Since no provision is made in the Act or the Rules for claiming refund of excess TDS deducted with respect to remittance to the foreign company, CBDT issued its circular No. 769, dated 6-8-1998 and made provision for granting such refund to the Indian assessee deductee under the following circumstances:
On a plain reading of the statutory provisions of section 54, it is clear that an agreement for sale or an agreement to sell itself does not create any interest or charge in such property. Mulla on ‘Transfer of Property Act’ clearly states that section 54 enacts that an agreement for the sale of land does not itself create an interest in land.
On going through the remaining object of the trust, read with the provisions of sections 2(15), 12A, 12AA of the Income Tax Act, and the case laws cited by the AR, we find that there has been compliance to section 12A as required under the provisions, so far as provisions of section 2(15) are concerned, we find that the amendment talks about preservation of environment.
The discrepancies brought on record have culminated into rejection of the books result could not wash away the fact finding insofar as the assessee continues to be a local authority which it was prior to Assessment Year 2003- 04. The submissions of the learned Counsel for the assessee on the issue of the learned CIT(A) upholding the status of the assessee by the Assessing Officer as Artificial Juridical Person and not a local authority
S. O. _____ E).- In exercise of the powers conferred by clause (a) of sub-section (1) of section 7 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise and Customs hereby makes the following further amendment in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 62/1994-Customs (N. T.) dated the 21st November, 1994, published in the Gazette of India, Extraordinary, Part II, se
It is a well-settled that the undisclosed income under Chapter XIV-B of the Act has to be computed on the basis of search materials. It is also well settled that any income which has already been either recorded in the books of account or otherwise disclosed to the Department prior to the date of search cannot be treated as undisclosed income of an assessee.
These rules may be called the Limited Liability Partnership (Second Amendment) Rules, 2012. (2) They shall come into force with effect from 16th September, 2012.
GAIL and HPCL deputed their personnel who worked under the control and management of JVC. The employees were carrying out the work of the Assessee as its employees not carrying out the work on behalf of GAIL or HPCL. Salary, cost of these employees are a charge on the profits of the Assessee. Payment by way of salary would not constitute Fees for technical services. Nor can the transaction be viewed as a works contract performed by GAIL and HPCL.
On a careful perusal of the various decisions, it becomes clear that the facts prevailing in each case and the intention of the parties have to be considered in order to decide the question whether the lease/rental income is to be treated as house property income or business income. The nomenclature given to the said income is irrelevant.
Explanation-I to section 37(1) provides inter-alia that any expenditure incurred for any purpose which is prohibited by law shall not be deemed to have been incurred for the purpose of business and no deduction or allowance shall be made in respect of such expenditure. This provision is clearly applicable to the case of the assessee. In a nutshell, it is held that misuse charges and interest on misuse charges are not deductible in computing the total income of the assessee.
