Government decides to allow one more opportunity to employees of Public Sector Insurance Companies who joined on or before 28th June, 1995 The Government of India has decided to allow one more opportunity to employees of Public Sector Insurance Companies (PSICs) who joined on or before 28th June 1995, to opt for Pension, as a […]
In the matter f Issue of Share at High Premium AO should not resort to rely on circumstantial evidence or on test of human probabilities but on factual evidence of passing of benefit to the shareholders/directors. Hence ITAT remanded the matter back to AO to re-assess whether the assessee was used as a vehicle to pass on the benefit to the shareholder / director.
Assessee is eligible for exemption u/s 54F for the amount invested beyond the prescribed period but before getting the property registered since there was sufficient reason, beyond the control of the assessee, which prevented the assessee from making investment within prescribed time.
Loss on sale of shares held as investment in subsidiary companies is a revenue loss as when holding company invests amounts for business of its subsidiary, it must be held for business expediency.
Mumbai Based well known Firm of Chartered Accountants needs Chartered Accountants to work in field of Audit (Statutory, Internal, Tax) with post qualification experience of 2 to 6 Years. Job Description Ability to execute engagements independently. Strong analytical and problem solving skills. Strong written and verbal communication skills Ability to work well in teams Strong […]
Assessee was not liable for penalty under section 271D and 271E for availing cash loans/deposits in violation of section 269SS and 269T as it had availed the facility in order to re-establish itself, and for fulfilment of promises given for the purpose of BIFR which was a reasonable cause foe not levying penalty.
Foreign travelling expenditure incurred by law firm for the pleasure tour by the counsels and their family members was not in relation to any business activity of assessee-firm, therefore, the same was not allowable
Navas M. Meeran Vs ACIT (ITAT Cochin) Conclusion: Lease rent received by assessee by letting out the industrial undertaking was not having any direct connection with the manufacture or production of an article or thing by assessee and the same could not be considered as business income eligible for deduction u/s. 80IB. Held: Assessee had […]
Addition under section 68 on mere reason of non-production of directors in the person of shareholder companies was not justified and AO had not brought any cogent material on records in assessment order to demolish the copious evidences furnished by assessee.
The doctrine of merger is not a doctrine of universal or unlimited application. It will depend on the nature of jurisdiction exercised by the superior forum and the content or subject-matter of challenge laid or capable of being laid shall be determinative of the applicability of merger. The superior jurisdiction should be capable of reversing, modifying or affirming the order put in issue before it.
