DCIT Vs M/s. Ambuthirtha Power P. Ltd. (ITAT Bangalore) The issue in Maxopp Investment Ltd’s. case (supra) was whether the expenditure (including interest on borrowed funds) in respect of investment in shares of operating companies for acquiring and retaining a controlling interest therein was disallowable under Section 14A of the Act. In the said case […]
Notification No. 7/26/2018-DGAD. Initiation of 2nd Sunset Review petition for extension of Anti-dumping duty against imports of Acetone originating in or exported from European Union, Singapore, South Africa and United States of America.
Composite Supply of Works Contract Service by the EPC contractors to OPTCL will be taxable @ 12% if it falls under Serial No. 3(vi) of the updated version of the Notification dated 28.06.2017. But if it does not fall under Serial No. 3(vi), it will fall under the residual entry at Serial No. 3(xii) and will be taxable @ 18%.
on’ble High Court further directed that the appellants while preferring second appeal before the Tribunal are required to deposit 10% of the amount of duty/penalty as confirmed by the Appellate Authority inclusive of 7.5% pre-deposit made for the first appeal and that 10% would not be in addition to and over and above 7.5% of pre-deposit made for the first appeal.
Treating the receipt of huge share application money by an investor-company as unexplained investment, merely due to the reason that low income was declared by such investor in its income-tax return, was not justified, since balance sheet of the investor produced by assessee had proved creditworthiness, genuineness and identity of the investor.
This appeal by the Revenue arises out of the order of the Learned Commissioner of Income Tax(Appeals)-Durgapur [in short the ld CIT(A)] in Appeal No. 08/CIT(A)/DGP/2015-16 dated 31.08.2016 against the order passed by the DCIT, Circle-1, Dgp [ in short the ld AO] under section 143(3) of the Income Tax Act
CIT Vs M/s Sudev industries limited (Delhi High Court) Whether the Income Tax Appellate Tribunal is justified in law in holding that service of notice at the factory premises of the Assessee on the security guard was not proper service under the provisions of Section 282(2) of the Income Tax Act, 1961? Section 282 of […]
Waiver of loan for acquiring capital assets could not be taxed as perquisites under section 28(iv) since receipts were in the nature of cash or money. Section 41(1) of the Income Tax Act does not apply since waiver of loan does not amount to cessation of trading liability. It is a matter of record that the assessee had not claimed any deduction under section 36(1)(iii) of the IT Act qua the payment of interest in any previous year.
Only a land in which the building is completely constructed stands excluded under the exclusionary provision under Explanation (1 )(b)(ii) of Section 2(ea) of Wealth Tax Act, 1957
Based on the recommendations of SMAC, it has been decided to review the mechanism of dividend adjustment for stock options. The adjustment in strike price shall be carried out in the following cases of declaration of dividends
