Reimbursement of salary cost of high level managerial personal can be treated as FTS Case Law Citation:- M/s Food world Supermarkets Ltd. vs. Deputy Director of Income Tax (ITAT Bangalore), ITA Nos.1356 & 1357/Bang/2013 Assessment year: 2008-09, Date of Decision – 28th October 2015. Brief Facts and Question of Law: Brief Facts of the Assessee: […]
Amended Rules regarding quoting of PAN for specified transactions to come into force from 1st January, 2016 The Government is committed to curbing the circulation of black money and widening of tax base. To collect information of certain types of transactions from third parties in a non-intrusive manner, it is mandatory under Rule 114B of […]
Compensation for loss of income-generating asset is not revenue in nature CIT Vs. Sharda Sinha (Delhi High Court), Appeal No. ITA 471/2003, Date of Pronouncement-22.12.2015 The Respondent is the successor-in-interest and legal representative of the deceased Assessee. The Assessee was a journalist by profession and was appointed as the Foreign Correspondent in India of a […]
GST- Proposed Input tax credit methodology Goods & Service tax (GST), the mile stone tax reform since independence of India is on its way to implementation journey and proposed GST bill is under discussion everywhere. This is very crucial stage to understand the various methodologies proposed in the GST bill. As we all aware that […]
Pre-delivery inspection charges and after sales service charges not includible in assessable value SC overruled the CESTAT Larger Bench decision in Maruti Suzuki case and held that pre-delivery inspection charges and after sales service charges are not to be included in assessable value Commissioner of Central Excise, Mysore Vs. TVS Motors Company Ltd. [2015 (12) […]