The period of holding of the renounced right shares shall be reckoned from the date of announcement of such right by the company till the date of such renouncement for determining the nature of capital gain. Transfer fee received and paid is exempt on the ground of mutuality as there is no intention of trade or business. The department contended that the transaction has been has been used as a colorable devise to convert STCG into LTCG exempt u/s 10(38). Year of Yes: How to Dance It Out, Stand In the Sun and Be Your Own Person, The Subtle Art of Not Giving a F*ck: A Counterintuitive Approach to Living a Good Life. The other person has been vested ownership over 22.5% land and third floor. However the remission of working capital loan is a remission of trading liability and treated as income u/s 41(1). The assesse forward the payment to the principal transporter by retaining the commission accrued to him. In order to submit a comment to this post, please write this code along with your comment: b06393822aede08066e9493a7e240988. The deduction u/s 80 IB for the development of housing project in a plot of land in which the already four housing projects has been completed three years ago is available. In this case it was held that the prosecution can be raised on willful delay in the filing of return. The expenditure incurred on glow sign board is revenue in nature since it does not create any capital asset. Loss due to unabsorbed depreciation from eligible business u/s 80(IA) can be set off against the profit from the non-eligible of the same assessment year. The airline company sold air tickets to their agents at minimum fixed commercial price which was further sold by them to travellers at any price of their discretion maximum upto published price. The Vedanta Kesari January 2017 issue. The expense incurred by the assesse on the foreign travel and education of a regular employee outside India for gaining advance knowledge in relation to business is allowed u/s 37(1) and can’t be disallowed merely on fact that the employee is son of managing director. It is immaterial that the amount derived is based on the percentage of sales tax paid during the year. : Why Now Is the Time to Cash in on Your Passion, Harper Lee's To Kill a Mockingbird 50th Anniversary Celebration. Where the assesse has two business segments and the one of them has been closed, the severance cost paid to the laid off employee is not a capital expenditure and can be claimed as revenue expenditure. The assesse claimed the four residential flats as “a residential house and claimed exemption u/s 54. The same has been disallowed by the Tax auditor in 3CD. Where the revenue is of view that particular income to be assessed in different head, the penalty u/s 271(1)(c) can’t be levied on such matter as there in no concealment of income or inaccurate furnish of particulars of income. The assesse has made deduction of provision made in respect of gratuity. However the assesse has donated some accumulated fund out of past income (15% of unconditional exemption), the same has been added as income by A.O. Where the assesse company has invested in equity shares of a company by borrowing the fund for making it a subsidiary and the subsidiary company was involved in managing new hotels acquired by the holding assesse company, the interest paid on fund borrowed is allowed u/s 36(1)(iii) on the plea that that fund has been expensed for the purpose of business. It is not open to AO to assess or reassess on the other matters arose subsequently independently as the word used in section 147 is “and also”. The prior order shall marge with the current order and period of 4 years shall be reckoned from the point of current order. The expense incurred for the repair of dam owned by state government for supply of water to plant which can’t be run without such water supply can be allowed as deduction and in no means be treated as expenditure of capital in nature. If the matter which forms the reasons to believe has been dropped and no addition on the income has been made due to such reasons. The assesse company is regularly dealing with two resorts for the booking of their customers. On the issue whether the TDS u/s 194C should be deducted on payment by the assesse to principal transporter, it was held that since o privity of contract   lies between assesse in principal transporter and assesse has acted as merely intermediary, the assesse is not the person responsible for deduction of tax on such payment. (Creating Provision is not writing off of bad debt). Subscription of membership of gulf club for the limited period does create any capital asset and eligible to be claimed as business expense u/s 37(1). The word “shall” used in section 12AA(2) is directory is nature, not concluded to be mandatory. The assesse underwent into the partition of the property between himself, his wife and his son. Google's free service instantly translates words, phrases, and web pages between English and over 100 other languages. Hence partners can use the fund of the partnership firm. However the SDLC charge is merely a supervisory charge on which no section of TDS is applicable. The assesse has accepted interest free deposits from the tenant. The High Court has power to restore the appeal. Since the income is assessable in India, TDS is required to be deducted u/s 195. Since 42% of the asset of the company is deployed by it by way of loan and advance, further the profit earned by them if excluded turns the result into of the company, the loan activity is termed as substantial part of the assesse and consequently the loan is not resulted into dividend as per