The notification notifying ICDS is contrary to the settled law since its implementation would nullify the judgements of the Supreme Court and the High Courts. This method of overriding the binding decision of Courts by the executive was contrary to law explained in Shri Prithvi Cotton Mills Limited v. Broach Borough Municipality (1969) 2 SCC 283.
There is no dispute with regard to the fact that creditors do fall within the category of specified persons contemplated in section 40A(2)(b) of the Act. Short question before us is, whether payment of interest at the rate of 18% to such persons on the loans availed from them is excessive or not, having regard to the fair market value of such loans.
These petitions and appeals filed by the department arises due to the order of various High Courts, granting benefit of depreciation on the assets acquired by the assessee registered as charitable institutions under section 12A of the Income Tax Act (Act).
M/s. Rosalinds Mediretta Institutional Foundation Vs. CST (CESTAT Delhi) Post 2008, the appellants discontinued the course in collaboration with the Thames Valley University, UK. They have started a 3 year course of BA (Hons) in International Hospitality Administration approved by IGNOU, leading to an award of degree by IGNOU, which is, admittedly, a recognized open […]
There is no condition for co-operative society to be engaged in the activity of providing credits to the members or banking business for availing of the deduction under section 80P(2)(d).
Dr. Sudhir Naik (HUF) Vs. ITO (ITAT Hyderabad) Another contention is about claim of 54F/54. It was the contention that assessee has sold all the flats allotted to him and therefore, at the time of investing in the new house, he has no other house except this house. As seen from the agreements and the […]
Loss or expenditure or some benefit in respect of any such trading liability by way of remission or cessation shall be includible by a unilateral act by the first person who is assessee, i.e., debtor. There is no stipulation of such unilateral act by the creditor.
The Central Excise Division Bench of the Tribunal while considering the appeals Nos. 653/2012 and 3585/2012 filed by M/s Ricela Health Foods Ltd. and M/s J.V.L. Agro Industrial Ltd., noticing conflicting judgments of two coordinate benches on the same dispute
Renault India case: Just because assessee mentioned that marketing expenditure incurred by it helped promotion of Renault brand in India, it cannot be presumed that such expenditure resulted in any international transaction
M/s. Siemens Ltd Vs. CCE & ST (CESTAT Chennai) Lower authorities have inter-mixed the embedded software with the customized software supplied latter for monitoring and data retrieval from the device. From the discussions above, it is clear that a devise should suffer Central Excise duty along with essential operating software which is part and parcel […]
