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Taxmann
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The Tax and Corporate Laws of INDIA
The Tax and Corporate Laws of INDIA

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Dubai Villa gifted to Shah Rukh Khan not taxable as his professional receipt: Mumbai ITAT
Facts : a) Shahrukh Khan (SRK) received Signature Villa as gift from a Dubai based public joint stock company. Assessing Officer (AO) was of opinion that said villa was assessable as 'professional receipt' being covered under Section 28(iv). b) SRK had deni...
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Ind AS 20: EPCG exemption for import duty on capital goods is a Government Grant
Query A company, say A Ltd. has received exemption of paying custom duty on imported capital goods subject to condition that it has to export the manufactured goods under Export Promotion Capital Goods (EPCG) scheme. Whether such exemption by the government...
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No sec. 14A disallowance if no exempt income earned; CBDT circular can’t override express provision
The issue before the High Court was as under: Whether the disallowance of the expenditure will be made even where the investment had not resulted in any exempt income during the AY? High Court held in favour of assessee as under: 1) Section 14A does not cla...
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Treatment of Gift and Perquisites under GST
The Goods and Services Tax (GST), the biggest economic reform, has been implemented in India since 01 July 2017. Every new thing comes out with fresh challenges, similar is the case with GST. With the passage of GST in India, there seem to be humongous chal...
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NDTV created a complex structure of subsidiaries to enter into sham dealings; HC affirms reassessment
Facts: a) New Delhi Television Ltd (NDTV) had filed writ petition against the notice proposing reassessment proceedings initiated under section 147/148. b) The Assessing Officer (AO) was of the view that the amount received by NDTV from foreign subsidiaries...
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Sec. 54F relief allowable even when multiple flats are sold to purchase one big flat: ITAT
Facts: a) Assessee had sold 5 house properties during the years 2009-10 to 2011-12 and invested sale consideration in construction of another property, i.e., Mehandi Farms. He claimed deduction under section 54F for investment in Mehandi Farms against the c...
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Service Permanent Establishment-Changing Landscape?
Old age English proverb "Necessity is the mother of all inventions" is very apt owing to which last century has witnessed tremendous advancement in the field of technology. Technology has enormously impacted the way businesses function or the manner in whic...
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ICDS IX - Borrowing cost: An Analysis
Deductibility of interest on borrowing cost has been subject matter of litigations in the past on several accounts, viz., deductibility of borrowing cost for purchase of capital asset, deductibility of commitment charges, interest on capital borrowed for ea...
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Sec. 68 couldn't be applied for sundry creditors arising out of purchase expenses: Patna ITAT
Facts: a) Assessee-partnership firm had shown sundry creditors arising out of purchase expenses in its return but failed to establish genuineness of such sundry creditors. b) Assessing Officer (AO) disallowed provision for such creditors and added it to tot...
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Compensation paid to clients due to negligence of employees was allowable as business exp.
Facts: a) Assessee was engaged in Marketing of Financial products of various companies as distributor. He claimed Rs.1.54 lakh as expenses in its profit and loss account on account of compensation paid to clients for loses occurred due to negligence of on t...
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