Search Results for "Advance Rulings"

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Madras High Court Allows Assessee's Appeal in Income Tax Penalty Case — Typographical Error in Return Does Not Attract Penalty Under Section 271(1)(c). Bonafide belief and full disclosure of transaction negate mens rea for concealment.

The appellant, Ms. Saritha Jain, an income tax assessee, sold her shares in M/s. Vision Health Services (P) Ltd., an Indian company, to M/s. Perot Sys...

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Supreme Court Allows University Appeal in Increment Dispute Under UGC Scheme. Two Advance Increments Denied to Lecturer Holding Ph.D. on Placement as Selection Grade Lecturer Upheld.

The present appeal arises from a judgment of the Kerala High Court which directed the Sree Sankaracharya University of Sanskrit to grant two advance i...

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Supreme Court Allows NCDC's Appeal in Income Tax Dispute Over Deduction of Grants as Revenue Expenditure. Grants disbursed by a statutory corporation as part of its business are deductible under Section 37 of the Income Tax Act, 1961, regardless of the capital nature of the source funds.

The National Co-operative Development Corporation (NCDC), established under the National Co-operative Development Corporation Act, 1962, is a statutor...

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High Court of Karnataka Allows Appeal in KVAT Act Classification Dispute — Authority for Clarification & Advance Rulings Not Properly Constituted Under Section 60. Product 'Yakult' Held Entitled to Benefit of Entry 19 of First Schedule as Milk Product, Taxable at 4% Not 14%.

The appellant, Yakult Danone India Pvt Ltd, is the manufacturer of a product called 'Yakult', which it claimed is akin to 'lassi' and thus a milk prod...

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High Court of Karnataka Allows Writ Petition in Income Tax Case — Orders of Authority for Advance Rulings Quashed for Violation of Natural Justice. Dismissal for Non-Prosecution Without Notice and Rejection of Restoration Without Hearing Set Aside, Matter Remitted for Fresh Consideration.

The petitioner, M/s Onmobile Global Limited, a company engaged in telecommunication value added services, had entered into a partnership agreement wit...

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Bombay High Court Quashes Reopening of Assessment for UK Insurance Company in Income Tax Case — Lack of Fresh Material and Change of Opinion. Reopening under Section 147 of Income Tax Act, 1961 based on mere change of opinion without new tangible material is invalid.

The petitioner, The Prudential Assurance Company Ltd., a UK-incorporated insurance company registered as a sub-account of a Foreign Institutional Inve...