Whether, only because the assessee can deal in shares as per the memorandum of objects, any transactions undertaken by the assessee for sale or purchase of shares, in the earlier years is to be treated as business transaction, and the gains and loss resulting from the same to be assessed under the head business income and not capital gains.
ITAT was right in law and on merits by deleting the additions of income made as interest earned/acquired on the loan advanced to M/s Shaw Wallace by considering the interest as doubtful and unrealizable.
Primarily, the intention with which an assessee starts his activity is the most important factor. If shares are purchased from own funds, with a view to keep the funds in equity shares to earn considerable return on account of enhancement in the value of share over a period then merely because the assessee liquidates its investment within six months
SAP India Pvt. Ltd., the Appellants, entered into end-user license agreements with clients for maintenance of information technology software already installed in the computer systems and made operational. Show cause notice (SCN) was issued alleging
A recent decision of the Special Bench (SB) of the Mumbai Income Tax Appellate Tribunal (Tribunal) [AIT-2010-503-ITAT] in the case of Sulzer India Ltd. (Taxpayer) on the issue of whether settlement of deferred sales tax liability, under an option made available by the statutory authority to pay the net present value (NPV)
SAP India Pvt. Ltd. (Appellant) is engaged in the provision of consultancy, licensing and maintenance or ERP software. The Commissioner, Service Tax had confirmed service tax demand of INR 20 crores on the Appellant under maintenance and repair’ service during the period July 2004 and January 2006. In addition to the service tax demand, the Commissioner had also confirmed interest and penalties against the Appellant.
The Supreme Court has set aside the penalty demanded by the excise authorities from Pepsi Foods Ltd because there was no intentional default on the part of the company. But the court overruled the excise tribunal on the question of inclusion of freight charges between Pepsi factory and Frito-Lay India.
Whether the ITAT was right in law in holding that Freight Subsidy received from the Govt. by the assessee is allowed to be included as profits derived from the industrial undertaking and eligible for deduction under Section 80- 1A of the Income Tax Act, 1961
In the absence of link or connection between the gift made by the devotees and the profession or avocation carried on by the assessee, a religions head, the personal gift cannot be termed as income taxable under the Act
Routers and switches are to be included in block of `Computer’ entitled to depreciation at the rate of 60 percent
