The basis on which a certificate has been declined to the Petitioner under Section 195(3) is manifestly misconceived. The impugned order ignores relevant provisions of law, more particularly of Rule 29B, does not take into account the legal implications out of the MOU dated 25 September 2002 between the Government of U.S. and the Government of India and disregards issues which were settled in the past as a result of the Mutual Agreement Procedure between the two governments.
ACIT Vs. Kribhco (ITAT Delhi) – Terms ‘exempt income’ and ‘deduction from income’ are two different propositions and, therefore, where assessee’s income was not exempt under section 10 rather same was eligible for deduction under section 80P, assessee’s case was not hit by provisions of section 14A.
The workers of a contractor engaged by an establishment do not get the benefits of the Employees State Insurance Corporation Act, the Supreme Court stated last week in the judgment, Managing Director, Hassan Co-operative Milk Producer’s Society Union Ltd vs ESI Assistant Regional Director.
The proviso to s. 112(1) provides that “where the tax payable in respect of any income arising from the transfer of a long-term capital asset, being listed securities … exceeds ten per cent of the amount of capital gains before giving effect to the provisions of the second proviso to section 48 (i.e. indexation), then, such excess shall be ignored for the purpose of computing the tax payable by the assessee“.
Ashoka Buildcon vs. ACIT (Bombay High Court) :-An assessment order u/s 143(3) was passed on 27.12.2006. A reassessment order u/s 147 was passed on 27.12.2007. A show-cause notice u/s 263 was issued by the CIT on 30.4.2009 in respect of issues that werenot the subject matter of the reassessment order. The s. 263 notice was time-barred if reckoned from the date of the assessment order but was within time if reckoned from the reassessment order.
Where the assessee as the owner of the building was only exploiting the property as owner by letting out the same and realizing income by way of rent, such rental income was liable to be assessed under the head `income from house property’
Explanation (baa) to s. 80HHC defines the term “profits of the business” to mean business profits as reduced by 90% of .. “receipts by way of brokerage, commission, interest, rent, charges or any other receipt of a similar nature“. The Tribunal took the view, on the basis of Bangalore Clothing 260 ITR 371 (Bom) that receipts towards recovery of freight, insurance
Whether on the facts and in the circumstances of the case, the Tribunal was justified in law in holding that 90% of recovery of freight, insurance and packing receipts amounting to Rs.49,14,076/, sales tax set off/refund amounting to Rs.38,33,148/and service income of Rs. 2,89,17,545/are not to be excluded from profits of business
S. Ponniah Vs The Director General of Police and The Commissioner of Police – Writ Petitions are filed under Article 226 of the Constitution of India praying to issue a Writ of Mandamus directing the respondents to promote the petitioners for the post of Sub-Inspector of Police with effect from January 2008 and 2010 respectively.
Article 5(2)(i) of the India-Mauritius DTAA defines “permanent establishment” to include “a building site or construction or assembly project or supervisory activities in connection therewith, where such site, project or supervisory activity continues for a period of more than nine months“. The assessee, a Mauritius company, executed three contracts in India
