In this process of manufacturing the perfumery compounds are capable of being sold in the open market. The odoriferous compound has got a shelf life and capable of being stored/transported/sold and bought by agarbathi industries.
Under the new tax regime, GST (comprising CGST, SGST and IGST) on works contracts for Government work was intially notified at 18 percent. This had resulted in representations from contractors of ongoing works for compensation by procuring entity for increased tax liability over and above the contracted value of work.
Preeti Mohan Vs Union of India (Madras High Court) The petitioner before this Court is a practicing advocate and she has filed this writ petition praying for a direction to the ITO to allow her to file income tax returns for the assessment year 2017-18 either manually or through e-filing facility without insisting for production […]
On reading the provisions of section 221 conjointly with the definition of “tax” as detailed under section 2(43), the irresistible conclusion that can be drawn is that the phraseology tax in arrears as envisaged in section 221 of the Act would not take within its realm the interest component.
section 2(11) of the Indian Income Tax Act, 1961 specifies as only two class of assets i.e., tangible and intangible assets and within these two classes of assets, assets having same rate of depreciation are prescribed and they fall within the same block.
A co-operative society registered under the Karnataka Co-operative Societies Act, which is not having a banking license from the RBI to carry on the business of banking, cannot be deemed to be a co-operative bank coming within the ambit of section 80P(4) of the Act.
If the gift is invalid then the assessee is not even owner of any property and therefore, no question arises for making addition in the hands of the assessee in respect of that property which is not even owned by the assessee and in that case also, addition if any may be made in the hands of the donor if the donor is not able to explain the source of investment.
Where assessee’s broker share transaction was bone fide in all respect, merely because share broker was tainted violating SEBI regulations, would not make assessee’s share transactions bogus.
Assessee’s contention that adding the entire amount of bogus purchases would give a completely distorted figure and the gross profit would be higher than the total turnover. Such bogus purchases were for off-setting the purchases from producers and agriculturists directly who would not have the billing facility. Only question seriously paused before us was, was the Tribunal justified in adopting the gross profit rate of 8% as against 25% adopted by the Commissioner (Appeals)?
Question of rectification of mistake cannot be entertained until and unless the Miscellaneous Petition filed by the assessee is found to be maintainable. The miscellaneous petitions filed by the assessee are beyond the period of 6 months from 1-6-2016 and therefore the same are barred by limitation.
