Ca rohit jaiswal december 2018 electricity production in china

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2. In this connection, I am directed to state that Section 35(1)(ii) of the Income-tax Act,1961 (‘Act’) prescribes a weighted deduction @ 150% (175% before 01.04.2018) to a donor for any sum paid to an approved ‘research association having as its sole object the undertaking of scientific research or to a ‘university, college or other institution’ for carrying out scientific research. Very recently, Board has received several references from the field authorities for clarifying whether a Trust namely M/s Shri Arvindo Institute of Applied Scientific Research Trust (PAN:AAFTS7349D) (Hereinafter ‘the Trust’) having offices at Mumbai & Puducherry is an entity specified by the Central Government through a Notification for purposes of section 35(l)(ii} of the Act or not. Presently, the trust is assessed with CIT(Exemption), Mumbai.

Thereafter ,this entity, being not recognized for purpose of section 35(1)(ii) of the Act, is not eligible to raise donations for undertaking scientific research however, the Trust has raised substantial donations over the last six years on the basis of a forged certificate while the donors have irregularly claimed weighted deduction u/s. 35(1)(ii) of the Act on donations made to the Trust.

4. In view of above, I am directed to state that the pending scrutiny assessment cases of donors who have claimed irregular weighted deduction u/s 35(1)(ii) should be handled in light of above facts. In case of donors whose cases are presently not under scrutiny,the Board desires that a list of donors who had provided funds to the Trust u/s 35(1}(ii) of the Act should be drawn by CIT (Exemption}, Mumbai for the period from A.Y 2012-13 to 2018- 19 and circulated to the concerned field authorities expeditiously.

5. static electricity definition science I am further directed to state that while handling investigations/ enquiries in these cases, the concerned Assessing Officer should examine the specific transactions related to the sum donated and cash trail should be clearly identified. Also, various provisions pertaining to enquiry and investigation under the Act should be effectively used and assessment orders should be passed under the monitoring of supervisory authorities.

In the case of Sweet Shop cum restaurant, the services from the restaurant is a principle supply which provides a bundled supply of preparation & sale of food and serving the same and therefore it constitutes a composite supply. In the instant case the nature of restaurant services is such that lt may be treated as the main supply and the other supplies Combined with such main supply are in the nature of incidental or services.

Thus restaurant services get the character of predominant supply over other supplies. Therefore in the present case the supply shall be treated as supply of service and the sweet shop shall be extension of the restaurant. gas after eating meat Thus supply of pure food, namkeen, cold drink and other edible items from a sweet Shop which also runs a restaurant is a transaction of supply of service.

Supreme Court has held that for setting aside an arbitral award will not ordinarily require anything beyond the record that was before the Arbitrator and if there are matters not contained in such record, and are relevant to the determination of issues arising under Section 34(2)(a), they may be brought to the notice of the Court by way of affidavits filed by both parties.

Instructions were issued vide CBDT Circular No. 3 of 2018 dated 11.07.2018, to the effect that SLPs/appeals should not be filed in cases where the tax effect does not exceed the monetary limits specified under para 3 of the said Circular. It was also clarified therein that appeal should not merely be filed because the tax effect in the case exceeds the monetary limits prescribed in the said Circular.

2. In para 10 of the said Circular read with Board’s letter issued vide No. 279 /Misc.142/2007 -ITJ(Pt) dated 20.08.2018, it has been unambiguously and expressly provided that adverse judgments relating to the following issues should be contested on merits notwithstanding that the tax effect entailed is less than the monetary limits specified in para 3 above or there is no tax effect:

3. The direction that appeals be ‘contested on merits’ in itself implies that there should not be any mechanical filing of appeals in these cases. 76 gas station jobs It is therefore reiterated that the import and intent of para 10 of Circular 3 of 2018 is that even on issues mentioned in the said para, appeals against the adverse judgements should only be filed on merits.

# APPEAL to ICAI & CC Members: On 12.12.2018, I shared AAR, Maharashtra ruling in Lions Club of Poona Kothrud (2018 (12) TMI 590). A number of calls / messages recd from the Members, when the Fee collected from the Members of Lions Club is not ‘supply’, why can’t Membership Fee from ICAI Members be out of definition of SUPPLY. Need your immediate deliberation on the issue.

👉Transmission and transposition of shares held in paper form will continue to be allowed. Transmission happens upon death of any or all shareholders. Transposition means change in ownership pattern; eg. From combination A & B (in this order) to B & A or from A & B & C to B & A & C. gas 101 Though these will still be possible in paper form even after 31st March, 2019, conversion to demat is still suggested for many other benefits it offers.

I. Section 54B of the Income-tax Act, 1961 – Capital gains – Transfer of land used for agricultural purposes (Applicability of) – Assessment year 2014-15 – Whether where assessee purchased a piece of agricultural land prior to sale of agricultural land owned by him, assessee’s claim for deduction under section 54B in respect of land so purchased was to be rejected – Held, yes [Para 13] [In favour of revenue]

II. pass gas in spanish Section 48 of the Income-tax Act, 1961 – Capital gains – Computation of (Indexed cost of improvement) – Assessment year 2014-15 – During relevant year, assessee earned capital gain from sale of agricultural land – Assessee’s case was that while computing amount of capital gain, Assessing Officer did not allow benefit of indexed cost of improvement in respect of levelling of land – Commissioner (Appeals) confirmed said disallowance – In appellate proceedings, assessee brought on record receipt of said expenditure which showed that levelling of land was done that’s purpose of irrigation from canal – Whether on facts, it could be concluded that assessee had established that certain cost had been incurred for improvement of agricultural land and, thus, assessee’s claim deserved to be allowed – Held, yes [Para 10] [In favour of assessee]

III. Section 54B of the Income-tax Act, 1961 – Capital gains – Transfer of land used for agricultural purposes (Computation of) – Assessment year 2014-15 – Whether while computing deduction under section 54B, stamp duty paid by assessee was to be considered as part of cost of purchase of agricultural land – Held, yes [Para 13] [In favour of assessee]

For setting aside an arbitral award will not ordinarily require anything beyond the record that was before the Arbitrator and if there are matters not contained in such record, and are relevant to the determination of issues arising under Section 34(2)(a), they may be brought to the notice of the Court by way of affidavits filed by both parties.

2. NCLAT allowed appeal filled u/s 7 of IBC for initiation of Corporate Insolvency Resolution Process jointly against 2 respondents. It held that if two corporate debtors entered in a joint venture for developing the land, in which one party is developer and another is land owner, the application u/s 7 will be maintainable against both of them jointly. Therefore, NCLT order shall stand set aside.

The chartered accountants’ apex body ICAI has signed a MoU with the Indian Institute of Management, Ahmedabad for conducting management training programmes for CAs. The objective of the initiative is to establish mutual cooperation between the institutes for offering and co-hosting open enrolment and customized training programs exclusively for Chartered Accountants (CAs).