The E-Book written by CA Agarwal Sanjay ‘Voice of CA’ deals with almost all issues in Capital Gain Taxation. E-Book Mainly deals with following sections :- Section 45(1) – Charging Section, Section 2(14) – Capital Asset, Section 2(47) – Transfer, Section 47 Transaction Not regarded as Transfer, Section 48 Method of Computation of Capital Gain,
Whether the T.D.S. is deductible on the compensation paid to the unfortune parents, whose child dies in an escalator maintained by an Airport Authority
3CA & 3CB COMMON ISSUES 1. Statutory Auditors to separately disclose reliance on Branch Auditor 2. Branches out side India not Audited by Tax auditor
Download E-book on Analysis of Provisions of Section 194C with case laws – This section was introduced long back in 1972 and thereafter amended many times. The scope of the said provision has been explained vide circulars Nos. 86 dated May 29, 1972, 93 dated 26.9.1972, 558 dated 28.3.1990,681 dated 8.3.1994,714 dated 3.8.1995, 723 dated 19.9.1995, 715 dated 8.8.1995 and 13 dated 13.12 2006. This section has been substituted by Finance (No 2) Act 2009.
Section 44AD of the Income Tax Act,1961 Reason for introducing new scheme for presumptive taxation – 1. There has been a substantial increase in small businesses with the growth of transport and communication and general growth of the economy. A large number of businesses and service providers in rural and urban areas who earn substantial income are outside the tax‐net.
The reasoning of the Tribunal is premised upon the fact that capital assets were transferred on a particular date the assessee passed on the execution of the agreement. There is no material on the record or in the agreement suggesting that even if the entire consideration or part is not paid the title to the shares will revert to the seller. In that sense the controlling expression of ‘transfer’ in the instant case is conclusive as to the true nature of the transaction.
Section 68 of the Act – substantive provisions (post amendment by Finance Act 2012) – Where any sum is found credited in the books of an assessee maintained for any previous year, and the assessee offers no explanation about the nature and source thereof or the explanation offered by him is not, in the opinion of the Assessing Officer, satisfactory, the sum so credited may be charged to income-tax as the income of the assessee of that previous year.
In the instant case instead of foreign exchange going out of India, there is conservation of foreign exchange in India to the extent of commission earned by the service provider appellant in view of the arrangement made by the service recipient abroad in that behalf through Indian Railways. Instead of appellant earning foreign exchange, the foreign exchange which otherwise would have flown out of India, due to import by Indian Railways, has been conserved. This appears to have fulfilled the object of export of service.
So far as the first difference of age and formation is concerned, there is no merit in the contention of the assessee, as the age and formation of the company cannot be the criteria for rejecting the company for comparability analysis. If that is the criteria, then most of the companies which have been included by the assessee are also substantially old companies. The age and formation of the company cannot be the criteria or a relevant factor for excluding or rejecting the company for comparability analysis. This reason based on age and formation is not accepted.
The company-in-liquidation admittedly does not own the property. The Court cannot force respondent either to sell or let it out to ‘W’. Interim arrangement was made at the stage of admission of appeal considering the balance of convenience and inconvenience. Such interim arrangement could not be made permanent. Court cannot create tenancy without the consent of the landlord. In short, tenancy is a contract between landlord and tenant.
