Except the deductions provided under the first proviso to Section 6B(1) nothing else can be deducted from the total turnover as defined under Section 2(u2) for the purpose of levy of turnover tax under Section 6B of the Act.
If parents are not available, Section 160 (1) (ii) of the Act will stand attracted and the Guardian will become the Legal Representative, liable to discharge all the tax obligations under the Act on behalf of the minor.
Deduction U/s 54F was available to assessee in respect of full value of consideration received and not on the value taken by the Sub-Registrar for the purposes of stamp duty.
Properties were purchased by the defendant with some financial assistance from his father, however, the same cannot be sole determinative factor to hold the transaction as benami in nature.The plaintiff has miserably failed to establish and prove the intention of the father to purchase properties for and on behalf of the family, which were purchased in the names of defendant.
The Goods and Services Tax Network (GSTN) on the occasion of its foundation day on 5th April, 2019 felicitated The Institute of Chartered Accountants of India (ICAI) in recognition of its contribution and support in development of GST ecosystem.
Based upon credible information of large scale collection, possession and movement of unaccounted assets, Delhi Directorate of Income Tax (Investigation) initiated search and seizure action on a group in NCR, Bhopal, Indore and Goa. More than 300 IT officials participated in the operation at about 52 locations in 4 States.
Provisions of Section 142(2C) as they stood prior to the amendment which was enacted with effect from 1 April 2008 by the Finance Act, 2008 did not preclude the exercise of jurisdiction and authority by AO to extend time for the submission of the audit report directed under sub-section (2A), without an application by assessee. Thus, AO who prescribed time limit for filing auditor’s report under Section 142(2A) was also entitled to extend time limit even if extension was not sought by assessee.
KSS Limited (formerly known as K Sera Productions Ltd.) Vs Pr. CIT (Bombay High Court) Conclusion: Where the money was routed through AE by the assessee for the purpose of acquisition of distributorship, the back to back agreements, the contents thereof and most significantly, the fact that neither at the point of payment nor at […]
Although the powers of the CIT(A) were co-terminus with that of the powers of AO, yet, it had jurisdiction only on those items which had been considered by AO irrespective of the fact whether the issue was subject matter of appeal or not.
Reserve Bank of India (RBI) has learnt through media reports that Lakshmi Vilas Bank (LVB) and Indiabulls Housing Finance Limited (IBHFL) have made a merger announcement on April 5, 2019 with approval of their respective Boards.
