The Appellate Tribunal held that the grant received was not taxable as revenue receipt since the said grant was given to recoup the losses incurred by the assessee and was hence, in the nature of capital contribution.
'Charge' was not registered as per the provisions of Section 77 (1) of the Companies Act, 2013 and as envisaged under the IBC 2016, hence the Creditor cannot be treated as a 'Secured Creditor'.
The objective of Section 37 is to claim business expenditure incurred by the assessee which is not covered under sections 30 to 36 as deductions. Thus, this section is as a general section for claiming deductions.
GST on payment made through toll charges or annuity payment by NHAI to the concessioner are exempt from GST and the Input Tax paid by the private operators will be available to them as Input Tax Credit.
It is clear that any income from renting a property (which is a building and/or land attached to it) by the owner not utilized for its own business and profession will be considered as Income from House Property.
Officers such as whole-time directors, KMP, directors, etc. shall be liable to any penalty or punishment in case of default committed by the company under the Companies Act, 2013.
Discussing an interesting situation and taxability of an individual after his separation from HUF i.e. Whether a person will be taxable under dual capacity as an ‘Individual’ as well as 'Karta' after separation from HUF?
Discussing the taxability of income of a foreign company for downlinking television channels in India and income from display of uncut and unassorted diamonds by a foreign citizen in the Bharat Diamond Bourse.
A personal guarantee by a director is a contractual promise to pay the debts of the company in the event that the company is unable to pay the guaranteed debt. ..
Where proprietor business is converted into a partnership, the exclusive interest of the proprietor is reduced and the business assets become sets of the firm in which he becomes a partner.
LIVE Course on Foreign Exchange Management Act (FEMA)(with recording)
LIVE Course on Foreign Exchange Management Act (FEMA)(without recording)