Since trade advances obtained by assessee from its sister concern were in the nature of commercial transactions, would not fall within the ambit of the word ‘advance’ in section 2(22)(e).
When assessee utilised sale consideration of property in construction of another residential property within prescribed time period, then, merely on account of the fact that the assessee had neither declared the transaction of sale of property nor made any claim of deduction under section 54F in the return of income, deduction under section 54F could not be denied.
This group of writ petitions arise in similar background. We may record facts from Special Civil Application No. 12765 of 2017 and 12764 of 2017. Petitioner of Special Civil Application No. 12765 of 2017 is a partner of one M/s. Hitech Analytical Services and she would hereafter to be referred to as ‘a partner of the said firm.
The facts in brief qua the issue raised in the grounds are that assessee filed its return of income electronically for the AY. 2009-10 on 23-09-2009, declaring NIL income. This return was processed u/s. 143(1) of the Act and the total income was determined at Rs. 69,19,580/- u/s.
Explore Amit Parekh’s appeal against the denial of Section 54 exemption by ITAT Kolkata. Key details of the case and legal insights revealed.
The Petitioner seeks the quashing of a notice dated 20-3-2015 issued under section 148 of the Income Tax Act (‘Act’) by the Assistant Commissioner (hereinafter assessing officer AO) and the order dated 1-2-2016 passed by the assessing officer disposing of the objections filed by the Petitioner to the said notice.
Where the land is shown in revenue record as agricultural land and no permission was taken for conversion of land, it is immaterial whether any agricultural income is shown in the return or not, the gains from sale are exempt from taxation.
The activity carried out by the Applicant printing of photographs from media is classifiable under SAC 9989. The activity carried on by the Applicant, thus is taxable at 12% under Serial No. 27 (i) of Notification No. 11/2017 – Central Tax (Rate) dated 28/06/2017 (1135 – FT dated 26/06/2017 of the State Tax), as stood amended vide Notification No. 31/2017 – Central Tax (Rate) dated 13/10/2017 (1795 – FT dated 13/10/2017 of the State Tax).
In re M/s. Macro Media Digital Imaging Private Limited (AAR Telangana) (i) The printed advertisement materials manufactured and supplied by the applicant are classifiable as ‘supply of goods’. (ii) The printed advertisement material are classifiable under chapter heading 4911 of the GST Tariff and the rate of tax applicable is 6% CGST + 6% SGST as given […]
Agricultural Soil testing Minilab and its Reagent Refills are classifiable under Tariff heading 9027 of the GST Tariff and tax rate applicable is 9% CGST +9% SGST.
