Foreign exchange fluctuation loss cannot be called notional loss since the fall in the exchange rate has already taken place in the accounting year. Accounting Standards-11 provides that the entire amount of liabilities outstanding as at the balance sheet date should be restated and the loss should be charged to the Profit and Loss account of each year.
The Institute of Chartered Accountants has made the instant Reference under Section 21(5) of the Chartered Accountants Act, 1949 in respect of the respondent being indicted for a misconduct other than such misconduct which is referred to in sub-Section (4) of Section 21.
Aadhaar mandatory for Support to Training and Employment Programme (STEP) Scheme for women.In order to provide convenient and hassle free benefits to the beneficiaries under the Scheme, the Implementing Agencies receiving grants from the Ministry under the Scheme shall make all required arrangements on behalf of the Ministry
In a big relied to Baba Ramdev’s Patanjali Yogpeeth, the Delhi bench of Income Tax Appellate Tribunal (ITAT) has allowed exemption status under section 11 and 12 of the Income Tax Act.
Invocation of proviso to section 2(15) of the Act to deny claim of exemption under section 11 and 12 of the Act is not justified. Accordingly, grounds of appeal are allowed
Challenging the order,dated 02/01/2013,of the CIT(A)-20,Mumbai the Assessing Officer (AO)has filed the present appeal.The assessee has filed cross objections. Assessee-company is an international airline engaged in the business of passenger and cargo transportation.
Requirement of Section 153C of the Act cannot be ignored at the alter of suspicion. The Revenue has to strictly comply with Section 153C of the Act. We are of the view that non satisfaction of the condition precedent viz. the seized document must belong to the respondent – assessee is a jurisdictional issue and non satisfaction thereof would make the entire proceedings taken thereunder null and void.
The petitioner, the wife of an assessee in default, is before this Court aggrieved by Exhibits P9, P10 and P12 by which the Income-tax authorities proceeded against her property comprised in Survey Number 354/17/8, Re-survey number 681/9; which also adjoins the property in which the petitioner runs a hotel.
Article 7(1) of the DTAA between India and Netherlands provides for taxing profits of the enterprise in the other state only to the extent they are attributable to the PE in the other state, adopting No Force of Attraction principle. With the above broad principles in mind we will now consider the facts of the present case and the rival contentions
Undoubtedly, the present case raises the issue of balancing the interest of the Revenue, and the interest of an Needless to say, the Revenue does have the right to realise the assessed incometax amount from the assessee. However, while trying to realise the said amount, the Revenue cannot be permitted, and has not been permitted by the Circulars mentioned above, to act like a Shylock.
