Home Highlights January 2016 Year 2016 This

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1. Computation of gross profit - estimation and enhancement of turnover - As per tribunal opinion that the estimation of total sales without considering the actual...

2. Interpretation of statute - term ‘gross turnover’ as contained in the Composition Scheme 2006 - Composition Scheme for Gem and Stones, 2006 - the assessee was rightly...

3. Competition Commission of India (Determination of Turnover or Income) Regulations, 2024 - (1) Turnover or income for enterprises includes the value of sales, revenue, or...

4. Insertion of new section 44ADA - Special provision for computing profits and gains of profession on presumptive basis. - a sum equal to fifty per cent. of the total...

5. Valuation - Sales tax / Service Tax in J&K - inclusion of service tax in the gross turnover for the purpose of levy of Sales Tax / TDS - Relief granted to the petitioners - HC

6. Reconciliation of the difference between receipts as per TDS Certificates (26AS) and receipts disclosed by the assessee - the explanation put forth by the assessee in an...

7. Deduction u/s.80IC on the profits - gross total income - Going with the prescription of section 80A(2) of the Act, if the gross total income is more than the aggregate...

8. Income accrued India - applying the tax rate as per section 115A OR tax rate as per the DTAA between India and Spain - in all cases of concessional taxation on gross...

9. TDS liability of individual - for the applicability of the provisions of section 44AB and 194J, the gross receipts from both the sources shall be clubbed - the assessee...

10. Exemption under Section 10(23C)(iiiad) - Determination of threshold of turnover - ‘annual receipts’ versus ‘gross receipt’ - The Assessing Officer (AO) disallowed the...

11. Estimation of income on Cash Deposited in Bank Account - Kachha Arahtiya - Estimation of Net Profit (NP) @ 5% instead of 1% as claimed by the assessee - so far as kachha...

12. Computation of exemption u/s 10B - exclusion of scrap sales from the total turnover as well as the export turnover while computing the exemption - Meaning given by the...

13. Revision u/s 263 - There was no enquiries raised by the AO about the mismatch in the amount of gross receipts shown by the assessee viz a viz reported in the form 26AS...

14. On money receipts - additions based on the disclosure made before the Settlement Commission, however, the application was rejected by the commission - As a settled...

15. FTS in the given case would be taxed at the beneficial rate of 15% on gross receipts as provided in Article 13(2) of the India-UK DTAA. - the tax liability borne by GRSE...