Interest Free/Concessional Loan
On March 23, 1995, the Central Board of Direct Taxes (for short the “C. B. D. T.”), informed the Chief…
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Today's
Wrong reopening ......Read More
Yesterday's In no way the AO has power to question arm’s length pricing in unrelated party transactions ......Read More
Yesterday's In no way the AO has power to question arm’s length pricing in unrelated party transactions ......Read More
Gifts to employees
In the new rules it is provided that gifts in kind to employees would not be taxed upto an aggregate…
......Read MoreCharitable Purpose – Religious Objects
In order to qualify for exemption a trust must pursue charitable objects. Charitable object is defined to mean relief of…
......Read MoreCredit Card and Club payments
Realizing the fact that such payments are often made in the course of entertainment of costumers, clients or constituents the…
......Read MoreFurnishing Scheme- Completed Year of Use
The terms completed year of use shall mean 365 days from the date of purchase of asset. For instance if…
......Read MoreFurnishing Scheme- Electronic Items Assets Defined
The CBDT in their Circular No. 15/2001 dated 12.12.2001has clarified that the higher rate of depreciation is prescribed only in…
......Read MoreInterest Free or Concessional Loans – Case Of Partial Retrospective Operation
The Board has clarified that the even sums outstanding on 01.04.2001 or 01.10.2001 are to be considered for the purpose…
......Read MoreValuation of Perks Series I
The CBDT in their Circular No. 15/2001 dated 12.12.2001has issued directions and clarifications to the employers as to the computation…
......Read MoreDoctrine of Res judicata or Estoppel- Inapplicable in Assessments
The MP High Court in Luchhiram Puranmal v. CIT (119TAX1) held that the assessment in earlier years does not bind…
......Read MoreWaiver of Interest
In the case of CIT v. Punjab Agra Industries Corporation Ltd. (119TAX860) the assessee promoted a sister concern in a…
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