Income Tax : Question - What is Krishi Kalyan Cess? Answer - An enabling provision is being made to levy Krishi Kalyan Cess on all taxable serv...
Goods and Services Tax : ♠ Input Tax Credit means credit of input tax. ♠ Every taxable person is entitled to take credit of input tax. ♠ Input tax me...
Goods and Services Tax : This act may be called the Integrated Goods and Services Tax Act, 2016. It extends to whole India. IGST applicable on all supplies...
Corporate Law : a cheque in the electronic form means a cheque drawn in electronic form by using any computer resource and signed in a secure sys...
Goods and Services Tax : This act may be called the Central GST Act, 2016 (CGST) / State GST Act, 2016 (SGST). It extends to the whole India. In case of SG...
Income Tax : Bombay High Court held that as per agreement, the deferred consideration is payable over a period of four years and the formula pr...
Income Tax : ITAT Mumbai held In the case of M/s. Rachana Finance & Investments Pvt. Ltd. & M/s. Repute Properties Pvt. Ltd. vs. CIT that in th...
Income Tax : It is held that Completed assessments can be interfered with by the AO while making the assessment under Section 153 A only on the...
Income Tax : Calcutta High Court held In the case of ADIT vs. Sh. Dhan Singh Sharma that clause 244A (1) (b) is residual in nature which prescr...
Income Tax : ITAT Mumbai held in the case of Hassan Ali Khan vs. DCIT that the assessee claiming that he has no bank account or based on transf...
ITAT Mumbai held In the case of The ACIT vs. Institute of Chemical Technology University of Mumbai that the consultancy work done by the assessee – University through its professors, in which part income is held by university and the rest lying with respective professors, is not in any way relatable to the aims and object for which the assessee was established.
ITAT Bangalore held In the case of M/s. Idea Cellular Ltd. vs. ACIT that there is no human intervention involved in providing roaming services, therefore, roaming charges paid by the assessee do not amount to fee for technical services u/s 194J.
ITAT Delhi held In the case of Oriental Bank of Commerce vs. ACIT that any loss arising to banks on account of classification of securities form one category to another category in compliance with RBI directions is an allowable expense.
ITAT Pune held In the case of ACIT vs. RDS Construction Pvt. Ltd. that on the matter of adjustment of seized cash with the self assessment tax, we find no infirmity in the order of the CIT(A) since the assessee vide letter dated 30-03-2010
ITAT Mumbai held In the case of DCIT vs. M/s. Tata Consultancy Services that section 80HHC does not place any restriction to shift the claim of deduction or exemption under any other provision in respect of profits for which no deduction has been claimed and allowed in the previous year.
ITAT Mumbai held In the case of M/s Tribhovandas Bhimji Zaveri (Delhi) Pvt. Ltd. vs. ACIT that a careful perusal of provisions of sec. 132(4) as well sec. 292C would show that the said provisions state that the statement taken u/s 132(4) “may be used in evidence in any proceeding under the Act”.
ITAT Bangalore held In the case of DCIT vs. M/s. Makino India Pvt. Ltd. that the relief under Section 10A is in the nature of exemption even though termed as deduction. The profits from such 10A units are neither subject to the charge of income tax nor includible in total income.
ITAT Pune held In the case of M/s Jagdamba Sahakari Sakhar Karkhana Ltd. vs. CIT that it is not justified to show the rental income from the leasing out of its entire factory premises and industrial unit as income from business & profession as the assessee has not carried out any business
ITAT Delhi held In the case of ITO (E) vs. M/s Calorex Foundation that application of income is not computation of income and the provisions of application of income would come into play after only the income chargeable to tax is determined
Delhi High Court held In the case of S.N. Ojha vs. Commissioner of Customs that apart from the statement recorded, there is sufficient corroboration by the fact that as many as 100 consignments were allowed to be cleared without proper verification.