section 2(22). The commission paid by diagnostic centers to doctor is unlawful as per “Indian medical council (professional conduct, etiquettes and ethics) regulation, 2002” and can’t be allowed as deduction as per explanation to section 37(1). Add the correct prefixes to the following words to give the meanings given against them. 30 lacs and rent of Rs. The TDS on income of non-resident umpires and referees are not covered u/s 194E as the same are neither sportsman nor the sport institution. Where the assesse has made arrangement of renovation of building with any other person. Password requirements: 6 to 30 characters long; ASCII characters only (characters found on a standard US keyboard); must contain at least 4 different symbols; (Relating to the commission paid to doctor for referring patient). Whether you are looking for essay, coursework, research, or term paper help, or with any other assignments, it is no problem for us. The transmission and distribution charges paid by the electricity generation company to transmission and distribution company is nature of technical fee as the same requires the technical equipments and technical staffs to monitor the process, and hence the same is subject to deduction TDS u/s 194J. Never are people more receptive. The amount paid as compounding fee for the violation of building bye laws approved by municipal authorities is in substance the nature of penalty. The event of conversion of leasehold land to freehold land is immaterial as the same is merely an improvement over the title of ownership. TDS is required to be deducted on such distribution of tips u/s 192. The assessing officer calculated the perquisite value of RFA by adding 12% notional interest on security deposit. The adjacent flats having common kitchen and toilets can be regarded as “a residential house” for the purpose of exemption u/s 54 even though the same is separated by a strong wall and purchased from two different vendors. Free verse is verse without a metric pattern, but with a wider pattern than meter allows. The assesse has shown NIL in return filed by donating total fund to the corpus of another trust u/s 11(1)(a). Where the charitable trust has acquired a capital asset and the same has been treated as an application of income for charitable purpose u/s 11(1)(a), No any further depreciation can be allowable on same in any previous year. Evolutions des sociétés ces dernières années Ci-dessous, l'évolution par an (depuis 2012) des créations et suppressions d'entreprises en France, par mois avec des courbes en moyenne mobile de 12 mois afin de voir l'évolution et les tendances, idem par semaine avec des moyennes mobiles sur 4 semaines. For deduction of bad debt u/s 36(1)(vii), it is not necessary to establish that the debt is irrecoverable. And Krishna answers in detail. Baba Farid Project vich jinaaN daan karn di niyyat kiti si oh saari apne te qaribi dostaaN tooN akathhi kiti.. Thus section 54F is independent of same and assesse can claim exemption u/s 54F in respect of transfer of such asset claiming it as transfer of long term capital asset if the same has been held for more than 36 months. Unabsorbed depreciation can be carry forwarded in case the loss return is not filed within the due date u/s 139(1) since the same is regulated by section 32(2). Since in this case the product has been sold in the market, it is deemed that the criteria for the commencement of the production are fulfilled. Join our newsletter to stay updated on Taxation and Corporate Law. The same has been supported by the high court after the department objected on the deduction of asset as revenue nature. Where the period of six months from the date of submission of the application for the registration has been expired, the trust is not said to be deemed registered. Where the assesse has given contact for transport of building materials through dumpers. Page 2 In other words, we must have a subject to speak about and we must say or predicate something about … .1 and 2 cried and P.W.2 went out and with the help of P.W.3 brought his bullock cart. Further it is immaterial that the size of land in which   housing project has been carried is less than 1 acre as the requirement is for the plot of land which comprise of total 5 housing project which is more than 1 acre. The transport and interest subsidy received in respect of eligible business u/s 80IB is not eligible for deduction u/s 80IB since the same is not incidental to the operation of the business. The High Court in the judgment held that the additional claims can’t be made to assessing officer other than by filing of revised return. The same was repaired by expending heavy amount. (source 1 : data.gouv.fr, source 2 : medicaments.gouv.fr) Statistiques globale Statistiques globales (Remboursements total annuel) Remboursement par an et par titulaire (However, the same can’t be allowed if the same has been purchased in the name of any strangers). Also Read- CA FINAL Excise Duty Case laws relevant for Nov 2015 Exams, CA FINAL- Service Tax Case Law Relevant For Nov 2015 Exams. The reassessment can be triggered only on existence of tangible material before the AO to hold that income had escaped assessment within the meaning of section 147, thus mere change in opinion cannot be a reason for the reopen of the assessment. The employer has paid interest free deposits of Rs. This is on the basis of deemed holding period fiction by the statute. 1,000 will be allowed. Reason being as per section 78(2) for carry forward of losses, the assesse should be same except in case of succession by inheritance which does not include conversion of partnership firm into proprietorship. The assesse entered into the joint agreement with the builder where the builder has constructed eight residential flats and handed over four of them to the assesse. 