An assessee that engages itself only or predominantly in activities relating to its ancillary or incidental objects which do not relate to any charitable purpose and does not carry on any activity relating to its main object which pertains to a charitable purpose is not entitled to an exemption under Section 11. A view to the contrary would lead to the most startling results.
CTS-2010 standard is a set of benchmarks towards achieving standardisation of cheques issued by banks across the country. These include provision of mandatory minimum security features on cheque forms like quality of paper, watermark, bank’s logo in invisible ink, void pantograph, etc., and standardisation of field placements on cheques. The benchmark prescriptions known as CTS-2010 standard are to be implemented by December 31, 2012.
While deciding the issue relating to determination of actual value of the assessee’ s property in Mumbai the income from house property must be computed on the basis of the sum which might reasonably be expected to let from year to year and with the annual Municipal value provided such a value is not above the standard rent receivable and the same could be adopted as the safest guide for this purpose.
The assessment order is bereft of any discussion as to what were the materials adverse to the assessee and what was the inference that could be drawn in the light of those materials and documents. Consequently, even while we do not fault the Tribunal’s reasoning about the denial of opportunity to the assessee, the outcome has to be slightly different especially in the light of the decision of the Supreme Court in M. Pirai Choodi (supra).
The judgement of the Bombay High Court in the case of CIT v. Indo Nippon Chemical Co. Ltd. [2000] 245 ITR 384 squarely applies to this case and the same has been affirmed by this Court, which is reported in CIT v. Indo Nippon Chemicals Co. Ltd. [2003] 261 ITR 275 . The assessee followed the net method of valuation of closing stock. The Authorities below are right in coming to the conclusion that MODVAT Credit is excise duty paid.
The given sheet is a simple example of the subject matter and by this you can easily understand that what is the methodology is being adopted for calculation of installment. actually it is the implication of PV Factor that we used for calculation.
Ministry of Corporate Affairs vide General Circular No. 15/2011, dated April 11, 2011 had prescribed a revised procedure to be followed for appointment of cost auditors. As per the revised procedure, each company is required to e-file its application with the Central Government in the prescribed Form 23C within ninety days from the date of commencement of each financial year, which shall be approved by MCA within 30 days.
Service tax provisions in respect to Works Contracts have undergone major changes after introduction of new service tax regime. Works contract in itself is a very lengthy subject and law relating to Works Contract in Service Tax is available in a very scattered way. I am trying to summarize all the legal provisions relating to Works Contract in this new service tax regime in a series of articles. This article is the first one in the series.
The burden is on the assessees to show that the amount received by purported gift(s) from the two donors was a gift in the legal sense. Assessees have not led evidence to show whether the alleged donors had adequate funds in their respective accounts to make these purported gift(s) in Singapore Dollars, which is almost running into more than five lakhs.
Arrears of rent received by the assessee (as mesne profits) could not be brought to tax for the previous years, when they fell due. They could be brought to tax only during the year of receipt. The revenue had further argued that during the year of receipt, the assessee had shown the amount so received as capital.
