We have also carefully examined the decision of Salvinder Singh 109 ITD 241 decided by respected co-ordinate bench wherein, the provisions of section 2(ea) of Wealth-tax Act were discussed and have noted that in that case the assessee had more than one commercial establishments or complexes at different places, so the assessee has owned more than one properly which was undisputedly in the nature of commercial establishments or complexes. Therefore, after ascertaining the very nature of the property as a commercial establishment the same was held as covered under the exception of
The government has ordered inspection of account books of two companies allegedly linked to former Jharkhand chief minister Madhu Koda, who is already under the scanner of Income Tax and Enforcement Directorate in an illegal money laundering case.
The Union Finance Minister Shri Pranab Mukherjee had a meeting with the Empowered Committee of State Finance Ministers to finalize the draft Constitutional Amendments on Goods and Services Tax, here today. Addressing the meeting, the Finance Minister emphasized that the primacy of the Legislature in the area of taxation is supreme and inalienable and that the proposed draft on GST did not seek to disturb or alter this in any manner.
The Income-Tax department on Tuesday told the division bench of the Bombay High Court, hearing the Vodafone tax case, that approval from the Foreign Investment Promotion Board (FIPB) was critical to the $11-billion acquisition of Indian company Hutch Essar by Vodafone. FIPB is a nodal government agency that monitors foreign direct investments into the country.
The government today said curbs on cotton exports and the Rs 2,500 per tonne duty on the shipments of the natural fibre would go from October 1. “Cotton exports on Open General Licence (OGL) will be allowed from October 1, which means unrestricted and free exports of cotton. (Also) there will be no export tax on cotton,”
If the business is going to be paralyzed, then, the court in appropriate cases can, for the benefit and interest of the company, save the transaction involving sale of assets of a company in liquidation; it is for enabling the company to continue as a going concern and to protect the interest of shareholders and creditors that such a power is conferred and must be exercised under section 536(2) of the Companies Act.
Section 50C creates a legal fiction for taxing capital gains in the hands of the seller and it cannot be extended for taxing the difference between apparent consideration and valuation done by Stamp Valuation Authorities as undisclosed investment u/s 69 in the hands of the purchaser.
When the scheme of financing adopted by the assessee company is explained in a convincing manner, it is not fair on the part of the lower authorities to treat a part of the deposits as unexplained only for the reason that inch-by-inch documentary particulars were not furnished before them in respect of that remainder deposits.
Even in a case where proceedings for detection of concealment is going on during the assessment proceedings, the assessee surrenders some income and AO drops the proceedings of detection of concealment by accepting assessee’s surrender without making further examination or investigation regarding detection of concealment, it can be held that it is not a case of concealment of particulars of income or furnishing of inaccurate particulars of income; because in that situation, the AO does not record satisfaction as required u/s 271(l).
There is no direct decision in favour of the Revenue for levy of service tax on the service component of a works contract prior to 01/06/2007. On the other hand, the judgment of the Hon’ble High Court in Indian National Shipowners ‘Association case is directly against the Revenue and the same is binding on this Bench of the Tribunal.
