life. The depreciable amount of an asset is the cost of an asset or other amount substituted for cost, less its residual value. ♠ The useful life of an asset is the period over which an asset is expected to […]
In exercise of the powers conferred by clause (a) of section 152 of the Customs Act, 1962 (52 of 1962), the Central Government hereby directs that the powers of the Central Board of Excise and Customs under section 4 and section 5 of the said Act
In exercise of the powers conferred by sub-section (1) of section 4 and sub-section (1) of section 5 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise and Customs hereby appoints the Joint or Additional Commissioner of Customs, Mundra to
In exercise of the powers conferred by sub-section (1) of section 4 and sub-section (1) of section 5 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise and Customs hereby appoints
