In CIT Vs. Hero Motor corp Ltd, the Delhi High Court held that the payment of export commission made by the Hero Motors to Honda Motor Co. Ltd (HMCL) was not in the nature of payment of royalty or fee for technical services attracting dis allowance under Section 40 (a) (i) of the Income Tax Act.
Such inconsistent decision-making ought to have been avoided at all costs so as to ensure credibility of the system. The impugned orders are palpably illegal, faulty and contrary to the basic principles of law and Judge has ignored large number of binding decisions of this Court while giving impermissible benefit to the accused persons and delayed the case for several years.
These appeals are filed challenging the orders passed by the Income Tax Appellate Tribunal, Cochin Bench, in ITA Nos. 120/08 and 119/08 pertaining to the assessment years 2002- 03 and 2001- 02. For the assessment years in question, the assessee had made deduction of payments said to have been made to doctors towards MRI Commission, CT Scan and USG Commission, Pathology Collection Commission and CT Commission National Hospital.
Assessee education-trust could claim depreciation on assets acquired for purpose of carrying out charitable activities and could also carry forward deficit of earlier years and set it off against income of current year.
Seeks to impose definitive anti-dumping duty on imports of Aluminium Radiators, Aluminium Radiator Sub-Assemblies and Aluminium Radiator Core, originating in, or exported from, China PR
Whereas in the matter of ‘Clear Float Glass of nominal thickness ranging from 4mm to 12mm (both inclusive)’ falling under chapter headings 7003, 7004, 7005, 7009, 7013, 7015, 7016, 7018, 7019 or 7020 of the First Schedule to the Customs Tariff Act, 1975 (51 of 1975)
Seeks to levy definitive anti-dumping duty, on Cold Rolled Flat Products of alloy or non-alloy steel originating in or exported from China PR, Japan, Korea RP, or Ukraine for a period of five years (unless revoked, superseded or amended earlier) from the date of imposition of the provisional anti-dumping duty, that is, 17th August, 2016.
The draft ICDS on Real Estate Transactions along with the significant changes suggested in ICDS vis-à-vis the Guidance Note issued by ICAI are uploaded on the Income-tax website at http://www.incometaxindia.gov.in.
This Income Computation and Disclosure Standard shall be applicable for determination of income from all forms of transactions in real estate, which refers to land as well as buildings and rights in relation thereto
Revenue Secretary Dr. Hasmukh Adhia holds detailed review of IT-Preparedness for the roll-out of Goods and Services Tax (GST) from July 01, 2017.
