Delhi ITAT has allowed the proportionate allocation of deemed dividend on the basis of the shareholding of the borrowing company. We find this Judgment to be wholly inapplicable to the facts of the present case as in the facts of this decision, both the shareholders were holding more than 10% in the lending company and more than 46% in borrowing company.
Pr. CIT Vs M/s TIBCO Software (India) Pvt Ltd (Bombay High Court) Any inclusion or exclusion of comparables per se cannot be treated as a question of law unless it is demonstrated to the Court that the Tribunal or any other lower authority took into account irrelevant consideration or excluded relevant factors in the ALP […]
The loss due to foreign exchange fluctuation in foreign currency transactions in derivatives has to be considered on the last date of account year and it is deductible under section 37(1) and could not be considered as a notional loss.
When assessee did not receive any amount from its clients, on which services tax was payable, then, the amount claimed by the assessee being unpaid service tax as its liability could not be disallowed under section 43B, as liability to pay service tax in respect of consideration would arise only upon the assessee receiving funds and not otherwise.
Euro Pratik LE vs UOI (Bombay High Court ) Case Summary The Petitioner is a wholesaler, importer and distributor of decorative sheets, which are used for furniture manufacturing. The petitioner was not registered under central laws in Pre-GST regime. As per section 140(3) of the Central Goods and Service Tax Act, 2017 (‘CGST Act’) r.w. […]
The Commissioner of Sales Tax Vs M/s Khush Bhakht Electronic Engineers Pvt.Ltd. (Bombay High Court) Whether on the facts and circumstances of the case and on a true and correct interpretation of schedule entries C-II-124 and C-II-126, appended to the Bombay Sales Tax Act 1959, the Tribunal was legally justified in holding the impugned product […]
Pr. CIT Vs M/s Nawany Construction Co. Pvt Ltd (Bombay High Court) Section 260A Low Tax Effect Circular– Department has made an attempt to get over the binding Circulars and in any case we shall not allow the Revenue to get over them in this manner. The Circulars continue to bind the Revenue and if they contain any conditions, whether […]
CIT (TDS) Vs M/s Mumbai Metropolitan Regional (Bombay High Court) Section 194LA of the I.T.Act, 1961 inter alia deals with payment of compensation on acquisition of certain immovable property. Section 194LA of the I.T.Act, 1961 was brought into force with effect from 1st October, 2004. Section 194L of the I.T.Act, 1961 deals with payment of […]
Sri Mangal Murty Marketing Vs State of Maharastra (High Court Bombay) As a result, perusal of the Lotteries (Regulation) Act 1988 only regulates the lotteries and the Regulation is in form of the stipulation of terms and conditions when the Government organizes, conduct or promotes a lottery. The intention of the Parliament in introducing Section […]
Whether on the facts and in the circumstances of the case and in law, the Tribunal was right in holding that the amount of Rs.1.69 Crores credited to the profit and loss account on account of securitization of lease rentals receivable in subsequent years is chargeable to tax in the assessment year 2002-03 ?.
