CIT can invoke jurisdiction u/s 263 if assessment order was based on inadequate or improper enquiry Case Law Citation: PVS Multiplex (India) Ltd. Vs. CIT (ITAT DELHI), ITA No. 2370/Del /2013, Date of Decision: 14.08.2015 Brief of the case: In the case of PVS Multiplex (India) Ltd. Vs. CIT Delhi Bench of ITAT held that […]
Income Tax Benefits on Various Plans of LIC for FY 2015-16 IMPORTANT INCOME TAX BENEFITS AVAILABLE UNDER VARIOUS PLANS OF LIFE INSURANCE FOR ASSESSMENT YEAR 2016-17/FINANCIAL YEAR 2015-16 1) Deduction allowable from Income for payment of Life Insurance Premium (Sec. 80C). (a) Life Insurance premia paid in order to effect or to keep in force […]
Manufacturer V/s Buyer’s Premises place of removal Till recently based upon two relevant Judgements from the Honorable Supreme Court i.e in the case of M/s Escorts JCB Ltd. V.CCE 2002 (10) TMI 96 – SUPREME COURT OF INDIA and CCE V. M/s Roofit Industries 2015 (4) TMI 857 – SUPREME COURT, the concept of ‘ […]
Free supplies in works contract services Works contract service is a complex subject for discussion whether it may be for valuation of service in the contract price or for computing value added tax in the consideration. This complication manifolds while determining whether free supplies should form part of gross amount or not when there is […]
No disallowance u/s 43B for unpaid sales tax liability shown as contingent liability Citation of the Case-: DCIT vs. M/s. Escorts Construction Equipment Ltd. (ITAT Delhi), Income tax (Appeal) no.1860 of 2011, Date of Judgment: 16/10/2015 Brief of the Case ITAT Delhi held In the case of DCIT vs. M/s. Escorts Construction Equipment Ltd. that […]