It is natural in Indian culture that if the members of the family are competent to work in the business of the family, naturally they will be required to pay the minimum / the same compensation/benefit/incentive as other employees are paid.
SC held that Rental Income from business of leasing out house properties taxable as business income and not income from House property
Application for temporary leave (parole) has to be decided by District Magistrate keeping in view that the object of parole is to rehabilitate the convicted prisoner.
Long pending dispute regarding constitutional validity of entry tax levied by various States has been settled by Hon ‘bless Supreme Court by its judgement delivered on 11.11.2016
Where a residential house was transferred and four flats in a single residential complex were purchased by the assessee, it was held that all four residential flats constituted “a residential house” for the purpose of Section 54 and that the four residential flats cannot be construed as four residential houses for the purpose of Section 54.
These appeals raise an interesting issue with respect to interplay of Article 9 of India Netherlands Double Taxation Avoidance Agreement and TP adjustments under domestic TP law.
First requirement to claim of additional depreciation is that there should a new machinery or plant. A machinery is new till it is first put to use. Once it is used, it is no longer a new machinery. Admittedly, the machinery, on which additional depreciation has been claimed, was already used in various preceding previous […]
Shri Anil Agarwal Vs ACIT (ITAT Indore) It has been held that even when the Assessing Officer of the person searched and the other person is common, the Assessing Officer of the person searched has to necessarily form a satisfaction that the item referred to in section 153C belongs or belong to a person other […]
Supreme Court upheld constitutional validity of Entry tax imposed by States. A nine-judge Constitution Bench, overrules ‘compensatory tax’ theory propounded by 7 judges bench
Oppugning legality, validity and correctness of the order dated 10-2-2014 passed by the trial Court (judicial authority) in Civil Suit No. 207-A/2013 by which that Court in exercise of power conferred under Section 8(1) of the Arbitration and Conciliation Act, 1996 (hereinafter called as the ‘AC Act, 1996’) relegated the parties to arbitration finding prima facie valid arbitration agreement existed between the parties and the dispute to be capable of settlement by arbitration, these two revision petitions have been preferred under Section 115 of the Code of Civil Procedure, 1908, one by the plaintiff and another by defendant No. 1 Bank stating the impugned order to be unsustainable in law. [Parties will hereinafter be referred as per their status shown in the suit before the trial Court.]
