“Wings to Fly ‘You were born with potential. You were born with goodness and trust. You were born with ideas and dreams. You were born with greatness. You were born with wings. You are not meant for crawling, so don’t, you have wings. Learn to use them, to fly.”
Against Bombay High Court order in case of Rashmikant Kundalia and another Vs UOI in Section 234E matter Supreme Court admits the SLP filed with it.
This article deal with the issue of Long Term Capital Gain on Sale of Small Company Shares or on Penny Stocks. Article is based on ITAT Kolkata order in the case of Surya Prakash Toshniwal VS. ITO in which it held that Long-term capital gains claimed exempt u/s 10(38) cannot be treated as bogus unexplained […]
Article is case study on constitutional validity of Section 234E of the Income Tax Act 1961 inserted by Finance Act, 2012 and covers all earlier judgments on the subject and is based on the Kerala High Court judgment in the case of Sree Narayana Guru Smaraka Sangam Upper Primary School Vs. Union Of India.
Article is case study on allowability of expenses by Pharma Companies related to Doctors on on Customer Relationship Management expenses, Key Account Management expenses, Gift Articles, Free medicine Sample, Advertisement and Sales Promotion based on ITAT Mumbai Judgment in the case of The Dy. CIT Vs. PHL Pharma P Ltd.
ITAT Mumbai held that Where assessee is involved in arbitrage activities, the transactions of shares in cash segment and future segment cannot be segregated to calculate profit and loss from each segment separately.
AO’s assumption of jurisdiction under section 153A of Income Tax Act,1961 and consequent passing of order of assessment u/s. 143(3) r.w.s. 153A is void if Assessing Officer erred in assuming jurisdiction u/s 153A
Notice as prescribed U/s. 143(2) was not properly served on assessee, ITAT Kolkata, held, that assessment made U/s. 144 of the Act was not valid & it was quashed.
Hon’ble Supereme Court admits SLP- Transer pricing adjustment should be restriced to AE transactions only and not on entire turnover of assessee
In relation to the dispensation of the meeting of the equity shareholders of the Transferor Company is concerned we are not inclined to grant dispensation taking into consideration the provisions of Companies Act, 2013 and the rules framed there under both of which expressly do not clothe this Tribunal with the power of dispensation in relation to the meeting of shareholders/members.
