Sri Manne Baswa Reddy Vs ITO (ITAT Hyderabad) The deposits in the bank account pertain to assessee. Assessee had substantial income during the year and that too he is doing retail business in IMFL. There is no allegation that these amounts also pertain to the business by the AO. Since the deposits are through-out the […]
Advance received by the assessee towards his professional fee, when it is returned, is not covered by any of the provisions of Chapter XVIIB requiring TDS.
DCIT Vs Kalanikethan Silks Private Limited (ITAT Hyderabad) As regards, the purchase of old gold, the assessee had filed the copies of the vouchers which are properly bound and preserved and it is submitted that is the normal practice of the customers to bring old gold and buy new ornaments and in that process, the […]
Income from scrap sale should be treated as additional income over and above estimation of income, we notice that for sub-contract, normally estimated at 5%, but, in the given case, assessee has already offered 6%, which includes scrap sales. Generally, scraps are generated in the normal course of business and it should be treated as part of business income only.
Registration application u/s 12AA cannot be rejected merely on account of extraordinary powers with the managing trustee to appoint or remove other trustees and also to nominate their successor.
Dr. Reddy’s Laboratories Limited Vs DCIT (ITAT Hyderabad) The case of the assessee, all through, was that R & D expenditure was incurred by the assessee in a separate unit known as ‘IPDO’, which is meant for carrying on R & D. It is also not in dispute that formulations / products arising out of […]
In re HP India Sales Private Limited (GST AAR Maharashtra) Question :-1. Classification of Electro Ink supplied along with consumables under GST Answer:- The supply of Electro Ink supplied along with consumable is a mixed supply as defined u/s section 2 (74) of the GST Act and is also a continuous supply of goods as […]
It is to inform that the Directorate General of Income Tax (Vigilance) is shifting to new premise at 2′ Floor, JLN Stadium, New Delhi. All telephone lines etc. have also been disconnected.
M/s. Rajhans Enterprises Vs Commissioner of Central Tax (CESTAT Bangalore) Commissioner (A) has allowed the appeal of the firm and set aside the duty demand and the penalty; however, penalty under Rule 26 of the Central Excise Rules, 2002 imposed on the Managing Partner of the appellant-firm was upheld on the ground that no separate […]
Hyundai Motor India appeal: Including bad debts and provision for bad and doubtful debts as operating expenses is necessary for the purpose of computing profit and loss of comparable companies, the margins of comparable companies