1999-2000 i.e. The lottery tickets remain unsold by the distributers cease to be stock in trade once the draw has been done. The various facilities and amenities provided by hotels are not covered under the meaning of work u/s 194C, thus no TDS should be deducted on same. It is immaterial that the preference share with fixed rate of dividend has similar features of bonds on which proviso to section 48 is applicable. If he succeeds in sitting there for the full forty days without a break, he gains certain powers. The deduction u/s 23(2) is allowed to the individual on self-occupation of house property. The same is not chargeable to tax being the nature of capital receipt as the advance was accepted for acquiring capital asset i.e. Thus the transaction is genuine and not colorable in nature. Cheap essay writing sercice. The reason placed by the assesse that the same bond was available for very limited period for purchase within the allowed six month tenure. Where the assesse diary sales milk to the concessionaire by providing them the space (booth) to sale the milk to ultimate customer and keep the right to inspect the booth, milk and other products, it can’t be said that the concessionaries are acting as agent of the diary assesse. Exempted LTCG u/s 54EC shall not be deducted to calculate the book profit u/s 115JB as the same is not specified in explanation 1 to section 115JB. Add suitable prefixes to give the opposites. (Relating to determination of the nature of expense). KEYWORDS:- PIL-DATE:- February 9, 2018-It is often said that the experience in our courts of a juvenile accused of an offence or the victim of a sexual offence is traumatic. Where the assesse has paid extra amount on purchase of hospital for its continued business prior to acquisition, the same can be regarded as goodwill and entitled for the depreciation. Hence, TDS is required to be deducted on such discount. The amount retained as commission out of advertisement charges received by the advertisement agencies of the telecommunication channels is deductible to TDS u/s 194H. The same is supported by the high court. Where the assesse trust has not commenced any charitable activity before filing the application for the registration of charitable trust, the registration can’t be denied on such fact that no any charitable activity has been commenced by the trust yet. The ITAT can make rectification in its order u/s 254(2) for the error apparent from record. As per Karnataka high court, expenses incurred on issue and collection of convertible debenture is allowed as revenue expenses. the tax is still payable under the provision of MAT. Same can’t be presumed to have the power to review the decision made. As per high court decision the same is treated as capital receipt not chargeable to tax in the hand of the assesse. The assesse has made deduction of capital expenditure and paid the tax under the provision of MAT. 1,000 shall be the perquisite value of such education. This promotes cohesiveness in the community and confidence in the leader. The assesse can’t be called assesse in default u/s 201. The assesse imported old machinery, the payment of which was made on 31st March, the same reached in India in August month of next P. Y. The deduction u/s 80IB can be claimed in remaining years of qualification even if no deduction under this section has been claimed in first year of qualification. (Had the liquidity damage would be on account of recurring/trading activity, the same would be treated as revenue receipt chargeable to tax). The transection of sale has been made principal to principal basis as the ownership of the milk passes to concessionaries at the time of sale. (Relating to subsidy from holding company to subsidiary company). ASTROLOGY. The high court held that the board has power to condone such delay to eliminate hardship. CHAPTER 2 SUBJECT AND PREDICATE 3. On account of such fact the supreme court held the changeable to tax in the hand of the assesse. On waiver of loan which was given and applied for the purpose of buying capital assets, the actual cost of capital asset should be reduced by such waiver as per sec 43(1). Where the assesse has converted his/her leasehold land into freehold land, the period of holding for the nature of CG on transfer of such freehold land shall be considered from the date of holding of leasehold land to the date of transfer. The assesse has filed the loss return a day after due date and requested for the condone stating the fact that the return was actually filed on due date at closing hours in wrong room of the department and on the arrival to the right room the desk has been closed. Kitab di chhapvaai de paise vi poore na hoye. The assesse claimed the four residential flats as “a residential house and claimed exemption u/s 54. The case laws in Colored text  are fresh addition and eliminated in current supplementary module respectively. On issue whether the difference between minimum fixed commercial price and actual sales price would be regarded as commission and TDS u/s 194H shall be applicable or not. Where the notice has been issued u/s 148, the assesse has to go for the filing of return and then can demand the reason thereof. Your feedback and suggestions are invited. The assesse has incurred expenses in installing the dolby stereo system in the cinema hall maintained by him. Confederation of Indian pharmaceutical industry(A), (Relating to the disallowance of expenditure incurred for