Profit on Sale of Share immediately after conversion from Stock in Trade to Investment is Business Income lndo Stosec (P.) Ltd. vs. lncome-Tax Officer (ITAT Mumbai), Appeal No. I.T.A.No.3472/Mum/2010, Date of Pronouncement : 20.8.2014, Assessment Year: 2006-07 The assessee is engaged in the business of manufacture of Gas mantle and stove. Besides the assessee was […]
No Legal Bar on conversion of Stock in Trade to Investment ACIT vs. M/s. Superior Financial Consultancy Services (ITAT Mumbai), Appeal No. ITA No. 4208/Mum/2007, Date of Pronouncement : 06.03.2013, Assessment Year: 2004-05 Briefly stated, the assessee, a private limited company, engaged in the business of borrowing and lending funds reflected stock-in-trade of Rs.8,30,95,223.15 in […]
Complete Analysis on Section 123 of Companies Act, 2013 As per section 2(35) of Companies Act, 2013 dividend is defined as “dividend includes and any interim dividend”. After enactment of Companies Act, 2013, the concept of payment of dividend is very liberalized. This is because when we compare the provisions of Companies Act, 1956 with […]
Whether a Non-resident is liable to deduct TDS from payments made to persons resident in India? Of late the Government of India has been making use of the provisions of Tax Deduction at Source (TDS) for augmenting tax revenues. Vide Finance Act 1995 the scope of TDS has been vastly enlarged. There are certain provisions […]
How to simplify income-tax law – Basis of charge and income exempt from tax Suggestions regarding report of expert group to simplify income-tax law – Chapters II & III – Basis of charge and income exempt from tax 1. Introduction An attempt has been made in this article to offer some suggestions in respect of […]