It was envisaged between the assessee and GAIL that gas would be supplied by GAIL to the assessee at the receiving point of the assessee’s factory. For such purpose GAIL would be laying down its pipelines and other equipments and would maintain such paraphernalia
As regards the financial difficulty, I have gone through the Income Tax return for the year 2010-2011 and I find that acceding to the Income Tax return, the appellant had invested in equity shares amounting to more than Rs. 4.7 lakhs. In view of the fact that the demand of Service Tax is of Rs. 2.31 lakhs, it cannot be said that the appellant is in such a financial position that he cannot pay this amount.
The Principal Contact is a Foreigner/Non-resident and does not have a PAN and hence, not able to register in the new e-Filing Application. What should be done? As per CBDT guidelines, Foreigners without PAN is allowed to be an authorized signatory and can file on behalf of the Company/Firm without a PAN encrypted DSC
It was held by the Third Member that section 147 applies both to section 143(1) as well as section 143(3) and, therefore, except to the extent that a reassessment notice issued u/s 148 in a case where the original assessment was made u/s 143(1) cannot be challenged on the ground of a mere change of opinion,
SCset aside verdict of GujaratHC which had held that criminal proceedings for dishonouring of cheque can be initiated only when the cheque is dishonoured because of lack of sufficient amount in the bank account and not in case where a cheque is returned due to mismatch of signature of account holder.
We are sharing with you FAQ on Works Contract Composition scheme w.e.f 1st July, 2012 and analysis of an important recent judgment of the Hon’ble Supreme Court in the case of M/s Nagarjuna Construction Company Ltd. Versus Government of India & ANR on the following issue:-
New website of income tax e-filing can’t be loaded on many computers where the Windows XP is installed. The error occurs with message Invalid Certificate or with some other wordings in different browsers.
We have stated the role of the State as a model employer with the fond hope that in future a deliberate disregard is not taken recourse to and deviancy of such magnitude is not adopted to frustrate the claims of the employees. It should always be borne in mind that legitimate aspirations of the employees are not guillotined and a situation is not created where hopes end in despair.
The profit margin from the international transaction with the A.E. has to be seen in relation to the uncontrolled transaction with the independent parties. What is to be compared is the international transactions of the assessee with its related parties and not for its entire transaction with non-related parties also. Therefore, ALP has to be seen only with regard to international transaction with A.Es and not on the entire turnover/sales.
For the purpose of Section 40(b)(v) read with Explanation there cannot be separate method of accounting for ascertaining net profit and/or book-profit. In other words, according to the said Explanation ‘book profit’ means the net profit as shown in the profit and loss account including income from other sources not the profit computed under the head profit and gains of business or profession.
