Though the Municipal Corporation are created by an Act and are performing as a local Government, there is no bar in taxing their activities if the immovable property rented out by them is used in the course for furtherance of business or commerce.
A division bench of New Delhi CESTAT including Justice (Dr.) Satish Chandra, President and B. Ravichandran, Member (Technical) has said that amount received by Hindustan Petroleum Co. for giving facility of selling CNG through their Outlets is not subject to Service Tax.
Mrs. Nawaz Singhania Vs. DCIT (ITAT Mumbai) Instruction 1916 issued by the Board with regard to seizure of jewellery has inherent foundation of undisclosed portion of jewellery that may be identified in the search. The Instruction No. 1916, therefore is describing the criteria for decision making for jewellery to be undisclosed. Accordingly, any portion of […]
Mrs. Shardaben Bhavani Vs. ITO (ITAT Mumbai) Dis allowance of the claim of interest on housing loan of Rs. 1,50,000/- raised by the assessee u/s 24(b) in her return of income, but disallowed by the A.O and thereafter sustained by the CIT(A). We are of the considered view that as observed by us herein above, […]
Payment of electricity bills to JVVNL is held to be the payment made to the government for the purpose of section 40A(3) of the Income-tax Act and therefore said section 40A(3) cannot be invoked and no addition is called for and additions so made and confirmed by the ld. CIT(A) is directed to be deleted.
Air Travel Service : – The said service has been used by the Directors/employees of the appellant for business promotion i.e. for sale and purchase of their goods. Therefore, the said service is directly related to their manufacturing activity. In that circumstances, in terms of Rule 2(l) of Cenvat Credit Rules, 2004 on Air Travel Service, the appellant is availed Cenvat credit.
Share premium received can be assessed as undisclosed income if (a) directors are allotted shares at par while others are allotted at premium, (b) the high premium is not justified by a valuation report, (c) the high premium is not supported by the financials, (d) based on financials the value of shares is less and no genuine investor would invest at the premium, (e) there are discrepancies & abnormal features which show transaction as “made up” to camouflage real purpose
In this case, the assessee filed the return of income admitting total income of 98,820/-. A search u/s 132 of the Income Tax Act, 1961 (hereinafter called as the Act) was carried out in the case of M/s. A.S. Steel Traders on 11.10.2012 and in the course of search, the document No.5019 of 2011 of SRO
झrovision of S. 2(22)(e) along with its Explanations – 2 as stood at the relevant point of time, shall only mean that the expression accumulated profits shall only include all the profits of the company up to the date of distribution which are normal revenue profits
Pravin Chatarbhuj Bajaj Vs Addl. CIT (TDS) (ITAT Pune) The case of the assessee before us is that the delay in submission of e-TDS return was because of strict requirement of e-filing of the statement and filing of such e-TDS return in this year PAN of person on whose behalf tax is collected were required […]
