The bright-line test can’t be applied to determine the ALP of AMP expenses. Honda Siel Power Products Ltd. v. DCIT, Facts of the Case Assessee is engaged both in the… Read More
CORPORATE AND PROFESSIONAL UPDATE ON DIRECT TAXES The resultant profits and gains derived from or derived by an industrial undertaking because of the insurance subsidy have to be treated… Read More
Amended rules for submission of Form 15CA & 15CB Rule 37BB of the IT Rules amended w.e.f.1st April 2016 to bring Major Changes in the Requirements of Form 15CA &… Read More
CORPORATE AND PROFESSIONAL UPDATE ON INDIRECT TAXES Purchase of goods for use in works contract from other state - interstate movement of goods against Form-C - Denial of… Read More
CORPORATE AND PROFESSIONAL UPDATE ON COMPANY LAW In partial modification to the earlier order of the C.L.B., the Constitution of the Chennai Bench & Kolkata Bench of Company Law Boardhas… Read More
Cash Credit or Overdraft A/c Vs Tax Recovery Query : Why cash credit or overdraft a/c can't be attached for tax roecvery? Answer: Cash Credit Account or Overdraft Account :… Read More
ALP OF AMP EXPENSES TO BE DETERMINED AS PER SONY ERRICSON'S CASE IF ASSESSEE WAS A MANUFACTURER AND NOT A DISTRIBUTOR Glaxo SmithKline Consumer Healthcare Ltd. v. JCIT [Chandigarh ITAT],… Read More
NEW RULES FOR FORM 15CA/ CB UNDER RULE 37 BB OF THE INCOME-TAX RULES Section 195 of the Income-tax Act (‘the Act’) empowers the Central Board of Direct Taxes… Read More
IN THE ABSENCE OF ANY PE IN INDIA, PROFITS OF WESTERN UNION (IF ANY, ATTRIBUTABLE TO THE BUSINESS OPERATIONS) COULD NOT BE TAXED IN INDIA DDIT v. Western Union Financial… Read More
SAB Miller India Ltd. v. ACIT [Mumbai ITAT], ITA No. 7123 of 2012, Date of Decision: July 03, 2015 PROVISIONS OF SECTION 40(A)(I) ARE NOT ATTRACTED ON DEPRECIATION Facts of… Read More