AO held that it had entered into derivative transaction by swapping the loan, that the liability was paid in the subsequent year, that the notional loss of Rs.4.74 crores could not be allowed.
This Appeal under Section 260-A of the Income Tax Act, 1961 (the Bombay Act) challengesthe order dated 6th December, 2013 passed by the Income Tax Appellate Tribunal (the Tribunal). The impugned order is in respect of Assessment Year 2006-07.
From the proviso, it is evident that where the tax payable in respect of the transfer of a long term capital asset in the case of a listed company exceeds 10% of the amount of the capital gain before giving effect to the provisions of second proviso to Section 48, then such excess shall be ignored for the purpose of computing the tax payable by the assessee.
The Government of India announced Startup India Action plan, in order to build a strong eco-system for nurturing innovation and to provide bank finance for the startup, that results in sustainable economic growth and generate large scale employment opportunities.
The concept of Small Company has been introduced in the Companies Act, 2013. As per the act some companies are small companies based on their capital and turnover position for the purpose of providing certain relief/exemptions to these companies.As this concept is introduced because they do not require more compliances as large private and public companies require
Under provisions of section 43(5), the transactions in derivatives at certain stock exchanges are deemed to be non-speculative, however, as per the explanation to section 73 for the purpose of computation of business loss the derivative transactions squarely fall within the scope of explanation to section 73.
DIT-E had denied registration to assessee-trust because he was of opinion that in absence of dissolution-clause assessee-trust was not entitled for registration.
The Real Estate Sector is the fastest growing sector all over the world as well as in India. It is growing rapidly and we can access its growth by demand of affordable housing requirements, proposed development of new cities, initiatives of government for modern cities as Smart Cities.
Since the definition given in Article 12(4) of the DTAA does not contain any consideration for the use or right to use in ‘computer programme’ or ‘software’, the same cannot be imported into it.
CBDT itself has accepted the proposition that the share income from the firm received by the partners is exempt u/s 10(2A) of the Act and under no circumstances can be taxed in the hands of the partners.
