If the production of cinematograph film amounts to manufacture of an article or goods within the meaning of section 104(4)(a) as it then stood, it follows that the said activity must be treated as an industrial undertaking within the purview of section 80J of the Income-tax Act, 1961. Apart from the circular, we are satisfied that, even on a common sense view, “film production” will have to be considered as a manufacturing activity and the undertaking will have to be considered as an industrial undertaking.
Issue – Whether on the facts and in law, the Hon’ble Tribunal was correct in holding that the investment in tax free securities/investments are represented by assessee’s own funds in the shape of share capital and reserves, ignoring the fact that the assessee is a bank involved in transactions
What the section is designed to strike at is advance or loan to a shareholder and the word shareholder can mean only the registered shareholder. The Hon’ble Supreme Court following the judgment in the case of Commissioner of Income Tax v/s C. P. Sarathy reported in 1972 (83) ITR 170(SC) held that the beneficial owner of shares whose name does not appear in the register of the shareholders of the company cannot be said to be a shareholder though he may be beneficially entitled to the shares but he is not a shareholder.
It may be noted that a rigorous drive has been planned after 30thSeptember 2014 against the return defaulters. Hence all the defaulting dealers are requested to file all the pending returns and pay the applicable tax and interest at the earliest and take benefit of this exemption.
Finance bill 2014 Final was presented by Finance Minister Shri Arun Jaitley on 10th July 2014. The bill got approval of Lok Sabha on25th July 2014 with some amendments. Now Rajya Sabha has cleared the Finance Bill 2014 on 31st July 2014. Finance Bill will comes into effect after President Approves it. So now bill […]
These rules may be called the Trade Marks (Amendment) Rules, 2014. ( 2) They shall come into force on the date of their publication in the Official Gazette.
The Central Board of Direct Taxes has through, Income-tax (7th Amendment) Rules, 2014, notified new Forms of tax audit reports namely Form No. 3CA, 3CB and 3CD.The said notification can be downloaded from the link below: https://taxguru.in/income-tax/cbdt-notifies-form-3ca-3cb-3cd-format-tax-audit-report-revised.html With regard to the same, ICAI invites suggestions on the said new tax audit report formats, from the […]
This year’s Budget is quite progressive and will spur investment-led sustainable and inclusive growth. This Budget has made commitment for the next generation of tax reforms, stability of tax regime and fiscal consolidation. The announcement regarding retrospective amendments would facilitate a healthy investment climate in India.
It has come to notice of the Central Government that foreign nationals are buying immovable property illegally in some parts of the country. Many organizations and social groups have also made representations to the Central Government expressing their serious concerns in this regard. It has also been observed that foreign nationals coming to India and […]
Whereas by notification of the Government of India in the Ministry of Finance (Department of Revenue) number S.O. 2302(E), dated 3.10.2011 issued under clause (b) of the Explanation to section 35AC of the Income-tax Act, 1961 (43 of 1961), the Central Government had notified at serial number 8
