NC Notification No. 92/2010-Income Tax WHEREAS by notification of the Government of India in the Ministry of Finance (Department of Revenue) number S.O. 399(E), dated the 6th June, 1996, issued under sub-section (1) read with 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, “Equipments and Running of Polio Hospital
NC Notification No. 91/2010-Income Tax WHEREAS by notification of the Government of India in the Ministry of Finance (Department of Revenue) number S.O. 232(E), dated the 24th February, 2004, issued under sub-section (1) read with 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 4, “Construction of 76 Bed Multi
NC Notification No. 90/2010-Income Tax WHEREAS by notification of the Government of India in the Ministry of Finance (Department of Revenue) number S.O. 458(E), dated the 30th March, 2006, 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 16, “Hospital Project” by Sevasangh Sarvajanik Hospital Trust, Modasa-
NC Notification No. 89/2010-Income Tax WHEREAS by notification of the Government of India in the Ministry of Finance (Department of Revenue) number S.O. 839(E), dated the 22nd November, 1994, issued under sub-section (1) read with clause (b) of the Explanation to section 35AC of the Income-tax Act, 1961 (43 of 1961), the Central Government had specified at serial number 8, for Construction of building of 80
NC Notification No. 88/2010-Income Tax WHEREAS by notification of the Government of India in the Ministry of Finance (Department of Revenue) number S.O. 466(E), dated 29th March, 2007, 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 28, Recurring expenses for the girls hostels, orphanage, centre for handicapped
NC Notification No. 87/2010-Income Tax WHEREAS by notification of the Government of India in the Ministry of Finance (Department of Revenue) number S.O. 611(E), dated the 23rd August, 1994, issued under sub-section (1) read with clause (b) of the Explanation to section 35AC of the Income-tax Act, 1961 (43 of 1961), the Central Government had specified at serial number 1, for Leprosy eradication,
NC Notification No. 86/2010-Income Tax WHEREAS by notification of the Government of India in the Ministry of Finance (Department of Revenue) number S.O. 466(E), dated 29th March, 2007, 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 13, Sharada Dhanvanthari Medical Centre & Sharada Dhanvantari Haemodialysis
Revised Accounting Standard 7 – Construction Contract is applicable to only contractors and not to builders and real estate consultants. Accordingly, the Project Completion Method consistently followed by the taxpayer for recognising revenue in the books of accounts cannot be regarded as an unreasonable.
In a recent ruling Gujarat High Court (HC) in the case of Vodafone Essar Gujarat Ltd (hereinafter referred to as VEG/ Transferor/ Tax Payer) [Company petition no. 183 of 2009] on the issue of whether a scheme of demerger of infrastructure assets between group companies for ‘Nil’ consideration could be sanctioned under the provisions of the Indian Tax law (ITL) and Indian Company law (ICL). The decision of the HC discusses various aspects with regard to the validity of the scheme of demerger u/s 391-394 of the ICL, ITL, Indian Contract Act 1872, laws governing commercial taxes like VAT, Stamp Duty etc. The HC concurred with the objections placed by the Tax Authority and rejected the scheme of demerger which was viewed as an attempt to evade taxes including income-tax, stamp duty, VAT and to defraud the Tax Authority for its legitimate right to recover its dues out of the assets of the Taxpayer and other group companies. The HC also agreed that the assets were being demerged to a paper/conduit company for a subsequent tax neutral transfer to another infrastructure company.
A billion-dollar gambling industry built up in Nepal by a chartered accountant from New Delhi, which encompassed seven casinos and employed nearly 7,000 people, has been left tottering with lawmakers Tuesday ordering the government to scrap their li
