Synthite Industrial Ltd. Vs CIT (Kerala High Court) Admittedly, the assessee purchased the land which was a rubber estate. The land was purchased to utilize it for the non-agricultural purpose of expansion of its factory. The rubber trees in the land were slaughter tapped which is a process that immediately precedes the cutting and removal […]
Depreciation on right to collect toll being infrastructure and not on toll road, where cost incurred for development and construction of infrastructure facility was a right in nature of intangible asset falling within purview of section 32(1)(ii). Order of AO in amortizing expenditure over period of facility and allowing the same was reversed. AO was, thus, directed to allow claim of assessee vis-a-vis depreciation on intangible asset under section 32(1)(ii).
(Updated as on July 14, 2017) Q.1 What is the Banking Ombudsman Scheme? Ans: The Banking Ombudsman Scheme is an expeditious and inexpensive forum for bank customers for resolution of complaints relating to certain services rendered by banks. The Banking Ombudsman Scheme is introduced under Section 35 A of the Banking Regulation Act, 1949 by […]
Where assessee, under a bona fide belief that UID kit being a part of computer claimed depreciation at 60%. Tribunal held that disallowance of claim would not result in levy of penalty under section 271(1)(c).
GOVERNMENT OF INDIA MINISTRY OF FINANCE (Department of Revenue) Notification No. 6/2017-Union Territory Tax New Delhi, the 30th June, 2017 G.S.R. …..(E).— In pursuance of sub-section (1) of section 22, read with section 21 of the Union Territory Goods and Services Tax Act, 2017 (14 of 2017), the Central Government hereby makes the following rules […]
Central Government hereby notifies www.gst.gov.in as the Common Goods and Services Tax Electronic Portal for facilitating registration, payment of tax, furnishing of returns, computation and settlement of integrated tax and electronic way bill.
CIT Vs M/s. Gillette India Ltd. (Rajasthan High Court) What is clearly discernable from the penalty order is that reference was not made to any particular or specific date by which assessee was required to submit the documents; or whether the same were furnished within 30 days or within the extended period of 30 days […]
What action the AD is required to take in case of any adverse reporting in Annual Activity Certificate (AAC) of LO/BO or non-submission of AACs? Ans: In case the designated AD Category I bank notices any adverse findings by the auditor in respect of LO/BO or the LO/BO is defaulting in submission of AACs, then the same should be immediately reported to the Reserve Bank.
CIT Vs M/s Max India Limited (Punjab and Haryana HC) Where assessee’s borrowings of interest bearing funds got increased during the year, it could not be presumed that such borrowed funds were utilized for the purpose of investing in assets yielding exempt income and disallowance under section 14A made on the basis of such unfounded […]
‘Remittance of assets’ means remittance outside India of funds representing a deposit with a bank or a firm or a company of: 1. provident fund balance 2. superannuation benefits 3. amount of claim or maturity proceeds of Insurance policy 4. sale proceeds of shares, securities, immovable property or any other asset held in India
