Tuesday, October 27, 2020
Summary of the judgment of Hon'ble Delhi High Court on Scope of Rule 27 of the Income-tax (Appellate Tribunal) Rules, 1963.
Earlier, the trusts were formed by affluent people of same community who infused corpus money out of their own savings and carried out charitable activities in the nature of relief for the poor, education or advancement of any other object of general public utility. However recently, there...
Introduction Section 14A was inserted by Finance Act, 2001 having a retrospective effect from 01.04.1962. To understand the reason behind the insertion of section 14A, the relevant part of memorandum of Finance Act, 2001 is reproduced herewith:
Judgement of High Court of Gujarat in case of PCIT vs. Sintex Industries Ltd . Further SLP dismissed by SC. Facts of the case: In A.Y. 2009-10, the assessee had earned dividend income amounting to Rs. 2.02 crores from the investments made in...
What is Rule 8D of Income Tax Act, 1961? Rule 8D of Income Tax Act reads as follow: Where the Assessing Officer, having regard to the accounts of the assessee of a previous year, is not satisfied with—
No Opportunity of Cross-Examination under Income Tax Litigations In law, cross-examination is the interrogation of a witness called by one’s opponent. Section 138 of the Indian Evidence Act 1872 provides that a witness will be first examined in chief, and then if the adverse party deems fit, cross-examined and if...
Authority for Advance Ruling (AAR Tamilnadu) pronounced in case of M/s. Sanghvi Movers Ltd. that full ITC cannot be availed by registered branch office for the services procured from HO where payments are netted off against the receivables and full payment is not made. Facts...
Safari Retreats Private Limited (“Company”) Vs Chief Commissioner of Central Goods & Service tax (Orissa High Court) The Company is mainly carrying on business activity of constructing shopping malls for the purpose of letting out of the same. Various materials and other inputs such...
Background The Supreme Court verdict dated 28 February 2019 in the case of Regional Provident Fund Commissioner West Bengal v. Vivekananda Vidayamandir and others reiterated the salutary principles of ascertaining components of salary to be considered for the calculation of provident fund (PF) contribution...