Following the judgment in the case of Gajapathi Naidu (supra) the question to be asked is when did the expenditure claimed by way of deduction arise? There would have been no occasion to claim the deduction if the work-in-progress had completed its course.
I start my mornings usually by going up to my house terrace and get a breath of fresh air. It feels really nice when cool breeze hits your face and makes you feel highly refreshed and relaxed. And this, followed by the sunrise is a spectacular view to watch.
The Petitioner, M/s Idea Cellular Ltd., paid the VAT on the transactions of activation of SIM cards, since earlier in case of State of UP v. Union of India, Supreme Court held the activity of activation of SIM cards as exigible to VAT.
SEBI Board after deliberations decided to remove the above restrictions for managing offshore funds, belonging to Category I FPIs and appropriately regulated broad based Category II FPIs, by local fund manager who is managing a domestic scheme.
Rajasthan government has introduced an amnesty scheme related to the outstanding demand of Entry Tax vide Notification No. F.12(17)FD-Tax-2015-240 Dated-18.03.2015, where the dealer/ person can save the interest and penalty on the taxes imposed by the government.
CA Rohit Gupta Some of the important case laws published during 2015 pertaining to TDS u/s 195 and/or taxability of foreign companies/non-resident entities in respect of source of income in India. Discussion and analysis (given in italics) pertain to relevance of judgement in future proceedings, subsequent developments, other relevant case laws on the same aspect, […]
Assessee, a US company, entered into agreements with various customers in India for rendering software services – Assessing Officer held that payments received by assessee from sale of software and provision of maintenance and other support services to customers in India
Next ground of appeal is about disallowance of interest paid by the assessee to HO amounting to Rs.8.57Crores.During the assessment proceedings, AO found that interest of Rs.8,56,15, 525/- was paid by the assessee to HO on subordinate debts and term borrowing.
Section 74- Contrary view on Loan taken before 31.03.2014 from directors, their relatives and members of a private company including the amounts stated in (i) to(xii) of clause (b) of rule 2 of the Companies (Acceptance of Deposits) Rules,1975 on or before the commencement of companies Act,2013. In the opinion of the Author such amounts are not deposits and so are not covered by section 74 of Companies Act,2013.
Companies Act, 2013 along with Companies (Appointment and qualification of Directors) Rules, 2014 had made it mandatory for the following class of companies to have at least one women director in their Board:
