The sum and substance of the grievance of the assessee is that the Ld. CIT(A) has erred in upholding the request of the AO to disallow the future losses recognized by the company as per Accounting Standard -7 (AS-7) , as during original assessment proceedings there was no discussion or disallowance on this ground.
What is important is whether the interest earned on the Central Government grant is to be treated as the income earned or not, and not what the assessee claimed. As stated hereinabove, in the letter of the Central Government releasing the grant, which provides a condition that the interest earned
Even a cursory look at the admitted facts of the case would show that the transferee had neither performed nor was it willing to perform its obligation under the agreement in the previous year relevant to assessment year under consideration.
Finance Minister has clarified that Rice is not an agricultural produce, Central Warehousing Corporation (CWC) has clarified to its offices that now Service Tax is payable. The CWC is so careful that it has clarified that even in cases of construction of warehouses for storage of Agricultural produce where it is not known as to […]
Tarun Gulati Earlier, India was isolated from the world markets and it went global only in 1991 with the change in policies for Foreign Trade, foreign direct investments, etc. This move towards globalization brought in new requirement for changes in the taxation and other laws as the MNC’s started investing in India and acquisition of […]
MVAT : Instructions for uploading Annual Revised Returns U/s 20(4)(b) and 20(4)(c) • Please download the latest version (Ver 1.8.0) template from Mahavat website. • Dealer can upload the Revised return u/s 20(4)(b) & (c) with Annual periodicity only. • Dealer can upload the Original, Fresh and Revised return u/s 20(4)(a) as per the periodicity […]
in view of the fresh launch of interest rate futures and difficulties expressed by the industry, it has been decided to extend the period for obtaining certification by such approved users and sales personnel for a period of two years from the date of this notification.
Circular No. 2/2014-Income Tax The Central Board of Direct Taxes had issued Circular No. 447 (hereinafter called “the Circular”) on 22nd January, 1986 clarifying that awards received by a sportsman, who is not a professional, will not be liable to tax in his hands as the award will be in the nature of a gift and/or personal testimonial. 2. The said Circular was applicable in a tax regime when gift was not taxable in the hands of the recipient and with the fundamental change
In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, being satisfied that it is necessary in the public interest so to do, hereby makes the following further amendments
The Special Judge for CBI cases, Thiruvananthapuram(Kerala) has convicted Sh. R. Kennadi, then Executive Engineer and Sh. P.V. Suresh Kumar, then Assistant Engineer(both of CPWD) working in the Valuation Department of Income Tax, Trivandrum and sentenced them to undergo three years Rigorous Imprisonment with fine of Rs. 50,000/- each in a bribery case.
