No GTA services if custodial rights not transferred to transporter : The terms of the contract showed that this was a case where the operator was responsible only for the vehicle and there were no custodial rights or responsibilities in matter of goods carried. Since the assessee was responsible for the goods transported, consignment note, which is a document of title to the goods, was not issued.
CA Sanjeev Singhal The Point of Taxation The rules were made applicable from 1.7.2011. The introduction of these rules has shifted the liability to pay tax from cash basis to accrual basis . Input credit can be availed on the basis of invoice when such invoice has been received. Basic Concept A] Associated Enterprises : […]
In the present days if you go for any news channels or news papers, then you come to hear about CRR. RBI had not changed the rates of CRR, in spite of tightening on the liquidity front due to advance tax outgo. The banks’ borrowing from the RBI has gone up to Rs 1,46,300 crore, […]
This is a Revenue appeal against the orders of the CIT (A)-10 Mumbai dated 30.07.2010. The Revenue has raised two grounds which are as under:
In This case ITAT Delhi held that Limit U/s 54EC of rs. 50 lakh Applies to Financial year not to the transaction. Court Further held that Cheque has to be issued within 6 months. Encashment of Cheque & Allotment of Bonds beyond 6 months is irrelevant.
For the purpose of claiming benefit of deduction of the sum paid against the liability of tax, duty, cess, fee, etc., the year of payment is relevant and is only to be taken into account. The year in which the assessee incurred the liability to pay such tax, duty, etc., has no relevance and cannot be linked with the matter of giving benefit of deduction under Section 43B of the Act.
No. 13-CA (EXAM)/M/2013: In pursuance of Regulation 22 of the Chartered Accountants Regulations, 1988, the Council of the Institute of Chartered Accountants of India is pleased to notify that the Intermediate (Integrated Professional Competence) and Final examinations will be held from 2.00 PM to 5.00 PM) (IST) on each day on the dates given below at the following centres provided that sufficient number of candidates offer themselves to appear from each centre.
The Petitioner Company had entered into Franchisee Agreements with several companies, situated inside and outside Kerala and also abroad, as per which, on mutually agreed terms and conditions, these companies were allowed to use the Trademark owned by the petitioner.
Who all pertain to this category “Chartered Accountant” means a person who is a member of the Institute of Chartered Accountants of India (ICAI) constituted under the Chartered Accountants Act, 1949 (38 of 1949). CA is required to verify and authorize various statutory Income Tax Forms under the Income Tax Law. CA is a user […]
We may notice the judgment of Apex Court in CIT v. United Trading & Construction Co., [2001] 247 ITR 819 that there is nothing in Section 24 of the Finance (no. 2) Act which prevents the Income Tax officer, if he is not satisfied with the explanation of the assessee about the genuineness of sources of amounts found credited in his books to add them to the assessee’s income amount in spite of these having already been made the subject matter of the declaration made by the depositors/creditors. This point, thus, also goes against the appellant.
