Introduction to Competition Law (Part – 4: Public Procurement Governments/PSUs) Public Procurement- Government/ PSUs 1. Background The Competition Act, 2002 (the ‘Act’) has been enacted with the objective of preventing practices having adverse effect on competition, promoting and sustaining competition in markets, protecting the interests of consumers and ensuring freedom of trade carried on by […]
Competition law simply enjoins the members, and their representatives at trade association meetings, to understand and appreciate the difference between legitimate association activity and anti-competitive practices.
The spirit of competition warrants continuous improvement in the existing market place where the efficient players push in-efficient players out of the market thereby promoting economic well-being of both the market participants and the consumers.
Introduction to Competition Law (Part – 1: Basic Introduction) 1. Introduction Capitalism has become a pervasive system worldwide. It emerged during the 17th century with the demise of mercantilism. It is basically an economic system which is based on the premise of lack of government intervention, means of production owned by private firms and the […]
Since the mistake of quoting wrong PAN has been rectified in the revised TDS return filed by the assessee which has been accepted by the department, therefore, there is no justification in raising a demand on account of short deduction of TDS.
Ashoka Hi-Tech Builders Pvt. Ltd Vs DCIT (ITAT Indore) In this Case ITAT Indore explains Entire law on taxation of real estate construction contracts in the context of ‘completed contract’ vs. ‘percentage completion’ with reference to Accounting Standards AS-7 and AS-9 and all important judgements on the issue. ITAT further explained Provisions of S. Section […]
Assessee being developer of SEZ was eligible for deduction under section 80-IAB for income earned from operation and maintenance of SEZ.
Show cause notice under section 274 not spelling out the specific ground on which penalty under section 271(1)(c) was sought to be imposed, was defective and, therefore, penalty was deleted.
The assessee in order to draw benefit of the exemption under Proviso to section 56(2)(vi) of the Act was required to prove that the said gifts were received from any relative described there under or had been received on the occasion of marriage of the individual i.e., assessee.
AO cannot look into source of source, i.e., of third party only, however assessee’s case was different as the party was closely connected with the assessee. Firm as a partner thereof assessee clearly failed to produce the sale deeds of the sale of agricultural land by partner therefore was justified in making addition under section 68.
