In a recent decision made by ITAT, Mumbai in case of Neha Saraf vs. ACIT it has been decided that where an employee receives Interest Free loan from the employer it shall be taxable in the hands of the employee as salary as per the provisions of the section.
Challenging the order dated 03/06/2014 of the CIT(A)-17,Mumbai,the Assessee has filed present appeal.Assessee-company,engaged in the business of manufacturing of textiles,filed its return of income on 30/09/2011 declaring total income at NIL.The Assessing Officer (AO) completed assessment u/s.143(3) of the Act,on 03/01/2014,determining total income at Rs.71. 52 lakhs.
ACIT Vs M/s. Lumax Automotive Systems Ltd. (ITAT Delhi) The assessee-company explained that it has closed down its Aurangabad unit due to heavy losses suffered by the assessee-company. The assessee-company in this year has declared loss of Rs.4.34 crores in the return of income and after making addition as well, the net taxable loss have […]
Confiscation of freely importable air gun of 0.177 by shooter on the ground that he was not a renowned shooter is irregular as the same is not in conformity with rules prescribed for such imports.
Shri Ratan Babulal Lath Vs DCIT (ITAT Bangalore) Entire addition is on the basis of the statements of the assessee and Shri. Navneet Kumar Singhania recorded by the CBI. Before the AO, assessee has specifically denied such statements recorded by the CBI and has sought cross-examination of Shri. Navneet Kumar Singhania which were not afforded […]
Adhunik Infrastructure (P)Ltd. Vs JCIT (ITAT Kolkata) ITAT held that even if an assessee is merely developing the infrastructural facility (without operating and maintaining the same), it is entitled to deduction u/s 80-1A. Further, condition (b) laid out in sub-section (4) of section 80-IA mandates the existence of an agreement with the Government. Moreover, if […]
This Appealunder Section 260-A of the Income Tax Act, 1961 (the Act) challenges the order dated 11th March, 2015 passed by the Income Tax Appellate Tribunal (the Tribunal). The impugned order is in respect of Assessment Year 2009-10.
The brief facts of the case are that the assessee case was selected for scrutiny through CASS and notice u/s 143(2) of the Income Tax Act, 1961 (hereinafter referred as the Act) was issued and served upon the assessee requiring him to furnish necessary details and documents along with supporting evidence.
In re Shandong Heavy Industry India Pvt. Ltd (GST AAR Maharashtra) Q.A Whether the classification of Marine Diesel Engine falling under TSH 8408 of Customs Tariff Act, 1975 as adopted to GST attracting 28% of IGST (14% CGST + 14% SGST) as per Schedule IV (Sr. No. 115) of Notification No. 01/2017 – Central Tax […]
Circular No.21/21/2017 – IGST which exempts from tax interstate movement of rigs, tools, spares, and all goods on wheels [ like cranes ] where interstate movement of such goods is not for further supply of same goods is not applicable to the facts of present transaction as in the present case interstate movement of goods from SML HO in Maharashtra to SML branches in other states is for further supply of goods on hire.
