Assessee had not paid requisite amount of taxes and interest on revised undisclosed income on or before specified date, settlement application filed by assessee under section 245D stood abated HIGH COURT OF GUJARAT Grahshilpa Construction (P.) Ltd. v. Income-tax Officer MS. HARSHA DEVANI AND MS. SONIA GOKANI, JJ. SPECIAL CIVIL APPLICATION NO. 9037 OF 2014… Read More »
Where import contract stated that after purchase liability in respect of customs duty, excise duty, penalty, sales tax, etc., would be paid by assessee, since liability, was contingent upon uncertain fact, deduction under section 43B was not permissible HIGH COURT OF DELHI Oswal Agro Mills Ltd. v. Commissioner of Income-tax S. RAVINDRA BHAT AND R.K. GAUBA,… Read More »
Issue Whether services provided by the appellant to M/s. Hero Honda Motors Ltd. through Cricket Celebrities namely Shri. Saurav Ganguly, Shri. Virender Sehwag, Shri. Yuvraj Singh, Shri. Harbhajan Singh and Shri Zaheer Khan is advertising services or otherwise ? Facts of the Case In the instant case the Appellant, had a tripartite agreement with M/s… Read More »
Rule regarding postal ballot specifically provides for passing of resolution under section 180(1)(a) by way of postal ballot only, still many listed companies are passing the same in the annual general meetings, is there any exception available to that? Answer: According to companies act 2013 section 180(1)(a) that relates to selling, leasing or otherwise disposing off the… Read More »
Where selection of TNMM by department had been found to be inappropriate by Tribunal in earlier years and assessee’s Resale Price Method had been accepted on identical facts, Resale Price Method is the most appropriate method for benchmarking assessee’s transaction of import of seeds to its AE in relevant year Seminis Vegetable Seeds (I) (P.)… Read More »
Circular No 18/2015 Dated 2nd Nov 2015 Government of India Ministry of Finance Directorate of Income-tax Legal & Research Interest from non SLR Securities of Banks
Facts of the Case Assessee was a non-banking company entered into a lease agreement with its customers. One of clauses in agreement provided for if monthly instalments(EMI) were not paid, it would carry additional finance charges(AFC) or overdue charges in prescribed rate .Assessee maintained its accounts with respect to AFC charges under cash/receipt system for… Read More »
FREQUENTLY ASKED QUESTIONS ON SEBI (SUBSTANTIAL ACQUISITION OF SHARES AND TAKEOVERS) REGULATIONS, 2011 These FAQs offer only a simplistic explanation/clarification of terms/concepts related to the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 [“SAST Regulations, 2011”]. Any such explanation/clarification that is provided herein should not be regarded as an interpretation of law nor be… Read More »
GOVERNMENT OF NATIONAL CAPITAL TERRITORY OF DELHI FINANCE (REVENUE-I) DEPARTMENT DELHI SECRETARIAT, I.P. ESTATE, NEW DELHI 100 02 No. F.3(18)/Fin(Rev-I)/2015-2016/DS-VI/886 Dated the 30-10-2015 NOTIFICATION In exercise of the powers conferred by sub-section (3) and( 4) of section 13 of the Central Sales Tax Act, 1956 (Act No. 74 of 1956), and all other powers enabling… Read More »
The Finance Ministry has extended by one year the validity of anti-dumping duty on ‘’narrow woven fabric’ imports from China and Chinese Taipei. In market parlance, “narrow woven fabric” are popularly known as “Velcro tapes” or “fastening tapes”.or “hook and loop tape fasteners”. It finds application in industries such as garment industries, surgical and orthopaedic… Read More »