Friday, August 25, 2017

Dubai Villa gifted to Shah Rukh Khan not taxable as his professional receipt: Mumbai ITAT

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Facts : a) Shahrukh Khan (SRK) received Signature Villa as gift from a Dubai based public joint stock company. Assessing Officer (AO) ...

Ind AS 20: EPCG exemption for import duty on capital goods is a Government Grant

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Query A company, say A Ltd. has received exemption of paying custom duty on imported capital goods subject to condition that it has to...
Wednesday, August 23, 2017

No sec. 14A disallowance if no exempt income earned; CBDT circular can’t override express provision

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The issue before the High Court was as under: Whether the disallowance of the expenditure will be made even where the investment had n...

Treatment of Gift and Perquisites under GST

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The Goods and Services Tax (GST), the biggest economic reform, has been implemented in India since 01 July 2017. Every new thing comes out...

NDTV created a complex structure of subsidiaries to enter into sham dealings; HC affirms reassessment

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Facts: a) New Delhi Television Ltd (NDTV) had filed writ petition against the notice proposing reassessment proceedings initiated unde...

Sec. 54F relief allowable even when multiple flats are sold to purchase one big flat: ITAT

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Facts: a) Assessee had sold 5 house properties during the years 2009-10 to 2011-12 and invested sale consideration in construction of ...

Service Permanent Establishment-Changing Landscape?

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Old age English proverb "Necessity is the mother of all inventions" is very apt owing to which last century has witnessed tremen...

ICDS IX - Borrowing cost: An Analysis

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Deductibility of interest on borrowing cost has been subject matter of litigations in the past on several accounts, viz., deductibility of...
Tuesday, July 25, 2017

Sec. 68 couldn't be applied for sundry creditors arising out of purchase expenses: Patna ITAT

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Facts: a) Assessee-partnership firm had shown sundry creditors arising out of purchase expenses in its return but failed to establish ...

Compensation paid to clients due to negligence of employees was allowable as business exp.

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Facts: a) Assessee was engaged in Marketing of Financial products of various companies as distributor. He claimed Rs.1.54 lakh as expe...