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Since transaction between assessee and truck owners was a liability which assessee had to pay arising from trade transaction and same could not be added under section 68.
No netting of profits and losses of the eligible units was to be done for the purpose of calculating the deduction under section 80-IC and each unit for the said purpose had to be treated separately.
AS 18 defines the disclosure requirements related to related party relationship and transaction between a reporting enterprise and its related parties in the financial statement of that enterprise. The basic assessment during disclosure is centered upon two things viz., who is related party and what amounts to related party transaction. As per AS 18, following is the definition of related party.
It is hereby clarified that the phrase fund manager in Section 9A(4)(b) of the Income-tax Act includes an AMC as approved by SEBI under the SEBI (Mutual Funds) Regulations, 1996. A notification (No. 27/2019 dated 20th March 2019) has already been issued to include the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996 in the definition of specified regulations in Section 9A(9)(e) of the Income-tax Act.
Central Government hereby specifies that any income arising to the foreign company namely, M/s. Rolls-Royce Defense Services, Inc., 2001 South Tibbs Avenue, Indianapolis, Indiana 46206, United State of America, by way of royalty or fees for technical services received
In the instant case, we notice that the TPO has entertained the belief on the basis of presumptions that the assessee’s AMP expenses have promoted the brand value of its AE, i.e., no material has been brought on record to show the existence of International transaction. Before us, the Ld A.R placed his reliance on various case laws.
Petitioners had challenged the relevant portion of CAP 2018-19 whereby incentives were provided to CsIT(A) for passing ‘quality orders’ Bombay High court has held that In our opinion, such policy is wholly impermissible and invalid.
With almost 16 million people, the foreign population of India is the largest. Interestingly, the maximum number of these Non-Resident Indians (NRIs) have their own Bank Accounts, they invest good amounts in various sectors, such as Bank Deposits, Shares, House Property. They are free to increase their assets. But at the same time, it brings […]
New Amazing Shiksha Society Vs. ITO (Exemption (Ward) (ITAT Delhi) Exemption u/s 10(23)(iiiad) of the Income Tax Act, 1961 should not be denied to the assessee as selling of books and uniform to the students of assessee is part of educational activity only. Moreover, the impugned addition was made merely on the basis that surplus […]
This is a simple case of acquiring shares of certain companies from certain shareholders without paying any cash consideration and instead the consideration was settled through issuance of shares to the respective parties. Hence, we hold that provision of section 68 of the Act are not applicable in the instant case and accordingly the entire addition deserves to be deleted,
