In this Case Hon’ble Supreme Court held that Payments made by the agents to the concerned foreign assessee, for using the facility of Net Communication System, developed by the assessee for smooth functioning of its international shipping business cannot be classified as fees for technical services and would not be chargeable as income under Income […]
It appears to the authority that there is a systematic design which rightly necessitated the authority to lift the corporate veil. It is also found by the authority that at the relevant point of time, the company was of one man show and substantially managed and controlled by petitioner and that conclusion is arrived at on the basis of materials on record which are indicated specifically that substantial cash flow and substantial increase in capital is only after induction of petitioner as a director and certificate of commencement of business was obtained by the company only after petitioner being joined in the company.
Delhi High Court dismisses writ petition filed by Revenue and held that Income Tax Appellate Tribunal being an appellate body has wide powers to call for records/examine the records. Such powers cannot be curtailed and the Revenue cannot refuse to produce the records. The Revenue claims to be aggrieved by the direction of the Income […]
Court is of the opinion that there is no infirmity with the ITAT order which essentially held that the valuation by the banker, who provided credit could well be different from the valuation report for the transaction given that the assessee had purchased the property long ago. In other words, the absence of any material […]
A similar picture has emerged for wheat. The area under cultivation in 2013-14 was 304.73 lakh hectares with an output of 95.85 million tonnes. The comparative figure for 2016-17 is 302.31 lakh hectares, while production is pegged at 96.64 million tonnes. Doubtlessly, the farmers of the country need to be applauded for their efforts. Let’s hope, assisted by several new measures taken by the government, the day is not far when the farmers of our country will be a happy lot. As Prime Minister Modi has said, “Give water to the farmers of this country and see the wonders they can do. Through the Pradhanmantri Krishi Sinchai Yojana, we want to ensure that water reaches every village across the length and breadth of the country.” The Prime Minister has also said that his government has a vision of doubling the farmers’ income by 2022.
Before end March 2017 (1st phase), population based screening will be conducted in 100 districts (32 states/UTs); operational screening guidelines for diabetes, hypertension and common cancers have been released. Data will be gathered for counselling the at-risk individuals. Subsequently, chronic obstructive respiratory diseases will be included and the programme will be scaled up.
Suppose a partnership firm makes turnover of Rs 25 lakhs. As per sec 44 AD presumptive rate of 8% net profit amounts to Rs. 2 lakhs. Upto last year out of Rs 2 lakhs there was provision for deducting partners salary, remuneration and interest in this amount upto a maximum of 90% as per sec44 AD(2).
The Union Budget for 2017-18 has shown the Government’s intent not only to create new work opportunities but to help the enterprising with limited means to set up their small ventures and stand up on their own.
AERO INDIA is a biennial aerospace exhibition organized by the Department of Defence Production of the Ministry of Defence, Government of India in the Garden City of Bengaluru.
Rabi crop sowing has seen an eight per cent rise this season. Reports say the kharif crop this season is going to be a record 297 million tone because of better rain fall. The building of better panchayat roads, 2000 kms of coastal connectivity roads and 130,000 panchayats getting high speed broadband under BharatNet will certainly improve marketing and remunerative pricing of farm products making agriculture as a profitable career option. Agriculture production is bound to leapfrog as a consequence of all these measures and the goal of food for all and complete eradication of poverty from the face of India in the near future will become a reality once these policy driven, targeted measures are executed.
