Income Tax : Understand the statutory time limits for filings, applications, approvals, and settlement processes under the Income-tax Act, incl...
Goods and Services Tax : Explore the contested issue of time-barred GST appeals. While some courts deny interference, a recent Calcutta High Court ruling c...
Income Tax : Profits and Gains of Business or Profession (PGBP) Additions and Deductions Following things should be added to ‘Net Profit as p...
Income Tax : Provisions of section 35 of the Income Tax Act, 1961 covers deduction allowable towards expenditure on scientific research. The pr...
Income Tax : The Finance Act 2020 has brought in some dynamic changes in respect of the exempted Trusts, Societies, NGOs, Charitable Trusts, Se...
Corporate Law : Explore the proposed amendments to Regulations 35, 37, and 50 of the Competition Commission of India (General) Regulations 2009. L...
Income Tax : Deferrement of Procedure for Approval/ Registration/Notifications of certain entities U/s 10(23C), 12AA, 35 & 80G of Incom...
Income Tax : A plain reading of Section 35(2AB) of the Act may suggest that the weighted deduction is not with respect to expenditure on scient...
Income Tax : Section 35 of the Income-tax Act provides for deduction in respect of expenditure on research and development. The existing provis...
Corporate Law : The Tribunal allowed recovery of ₹10.74 lakh after the borrower defaulted on a car loan and failed to appear in the proceedings....
Income Tax : The Tribunal ruled that once the Assessing Officer scrutinized the Section 10AA claim and R&D allocation, revision cannot be invok...
Income Tax : The Tribunal held that capital gains must be computed using the final stamp value determined after litigation, not an earlier infl...
Income Tax : The issue was whether a late return under section 139(4) bars the concessional 22% tax regime. The Tribunal held that timely filin...
Income Tax : The Court ruled that Section 17A lawfully requires prior approval before investigating decisions taken in official capacity. It cl...
Income Tax : The Ministry of Finance grants approval to IIIT Hyderabad for scientific research under the Income Tax Act, effective from 2024-25...
Income Tax : Notification 102/2024 designates Auroville Foundation as an approved institution for social science research under the Income Tax ...
Corporate Law : Discover the implications as the provisions of sections 20, 35, and 40 of the Competition (Amendment) Act, 2023 take effect from M...
Income Tax : CBDT has decided that the implementation of new procedure for approval/ registration/notification of certain entities shall be def...
Fema / RBI : UBD.BPD (PCB).Cir No.25/09.11.200/2009-10 Dated - December 3, 2009 The Government had in exercise of powers conferred by Section 3...
Section 10B of the Income-tax Act, 1961 – Export oriented undertaking – Assessment year 2003-04 – Assessee-company was engaged in business of contract research and in providing of laboratory facility to its parent company in USA – It had claimed exemption under section 10B – Assessing Officer observed that assessee was not manufacturing or exporting anything, as it was simply providing services of laboratory
So far as the contention with regard to the disallowing the claim on the expenditure incurred on the purchase of two machineries is concerned, the counsel for the Revenue has urged that though with respect to the first machinery an advance payment was made within the Assessment year, with respect to the second machinery no payment at all was made.
Notification No. 64/2009 – Income Tax It is hereby notified for general information that the organization P.S.G. & Sons Charities for the unit P.S.G. College of Technology, Coimbatore, has been approved by the Central Government for the purpose of clause (ii) of sub-section (1) of section 35 of the Income-tax Act, 1961 (said Act), read with Rules 5C and 5E of the Income-tax Rules, 1962 (said Rules), from Assessment
Notification No. 63/2009 – Income Tax It is hereby notified for general information that the organization Centre for Development of Advanced Computing, Pune has been approved by the Central Government for the purpose of clause (ii) of sub-section (1) of section 35 of the Income tax Act, 1961 (said Act), read with rules 5C and 5D of the Income-tax Rules, 1962 (said Rules) from assessment year 2009-2010 in the category
A Calcutta High Court judgment today held that Customs, Excise, Service Tax Appellate Tribunal (CESTAT) cannot dismiss an appeal when a writ application thereto is pending before a high court. The order gave much awaited relief to many appellants whose applications and pleas were pending before the CESTAT
The Bombay High Court, in a recent order, came down heavily on the Income-Tax Department, which unilaterally injected an application for exemption for scientific and industrial research, without seeking guidance of experts on the matter. Tax authorities do not have the jurisdiction to decide on the issues pertaining to scientific research, according to a division bench of the HC comprising FI Rebello and JH Bhatia.
Notification No. 56/2009 – Income Tax It is hereby notified for general information that the organization Man Made Textile Research Association, Surat has been approved by the Central Government for the purpose of clause (ii) of sub-section (1) of section 35 of the Income-tax Act, 1961 (said Act), read with Rules 5C and 5E of the Income- tax Rules, 1962 (said Rules), with effect from 1-4-2008 in the category of ‘other institution, Partly
I may invite your attention to the Supreme Court’s Larger Bench judgement in the case of Commissioner of Customs & Central Excise Vs. Hongo India Pvt. Ltd. [2009 (236) E.L.T 417 (S.C)] wherein it has been held that the High Court has no power to condone the delay in filing the “reference application” filed by the Commissioner under unamended Section 35H(1) of the Central Excise Act, 1944 beyond the prescribed period of 180 days. The Board has taken up the matter with Law Ministry for filing Review Petition in the Supreme Court.
NOTIFICATION NO. 95/2008, Notification 94/2008 It is hereby notified for general information that the organization National Health & Education Society, (P.D. Hinduja National Hospital and Medical Research Centre), Mumbai has been approved by the Central Government for the purpose of clause (ii) of sub-section (1) of section 35 of the Income-tax Act, 1961 (said Act), read with Rules 5C and 5E of the Income-tax Rules, 1962 (said Rules), with effect from 1-4-2008 in the category of ‘other Institution’, partly engaged in research activities subject to the following conditions, namely:—
