For the purposes of section 115JB of the Act, the term gloss brought forward’ can only mean losses on the last day of the immediately preceding year and no other meaning can be given to it. In the case of CIT v. Sumi Motherson Innovative Engineerin
“281B. Provisional attachment to protect revenue in certain cases. (1) Where, during the pendency of any proceeding for the assessment of any income or for the assessment or reassessment of any income which has escaped assessment, the Assessing Officer is of the opinion that for the purpose of protecting the interests of the revenue it is necessary so to do, he may, with the previous approval of the Chief Commissioner, Commissioner, Director General or Director , by order in writing, attach provisionally any property belonging to the assessee in the manner provided in the Second Schedule.
Sections 147, 148 – Constitution of India – Article 226 – Whether HC can exercise its jurisdiction under Article 226 pertaining to sufficiency of reasons for formation of the belief u/s 147 of the Income-tax Act. – Assessee’s appeal dismissed
The Delhi High Court has inter alia held in the case of Delhi Towers Ltd. V. G.N.C.T. of Delhi [2010] 159 Comp Cas 129 (Del) that an order passed by the Court in terms of the provisions of Section 391 read with Section 394 of the Companies Act 1956 approving a scheme of amalgamation of companies is “conveyance” under Section 2(10) of Indian Stamp Act 1899 [ISA]. The High Court further held that such approved scheme of amalgamation would be an “instrument” under Section 2(14) of the ISA chargeable to stamp duty.
Though the High Court was dealing with a contention that the depreciation on goodwill could be a possible view and agreed with that view, the decision highlights that it may be possible to claim depreciation on goodwill where the facts demonstrate t
Though in Section 68 proceedings, the initial burden of proof lies on the assessee yet once he proves the identity of the creditors/share applicants by either furnishing their PAN number or income tax assessment number and shows the genuineness of transaction by showing money in his books either by account payee cheque or by draft or by any other mode, then the onus of proof would shift to the Revenue.
The above ruling provides that tax holiday under section 10A would be available to a foreign office, i.e. a branch carrying on-site software development only if it is a liaison office. An independent branch carrying out full -fledged marketing operat
The principles regarding taxability of income from offshore supplies under a turnkey contract undertaken by a foreign company in India have been laid down by the Supreme Court in Ishikawajma-Harima Heavy Industries Ltd. The above decision of the Delh
While dismissing the appeal filed by the Revenue, it was noted by the Tribunal that nothing had been brought on record, by the Assessing Officer, to suggest that the expenditure was not incurred for the business purpose of the assessee. In the opinion of the Tribunal, if somebody, other than the assessee, benefited from the expenditure incurred by it, that woul
In this writ petition there is a challenge to section 65(105)(zzzz) of the Finance Act, 1994 inasmuch as it purports to levy service tax on the renting of immovable property to be used for commercial / business purposes. This provision has been recently amended by the Finance Act, 2010 with retrospective effect from 1-6-2007.
