CA, CS, CMA : With the introduction and the subsequent adoption of Ind AS by many Indian companies, the emphasis on valuation has increased. The...
Income Tax : The Delhi High Court in case of Bharti Mishra held that section 54F prescribes appropriation of sale consideration within one year...
Income Tax : Even in case of substituted third proviso to Section 254(2A) of the Act which restricts the power of the ITAT to grant stay beyond...
Income Tax : ITAT Mumbai held in the case of Hiralal Chunilal Jain vs. ITO that addition for alleged Bogus Purchase not sustainable as AO had m...
Income Tax : Pr. CIT vs. Toll Global Forwarding India Pvt Ltd (Delhi High Court) CUP method can be applied by a comparing a pricing formulae, r...
Income Tax : Madras High Court quashes prosecution proceedings initiated under the Black Money (Undisclosed Foreign Income and Assets) and Impo...
Income Tax : The Delhi High Court in case of Bharti Mishra held that section 54F prescribes appropriation of sale consideration within one year...
Income Tax : Whether the usage of foreign Associated Enterprise (AE) brand name on the cars manufactured and sold by the tax payer amounted to ...
Fema / RBI : The assessee did not benchmark the royalty payment separately. On enquiry by the TPO, it relied on RBI approval given in 1995 and ...
Income Tax : The Tribunal granted 100 percent stay of demand because (a) the assessed income was more than 10 times the returned income. (Instr...
Columbia Sportswear Company vs. DIT (Karnataka High Court)- A liaison office of a foreign company which identifies a manufacturer in India, negotiates the price, helps in choosing raw material to be used, ensures compliance with quality,
Completed assessments can be interfered with by the AO while making the assessment under Section 153 A only on the basis of some incriminating material unearthed during the course of search or requisition of documents or undisclosed income or property discovered in the course
THE BLACK MONEY (UNDISCLOSED FOREIGN INCOME AND ASSETS) AND IMPOSITION OF TAX ACT, 2015 (referred to here as ‘the Act’) as passed by the Parliament received the assent of the President on the 26th of May 2015. It levies tax on undisclosed assets held abroad by a person who is a resident in India at the rate of 30 percent of the value of such assets, provides for a penalty equal to 90 percent of the value of such asset, and also provides for rigorous imprisonment of three to ten years for wilful attempt to evade tax in relation to a undisclosed foreign income or asset.
115JB lays down that every assessee for the purpose of this section shall prepare its Profit & loss account for the relevant previous year in accordance with the provisions of part II & III of Schedule 6 of the Companies Act, 1956.
The transaction of allowing credit period to the AE on realization of sale proceeds is not an independent transaction and has to be considered along with the main international transaction of sale of goods.
Delhi High Court in the case of CIT vs. DLF Commercial Project Corp held that There is no obligation to deduct TDS on amounts paid as reimbursement of expenses because it do not have the character of income.
