The Pr. CIT (Central) Vs. Sh. Hitesh Gandhi (Punjab and Haryana High Court) Assessing Officer was not able to contradict the facts regarding purchase of shares and sale thereof. Further, it was recorded that the assessee had sold shares through MTL shares and Stock Broker limited which is a SEBI registered Stock Broker. The payment […]
Recently, in DCIT vs. Ford India Limited & vice-versa[I.T.A. Nos. 673 and 840 /Chny/2015 and I.T.A. Nos. 748 and 749 /Chny/2015, A.Y. 2011-12 and 2012-13, decided on 31.01.2017], one of the question raised before ITAT, Chennai was whether CIT(A) erred in deleting the tax
M/s Padmini Products Pvt. Ltd. Vs DCIT (ITAT Bangalore) Assessee filed return of income declaring loss and thereafter, filed revised return enhancing the amount of loss declared in the original return. The case of the assessee was selected for scrutiny and notice under section 143(2) was issued by AO. The assessee contended that the scrutiny […]
The fact of the case is that the respondent had cleared their finished goods to their customer by valuing the goods on the basis of purchase order placed by them by their customers. However, consequent upon price escalation, their customers amended the purchase order and revised the price of the goods on the higher side with retrospective effect.
Where a residential house was transferred and four flats in a single residential complex were purchased by the assessee, it was held that all four residential flats constituted “a residential house” for the purpose of Section 54 and that the four residential flats cannot be construed as four residential houses for the purpose of Section 54.
Shri Anil Agarwal Vs ACIT (ITAT Indore) It has been held that even when the Assessing Officer of the person searched and the other person is common, the Assessing Officer of the person searched has to necessarily form a satisfaction that the item referred to in section 153C belongs or belong to a person other […]
By adopting tax planning, long-term loss on sale of shares suffered by assessee on off-market sale transactions can legitimately be adjusted against long-term capital gains on sale of land.
1. COMPETITION COMPLIANCE COMPETITION COMPLIANCE PROGRAMME FOR ENTERPRISES A Suggested Framework for compliance of the Competition Act, 2002, [the Act] by Enterprises I. COMPLIANCE ARRANGEMENTS BY ENTERPRISES Meaning and Scope of Competition compliance Competition compliance programme (CCP) is a formal internal framework to ensure business, i.e., the management and individual employees, comply with competition law voluntarily. […]
An effective compliance programme includes creating awareness and imparting training to the employees who may engage themselves or are exposed to anti-competitive conducts. The programme should provide for identifying possible violations so as to take pro-active, corrective and remedial steps.
Introduction to Competition Law (Part – 5: Regulatory Bodies and Coordination between the Competition Commission of India (CCI) and Sectoral Regulator) 1. Regulatory Framework in India Before the opening up of the economy, economic activity was mainly dominated by the government-owned companies. Apart from economic activities government also controlled, most of the factors that determine the level […]
