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
A perusal of the agreement and the above undisputed facts shows that till date no transfer of the property in question has been completed under the Transfer of Property Act, 1882. Still further, the registered sale deed has not been executed by the assessee in favour of the Bank and consequently, sale is not yet completed.
ITAT Hyderabad upholds AMD R&D’s plea on depreciation impact in transfer pricing. Infosys, L&T, Mindtree excluded. Get insights into the ruling.
Updated on 30/06/2015 One of the services rendered by banks as part of their normal banking operations is collection of cheques deposited by their customers, some of which, could also be drawn or payable on banks that are outside the country. Such cheques are called foreign currency cheques and, presently, a significant part of these […]