free bees to medical practitioner ). in which order of assessment u/s 143(3) has been passes if the matter discussed in order of reassessment u/s 148 is different than those dealt in assessment u/s 143(3). Further the prize if won on such unsold ticket does not evidence the intellectual and physical efforts of the distributer. The Assesse claimed the same as revenue expenditure since the intension of assesse was to use the asset after dismantle and as spare parts. So the RFA perquisite value is Rs. The High Court is of the view that the objective of the department is to secure the revenue but the same can’t take the advantage of mistake committed by the assessee. However since assesse has given a bona-fide reason for the transaction, the penalty can be waived by section 274B. 1,000). The verse of section 36(1)(va) should be read with the section 43B). Therefore The High Court set aside the order so far it relates to such adjustment. Electricity charge does not come under the ambit of 43B as it can’t be termed Fee. The retrenchment compensation and interest paid on capital borrowed for such compensation is allowed u/s 37(1) and 36(1)(iii) respectively since the entire business has not been closed down. The exemption u/s 54F can’t be denied if assesse purchases the residential flats in the name of his wife out of proceed of sale of capital asset. The intermediary receives the payment along with his part of commission. Further the glow sign board is temporary in nature and decay with the effect of weather. ISKCON Governing Body Commission (GBC) The remission of liability in respect of advance accepted for the purpose of relocating the office is not a revenue receipt. to retail people through stamp vendor is principal to principle transection since the stamp vendors gets the stamp paper on payment of amount which is stamp value less discount. Period of holding of an asset received by a partner from the firm on dissolution should be reckoned from the date of dissolution of the firm. The High Court held the view that the penalty u/s 271(1)(c) in such cases can’t be levied as there is no concealment of income, Taxguru Consultancy & Online Publication LLP, 509, Swapna Siddhi, Akurli Road, Near Railway Station, Kandivali (East), Income Tax cases relevant for CA Final Nov 2015 Exams, CA FINAL Excise Duty Case laws relevant for Nov 2015 Exams, UCK Bank appointing Consultant For IFCOFR Implementation, Exposure Draft of Standard on Quality Control (ED SQC), ICAI mulls to use AI to identify Non-compliances in Financial Statements, Declaration of Result of CSEET & CS Foundation on 18.01.2021, Section 35D applies to expenses incurred wholly & exclusively for amalgamation or demerger of an undertaking, Value of All Invoices in a Consignment Relevant For E-Way Bill Generation, HC direct banks to maintain Classification of Accounts of RCOM & its subsidiary, Misplacement of papers by one of office staff- ITAT condones 368 day delay, No Penalty if issue is debatable on which Appeal is been admitted, Bail granted to person accused of availing Fake ITC of ₹ 13.90 Cr, Patiala House Court rejects bail in alleged ₹ 25 Cr fake ITC claim case, Refund amount collected as Stamp Duty on Bills of Entry filed for Import: HC, Section 68 Addition justified for un-reconciled credit balance, CIT(A) Cannot Reject Appeal merely on Technical Grounds, Join Detailed Online Certification Courses on GST, All India Protest Call against GST/Income Tax Issues by WMTPA, Extend due dates of GST, Income Tax & ROC Compliances, CBDT rejects Income Tax Due date extension representations, CBDT issues Corrigendum to Order on due date extension, Uttarakhand HC directs CBDT to consider representation on due date extension, Due dates for filing of Form GSTR-3B for December, 2020. The income from that property shall in not be individually assessed but shall be assessed in the hand of the HUF. 4. mailto:shishir.lodha@gmail.com, Your email address will not be published. The payment for the same should be subject to TDS deduction u/s 194C instead of 194I. In such case if the loan and advances has been extended to such resort, the same will not treated as deemed dividend u/s 2(22)(e.). The general rate of depreciation i.e. décès, hospitalisations, réanimations, guérisons par département The same is quashed by High court as the exempted income u/s 11(1)(a) has no such condition as of those in explanation to sec 11(2) and the same can be donated to other trusts. Thus, the same is not allowed u/s 37(1). Further the same can be regarded as technical person or professional but section 194J cannot be applied as the same is applicable only to residents. If he assesse has surrendered he income on the condition that no penalty could be levied and the same has been accepted by department, CIT can’t revise the order for inclusion of penalty relaxed stating that the order was erroneous due to relaxation of penalty. Estimation du changement de règle (9000 hab) Estimation élaborée le 17 Janvier 2020, la règle a subi plusieurs modifications depuis mais donne idée de l'impact du changement En attendant les publications des données sur les élections municipales, je vous propose de découvrir l'impact du changement des règles pour les élections municipales 2020. It is immaterial that the utilization of the fund raised via share capital is capital nature or for working capital need of the business. Where the assessment u/s 143(3) and reassessment u/s 147 has been made for any assessment year. The Bodleian Libraries at the University of Oxford is the largest university library system in the United Kingdom. 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