The Petitioner seeks an order sanctioning a scheme of arrangement between itself and four transferor companies Cairn Energy India Pvt. Ltd. (CEIPL), Cairn Energy India West B.V., (CE India West), Cairn Energy Cambay B.V. (CE Cambay) and Cairn Energy Gujarat B.V. (CE Gujarat).
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.
Whether, on the facts and in the circumstances of the case, the dividend received by the assessee on the shares held by him as stock-in-trade of his share business was earned income ?
The Hon’ble Bombay High Court has held that impugned Govt. Circular dt.11-11-1996 (which gave powers to the Registrar to appoint statutory auditors for urban credit/employees co-op. credit societies) is not applicable to the non-aided cooperative societies of any category. As a result of this Judgment, henceforth the non-aided employees staff credit/ urban credit societies can appoint auditors of their choice in their AGM/SGM etc.
Had there been no minimum penalty prescribed under sub-section (3) of section 38, it would have been open for the adjudicating authority to consider the conduct of the defaulter and the extent of delay taking into account the extenuating circumstances while imposing penalty. But once the statute prescribes the minimum penalty without giving any discretion in favour of the adjudicating authority, then one has to go by the provisions of the Act
The Bombay High Court held that expression “order” for the purposes of section 264 of the Income-tax Act, 1961 (the Act) has a wide connotation. The words used under section 264(1) of the Act are ‘any order other than order under section 263’. Hence, the rejection of an application by the Assessing Officer (AO) for lower withholding rate under section 197 (See Note-1 Below) of the act is an ‘order’ eligible for revision by the Commissioner of Income-tax (CIT) under section 264 of the Act.
The tax payer is engaged in the manufacture of cement. The adjudicating authority had disallowed the CENVAT Credit of service tax paid on services of repairs, maintenance and civil construction etc. as the services were used in the residential colony of the tax payer on the ground that the said services were not covered under the definition of input service and hence ineligible as input service defined under Rule 2(1) of the CENVAT Credit Rules, 2004.
The Bombay High Courthas, in a recent ruling’ in the case of McKinsey and Company Inc, United States v. Union of India , held that there must be a valid and acceptable basis for making a departure from the order passed by a superior official and that the hierarchical discipline should be observed while implementing the fiscal legislation. In the absence of that, the exercise of the powers by the Assessing Officer would be arbitrary and open to challenge.
Explore the judgment on whether the tower with antenna qualifies as capital goods. Adjudicating pre-deposit directives under Cenvat Credit Rules.
The issue before the HC relates to certain provisions in the Indian Tax Laws (ITL) that provide for taxability, as dividend, of certain advances or loans made by a company to another concern when the lender/borrower have a common shareholder with substantial interest (deemed dividend provisions). However, advance or loan is not treated as deemed dividend if it is made by the lending company in the ordinary course of its business and the lending of money is a substantial part of the company’s business.
