State of Jharkhand Vs Linde India Limited (Supreme Court of India) Whether oxygen which is used in the production of steel can be said to be a raw material and thus eligible for concessional rate of tax @ 1% instead of normal rate of 3% under the Bihar Finance Act. An interesting issue arose in […]
What are the parameters to consider the cessation of liability to be taxed u/s 41(1) of Income-tax Act,1961 and relation with limitation Act 1963?
CIT Vs Mansukh Dyeing and Printing Mills (Supreme Court) Whether amount credited on account of revaluation of fixed assets and credited to the partners’ account is liable to be taxed u/s 45(4) of the Income-tax Act,1961? The department has made a major win today in the above case when the Supreme Court held that upon […]
Polyflex (India) Pvt. Ltd. Vs CIT (Supreme Court) SC ruling denying 80IB claim to manufacturer of intermediary product for the end product falling under entry 25 of 11th schedule of Income Tax Act, 1961. Sub- Whether deduction u/s 80IB can be claimed by a manufacturer of an item which falls under entry 25 of the […]
Singapore Airlines Ltd. Vs CIT (Supreme Court) Whether an airline is responsible for deducting tax at source in respect of supplementary commission which an agent is paid on the difference between the actual fare and the net fare- Section 194H of Income-tax Act, 1961 analyses including whether liability to deduct when the tax can be […]
hether Registrar while registering any immovable property ,the value of which has been determined in a court monitored public auction can apply the provisions of Section 47A of the Indian Stamp Act (West Bengal Amendment) Act, 1990 to allege undervaluation of the property and demand higher stamp duty?
Whether an exclusion clause destroying the very contract knowingly entered, can be permitted to be used by a party who introduced it, becomes a beneficiary and then to avoid its liability?
Municipal Corporation of Greater Mumbai & Ors. Vs Property Owners’ Association & Ors. (Supreme Court of India) The CJI bench of Supreme Court in this case was dealing with the levy of property tax in Greater Mumbai which had been changed from ratable value to capital value system by virtue of amendments made to the […]
CIT Vs S. Kumar Tyres Manufacturing Co. Ltd. (Madhya Pradesh High Court) Sub-Whether there can be any penalty u/s 271(1)(c) in respect of a debatable issue? The Division bench of Madhya Pradesh High Court was considering department’s appeal when ITAT had given relief to the assessee by holding that there could not have been penalty […]
Unlock the key changes for finalizing company audits as of March 31, 2022. Dive into Schedule III amendments under the Companies Act 2013, covering rounding off figures, shareholding disclosures, loan details, and vital financial ratios. Stay informed for a seamless audit process.
