Non-Speculative Business Loss can be set off against speculative Business Income
It is a manifest procedure that before filing of the Income Tax return for the assessment year 2007-2008 by the petitioner, the same is scrutinized, firstly, by the auditors of the company. Secondly, by the directors of the company before endorsing their signatures on the final Balance Sheet. Therefore, it cannot be considered as a mere accounting mistake.
In our considered view, no writ petition is maintainable against a show-cause notice. The petitioner, if so advised, may submit objections against the show-cause notice and if any adverse order is passed, he shall have his remedy against the same in accordance with law.
Pr. CIT Vs Makemy Trip India Pvt. Ltd. (Delhi High Court) The Court is of the opinion that no substantial question of law arises. The difference of opinion between the CIT(A) and the TPO, as to the appropriateness of one or the other methods, cannot per se be a ground for interference; the appropriateness of […]
Court would like to observe that CAs ought to maintain the highest level of ethics and integrity, not only in the interest of their clients but also to ensure that probity and sanctity are not compromised in any manner as CAs are not merely professionals engaged by their clients, but are protectors and guardians of financial markets on which a nation depends.
Merely because a card game of rummy was played in the club premises with small stakes from a few annas to some rupees would not make it gambling as held by the Supreme Court in the judgment in the case of State of Andhra Pradesh Vs. K. Satyanarayana & Ors. AIR 1968 SC 825
In a recent ruling, the Madras High Court held that the hospital is not liable to pay Sales Tax under Tamil Nadu Value Added Tax Act in respect of import of medical equipments for its personal consumption.
The moot issue involved in these appeals, inter alia, is as to whether an undertaking or an enterprise, established after 7th January, 2003, carrying out substantial expansion within specified window period, i.e. between 7.1.2003 and 1.4.2012, would be entitled to deduction on profits @ 100%, under Section 80-IC of the Income Tax Act. Also, if so, then for what period.
Assessee sold 3,10,000 shares and claimed resulting gains as exempt under section 10(38). AO denied the exemption on the ground that as the shares were not held by the assessee for more than 12 months period, therefore, same could not be considered as long-term capital assets.
All these, provisions of agreement would, therefore, indicate that license that has been granted is that of a fully established running hotel authorizing the licensee to operate the hotel for a specified period subject to the terms and conditions incorporated therein.
