This article will be beneficial for you in case you want information on taxation on foreign companies. The Finance Act 2015 amended the test of residence of companies by inserting a concept called Place of Effective Management (POEM). Let us first find out what the section tells us and then let’s interpret it.
We also hold that the assessee is eligible for deduction U/s 54F of the Act in respect of residential house property purchased in the name of his wife.
Pentacle Plant Machineries Pvt. Ltd. Vs Office of GST Council And Ors. (Madras High Court) The petitioner seeks a mandamus directing the respondents to rectify the mistake in its GSTR-1 return, wherein it has, instead of the GST number of the purchaser in Andhra Pradesh, mentioned the GST number of the purchaser in Uttar Pradesh. […]
Chandrakant R. Agrawal Vs PCIT (ITAT Mumbai) At the first blush the claim of the assessee for setting off the interest paid on the loan raised (on security of the FDR’s) against the interest received on FDR’s appeared to be very convincing. However, we find that the issue is no more res integra and had […]
Srabani Constructions Pvt Ltd. Vs ACIT (ITAT Cuttack) In the present case, the AO has made addition of Rs.1,68,54,180/ @ 15% by considering whole amount of advance from customers i.e. closing balance as on 31.3.14 of Rs.11,23,61,227/-, which also includes opening balance from customers brought forward from earlier year as opening balance as on 1.4.2013 […]
Visakhapatnam Port Trust Vs CIT (ITAT Visakhapatnam) In the instant case, the registration was already granted by the Ld.CIT vide order dated 20.03.2008 w.e.f. 01.04.2002. There is no dispute with regard to genuineness of the activities and there is no finding of the Ld.CIT with regard to not carrying on the activities as per the […]
State Bank of India & Anr. Vs Ajay Kumar Sood (Supreme Court) The reasons set out in the judgment of the Division Bench of the High Court dated 27 November 2020 dismissing the petition filed by the petitioners under Article 226 of the Constitution, span over eighteen pages but are incomprehensible. We are constrained to […]
DCIT Vs Dough Makers India Pvt. Ltd (NAA) It was alleged that Respondent No. 1 supplying restaurant service has increased the base prices of his products and has not passed on the benefit of reduction in the GST rate from 18% to 5% w.e.f. 15.11.2017, affected vide Notification No. 46/2017-Central Tax (Rate) dated 14.11.2017 by […]
CBIC issues Clarification in respect of refund claim by recipient of Deemed Export Supply, Extension of relaxation for filing refund claim in cases where zero-rated supplies has been wrongly declared in Table 3.1(a) and The manner of calculation of Adjusted Total Turnover under sub-rule (4) of Rule 89 of CGST Rules, 2017 vide Circular No. […]
UL India Pvt. Ltd. Vs DCIT (ITAT Bangalore) The next issue relates to the addition made rejecting the claim of change in method of revenue recognition. The Ld A.R fairly admitted that this issue has been decided against the assessee by the co-ordinate bench in AY 2009-10 (referred supra). We notice that this issue has […]
