1. Where value of international transaction as defined u/s. 92B exceeds Rs.15 Crore. 2. Cases where there was addition of Rs.10 Lacs or more in earlier assessment year and question of law or fact is confirmed in appeal or pending before appellate authority. 3. Cases in which addition of Rs.10 Crore or more was made in earlier assessment year on the issue of transfer pricing.
What do you mean by Total Turnover/Gross Receipts? Total Turnover / Gross Receipts are amount received/receivable from clients in respect of sale of Previous Year. Section 145 relating to Method of Accounting applicable to Section 44AD As per this section the assessees have an option to choose either Mercantile or cash method. Gross Receipts are the amounts received from clients for the services provided ot to be provided and does not include the value of material supplied by the client.
Notification No. 17/2012-CUSTOMS (N. T.) In exercise of the powers conferred by clauses (b) and (c) 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 amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 63/1994-Customs (N.T.) dated the 21 st November, 1994, {S. O. 830 (E), dated the 21 st November, 1994}, namely:-
Notification No. 16/2012 – Customs (N. T.) 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, {S. O. 828 (E), dated the 21st November, 1994}, namely:-
Notification No. 15/2012 – Customs (N. T.) In exercise of the powers conferred by sub-section (2) of section 14 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise & Customs, being satisfied that it is necessary and expedient so to do, hereby makes the following amendment in the notification of the Government of India in the Ministry of Finance (Department of Revenue)
Foreign companies or firms or an association of individuals does not file a return of income with regard to its liaison office on the ground that no business activity is allowed to be carried out in India. In order to inquire about regular information from non-resident entities in respect of the kind of activities conducted by their liaison offices in India, the Government of India in the Union Budget 2011 had introduced Section 285 to the Income Tax Act. As per this section non-resident entities having liaison offices in India are required to submit prescribed annual statement in respect of their activities to the tax authorities within 60 days from the end of the financial year.
Notification No.14/2012-Customs (ADD) In exercise of the powers conferred by sub-sections (1) and (5) of section 9A of the Customs Tariff Act, 1975 (51 of 1975) read with rule 23 of the Customs Tariff (Identification, Assessment and Collection of Anti-dumping Duty on Dumped Articles and for Determination of Injury) Rules, 1995, the Central Government hereby rescinds the notification of the Government of India
ITAT held that a right acquired by the taxpayer to convert advance given into equity shares falls under the definition of ‘Capital Assets’ as per Section 2(14) Income-tax Act,1961 (the Act). Accordingly, the compensation received for foregoing right to acquire equity shares is a transfer of ‘Capital Assets’ and is taxable as capital gain under the Act.
the persons who merely execute the civil construction work or any other work contract has been encouraged by giving tax benefits. Thus the provisions of section 80IA shall not apply to a person who executes a works contract entered into with the undertaking or enterprise referred to in the section but where a person makes the investment and himself executes the development work, he carries out the civil construction work, he will be eligible for the tax benefit under section 80IA
The assessee had participated in promotion of EECL, in order to safeguard its business of explosives and detonators in West Bengal. The assessee and EECL are in the same line of business and their activities are inter-connected, the assessee being one of the promoters of the former company. The purpose of giving advances to this related company was in the ‘course of and for the purpose of’ protecting the interests of business of the assessee.
