Delhi HC remanded the matter to AO to verify that claim towards the payment of Rs.3,19,66,460/- does not include any income component and if it constitutes reimbursement, the question of application of Section 40(a)(ia) would not arise.
Assessing Officer had treated the claim of long term capital gain as business income. The assessee did not object to that. In such situation there could be no application of Section 14A for disallowance of expenditure incurred to earn exempt income.
The assessee, a civil contractor, filed his return of income for A.Y. 2010-11 on 25.09.2010 declaring income of Rs. 30,65,277/-. The case was taken up for scrutiny and the assessment completed under section 143(3) of the Income Tax Act, 1961 (in short the Act) vide order dated 14.03.2013 wherein the income of the assessee was determined at Rs. 25,11,68,150/- in view of the following additions/disallowances
In the present facts there is nothing on record in the form of the Advocates letter, etc. to indicate that the petitioner acted upon his legal advise and the same was wrong. Therefore, whether the petitioner acted on advise of his Advocate or not is itself a subject matter of debate. Thus taking the application outside the scope of Section 254(2) of the Act.
SEBI vide circulars no. CIR/MRD/DP/03/2013 January 24, 2013, and no CIR/MRD/DP/ 27 /2013 dated September 12, 2013 issued guidelines for providing dedicated debt segment in the stock exchange for trading, clearing and settlement of debt securities including trading, clearing and settlement of corporate bonds.
Mere fact that at one point of time, the officer was working with the Commercial Taxes Department, cannot be a reasonable suspicion to disqualify him for appointment.
Sub-section (10) of Section 80IA of the Act, cannot be invoked in the facts of the present case to restrict its deduction under Section 80IB of the Act on the basis of the profits of the Appellant’s wife unit at Valsad.
On review of the progress of TDS collections it is noted that as on 31.01.2017. an amount of Rs.2,85,082 crore has been collected as TDS at a growth rate of 14.79% over corresponding period of last financial year.
A credit note is issued to correct a genuine mistake or to give a credit to your customer under the following situations
The composition of the Cost Auditing & Assurance Standards Board [CAASB] is broad based to ensure participation of all interest groups in the standard setting process which includes nominated members of the Council and representatives of C&AG, MCA, Industry Associations, Regulatory Bodies and other professional Institutes.
