In a recent judgment, ITAT Amritsar has endorsed that Premium of Keyman Insurance Policy (KIP) is an allowable business expenditure. Case Details: I.T.A No. 20(Asr)/2013 Assessment Year: 2007-08 Freewill Sports Pvt. Ltd vs. ACIT Date of Order/Judgment: 22/03/2016 Brief Facts of the Case: The only issue involved in this appeal …
ITAT Amritsar, in a recent judgment has held that shipping charges (Inland haulage charges, Terminal handling charges, Bunker adjustment factor, Cost adjustment factor, etc) using non-resident shipping are not liable to TDS u/s 172(8) as supplemented by CBDT Circular No. 723/1995 Case Details: ITA No.257(Asr)/2014 Assessment year:2006-07 PMS …
Calcutta High Court in a recent judgment has held that expenditure incurred for software development was capital expenditure Case Details: ITA No. 278 OF 2007 Indian Aluminium Co. Ltd Versus Commissioner of Income Tax-III Kolkata Date of Judgment: 18/03/2016 Question of Law: Whether on the facts and in the …
In a recent judgment, Calcutta High Court has held that to claim exemption under section 10(22A), existence of a nexus between the hospital or an institution engaged in any one of the five activities, and the income is essential. Kindly note that the said section 10(22A) has since been …
Government of India Ministry of Corporate Affairs Notification New Delhi, 23rd March, 2016 S.O. (E) In exercise of the powers conferred by sub-sections (1) and (2) of section 396 of the Companies Act, 2013 (18 of 2013) (hereinafter referred to as the Act), the Central Registration Centre (herein …
Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes PRESS RELEASE New Delhi, 23rd March, 2016 Sub: Inclusion of interest income in the return of income filed by persons liable to pay tax- regarding Information regarding interest earned by individuals and business entities …
