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At the outset, it was submitted by the learned AR that the first common ground raised by the assessees in the present appeals relating to exemption u/s 10(10CC) is covered by the decision of the Special Bench of the Tribunal in the case of RBF Rig Corpn. LLC (RBFRC) Vs. Asstt. Commissioner of Income Tax – 109 ITD 141 wherein it was concluded that payment of taxes by the employer, on behalf of the employee, is a perquisite within the meaning of clause (2) of section 17 of the Income
The petitioner filed his return of income for assessment years 1990-91 to 1993-94 together with audit reports under Section 44AB, on 19 November 1993, 23 July 1993 and 30 December 1993. The position as it emerges from the record of this proceeding is that the petitioner had obtained the tax audit reports under Section 44AB before the specified date.
The facts leading to the controversy are the following. The respondent-assessee is a firm which was engaged in business with principal place of business at Kochi and a Branch at Mumbai. The assessee purchased a flat at a cost of Rs. 95,000/ in Mumbai for business purposes in the financial year ending on 31.31974.
The assessee in the present case is an investment company which filed its return of income for the year under consideration on 29.10.04 declaring total income of Rs. 5,03,38,480/-. The said return filed by the assessee was selected for scrutiny assessment and in the assessment completed vide an order dated 29.9.2006 passed u/s 143(3), the total income of the assessee was computed by the AO.
The words other right of occupancy appearing in the Explanation 1 of section 32(1) should be construed ejusdem generis with the word lease and if that is so, the right of occupancy should be of such a nature that the assessee should possess an interest in the property and the occupancy must be referable to that interest
The appellant came up in appeal against Order-in-Original dated 27.7.2009 passed by learned Commissioner relating to the period July 2003 to January 2007, giving rise to following consequences
During the year, the assessee has shown export sale of polished diamonds and claimed deduction u/s. 80HHC. The assessee also filed an Audit Report in the Form No. 3CEB. The Assessing Officer referred the case to the Transfer Pricing Officer (TPO) for determination of Arms Length Price (ALP) u/s. 92CA(3).
As the applicant does not have any physical presence in India in the form of an office or branch or a PE, the provisions of section 115JB are not applicable on the sale of shares of a listed company by the applicant, which has suffered securities transaction tax and accordingly, tax exempt under section 10(38)
The facts of the case are that the assessee is a Singapore based company engaged in the business of acquiring television programs, motion pictures and sports events and exhibiting the same on its television channels from Singapore. The assessee is a tax resident of Singapore in terms of Article 4 of the India Singapore Tax Treaty.
The leader of Opposition in the state Assembly, Shaktisinh Gohil, has demanded that the Income Tax department should find out if the companies signing memoranda of understanding (MoUs) with the state government at the Vibrant Gujarat Global Investors
