A reading of the agreement between STL and the assessee clarifies that a specific amount, i.e., Rs.9 Crores was paid by the assessee to the transferor who owned commercial rights towards the network and the facilities. The consideration was a specific value but for which the network would not have been otherwise transferred. In that sense, it constituted business or commercial rights which were similar to the enumerated intangible assets.
Many a times it has been seen that assesses, to whom Deductions under the Act are available, avail of such deductions without actually making the respective investments or complying with the preconditions. Such acts are committed because in most cases these claims are not verified by the Income Tax authorities.
The supplier of input sends the materials to any person (consignee) directly as per the instruction of a registered dealer, the excise invoice shall contain the details of the registered dealer as buyer and details of the person to whom the materials are sent as consignee.
Mos(Finance) Jayant Sinha Emphasises the need for Inclusion of Pension for Every Class of the Society; Highlights the Role of Pension Funds as a Source of Long Term Funds for Infrastructure Development and the Need to have Increased Pension Flows in the Debt and Equity Markets to Reduce Volatility; Conference on National Pension System Held on the Theme of
Measures to curb black money have been on the lips of every Finance Minister and Honorable Minister Shri Arun Jaitley is no exception. As we know, Real Estate business is the largest contributor of black money transactions. He trusts on the JAM (Jandhan, Aadhar, Mobile) generation to move away from such dark deals and build […]
It has come to the notice of the Reserve Bank of India that an app (application) is doing rounds on What’s App purportedly to facilitate checking of balance in customers’ bank accounts. The application has an RBI logo with the title ‘All Bank Balance Enquiry No’ and has listed several banks with either a mobile number or call centre number.
On the one hand the authorities want us to report any mischief occurred in the Company and on the other hand they are striking off various clauses from our reports through which we could report POSSIBLE FRAUD circumstances, which can become “ACTUAL FRAUD” ingredients later in future.
Notification No. 39/2015 – Income Tax CBDT has vide Notification No. 39/2015 increased Transport allowance exemption limit for employees from Rs. 800 to Rs. 1,600 per month. In case the employee is blind or orthopaedically handicapped with disability of lower extremities the limit is increased from Rs. 1600 to Rs. 3200/- per Month.
The Government today notified the National Judicial Appointments Commission Act, 2014 and the Constitution (Ninety-ninth Amendment) Act, 2014 for bringing in a change in the existing system for appointment of Judges in Supreme Court and High Courts. Two Bills titled ‘The Constitution (One Hundred and Twenty First Amendment) Bill, 2014’ and ‘The National Judicial Appointments […]
Procedure for tendering and settlement of shares through Stock Exchange -ACQUISITION WINDOW- a. The facility for acquisition of shares through Stock Exchange mechanism pursuant to offer shall be available on the Stock Exchanges having nationwide trading terminals in the form of a separate window (the Acquisition Window).
