Rajasthan HC reverses
ITAT’s order, holds that education cess cannot be disallowed under the
provisions of Sec. 40(a)(ii); Relies on CBDT Circular No. F. NO.
91/58/66-ITJ(19) dated May 18th , 1967 which clarifies that since the word
‘cess’ had been omitted from Sec. 40(a)(ii), only taxes paid are to be
disallowed for AY 1962-63 and onwards; Relies on SC ruling in the case of
Jaipuria Samla Amalgamated Collieries Ltd. wherein while ruling on disallowance
under Sec 10(4) erstwhile Income-tax Act, 1922, SC had held that 'road cess'
and 'public work cess' could not be treated as tax:HC
Subscribe to:
Post Comments (Atom)
GST Not Leviable on Transfer of Leasehold Rights of MIDC Plots: SC Dismisses Revenue’s SLP
In a significant development, the Supreme Court has dismissed the Revenue’s Special Leave Petition (SLP) challenging a Bombay High Court (...
-
· Legal Framework: Section 171 of the Income Tax Act, 1961 provides the legal framework for the partition of a Hindu Undivided...
-
New utility for generation of Form 16A in pdf format provided by https://www.tdscpc.gov.in is very light and is sized only 8.43 MB while ...
-
1. Introduction Cross-border investment structures often employ intermediate holding companies in jurisdictions like the Cayman Islands. A c...
-
A new website launched for TDS related matters www.tdscpc.gov.in TRACES – T DS R econciliation A nalysis and C orrection E nabling S yste...
-
Issue before the Income-tax Appellate Tribunal (ITAT) Whether the phrase “paid up capital and general reserves” should be defined as “Ne...
-
Introduction Employee welfare is a cornerstone of corporate responsibility, and gratuity forms a critical part of the social security benefi...
-
Facts Saptarshi Ghosh (the tax payer) was a salaried employee of TCS Limited (employer), an Indian company. He was on deputation to the U...
-
Selling a property can trigger a significant tax liability in the form of capital gains tax. However, the Income-tax Act, 1961, allows you...
-
In the complex landscape of India’s Goods and Services Tax (GST), the tax treatment of non-compete fees has emerged as a critical area f...
-
The newly enacted Income Tax Act, 2025, marks a significant step toward simplification by consolidating multiple presumptive taxation sche...
No comments:
Post a Comment