and contributed by the assessee to a firm towards capital contribution should be treated as stock in trade even during the course of making the transaction of transferring or contributing the land to the partnership firm as capital contribution, the surplus arising to the assessee from the said transaction of contributing stock in trade
For the purposes of this clause, fees for technical services means any consideration (including any lump sum consideration) for the rendering of any managerial, technical or consultancy services (including the provision of services of technical or other personnel) but does not include consideration for any construction, assembly
it will be in the interest of justice to set aside the final order passed by the Settlement Commission and to remand the matter back to the Settlement Commission for hearing parties afresh and to pass orders as per law. Facts and circumstances noted in respect of writ petition no.2191 of 1999 are also relevant for the remaining writ petitions
Therefore, since the writ petitions are now dismissed and liberty has been granted to approach the Department, the petitioners granted four weeks time to approach the concerned authority under the provisions of the Act seeking for appropriate remedy. Till such time, the respondents shall not initiate
Income tax refunds may get delayed for a fortnight, following a complete revamp of security buffers in the computer software system of tax departments across the country, after the discovery last week that someone had hacked into an account and made off with Rs 11 crore.
When an assessee purchases the spare parts for the existing machineries, same cannot be treated as capital expenditure and it has to be treated as revenue expenditure since these spare parts are purchased for the maintenance of the existing equipments.
On 22/01/10 the Hon. Finance Minister Mr. Sunil Tatkare has announced at the time of bhoomipujan ceremony of proposed building of sales tax office of Ratnagiri that MVAT Audit date is extended by 2 months. This announcement was made in the presence of Hon. Sales Tax Commissioner Mr. Sanjay Bhatia, but there is no official communication yet from the Sales tax department which is creating confusion.
The higher the promoter stake in a company the more faith he has in the business. That is how the general belief goes. The same obviously holds true for the reverse as well. And this (lower promoter stake) is definitely something investors would not like.
The CBI, investigating the fraudulent I-T refund scam, held a series of meetings with IT officials on Friday. CBI officials said the fraud, in which over Rs 3 crore was transferred into several bank accounts and withdrawn by four key perpetrators, could not have been possible without the involvement of I-T officials and the National Securities Depository Limited (NSDL).
The 18-year-old Matunga resident, who ended her life last week, took the drastic step as she feared that she hadn’t done well in her chartered accountancy examination. Parents of Shivani Seth, who jumped to death from the fifth floor of her building on January 14, told the cops that she was depressed ever since she sat for the CA exams on December 26 and 27.
