Expenditure cannot be disallowed merely on the ground that they are on higher side

Need for amendments to CST Rules relating to submission of 'C'/'F' Forms Posted: 11 Mar 2012 07:10 PM PDT Section 6-A of the Central Sales Tax Act, 1956 contains the provisions relating to transfer of goods otherwise than by way of sale. The dealer effecting the transfer of goods to any other place of his business or agent or principal is required to... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Risk Based Internal Audit Posted: 10 Mar 2012 10:28 PM PST Parallel to the great upsurge another factor that hunting the board room of the corporate are "Risk". There can be any type of the risk whether it is liquidity risk, fraud risk, reputation risk, competition risk and sundry other risks. Thus the... [[ This is a content summary only. Visit www.taxguru.in for full article.]] DLF – BCCI (IPL) Sponsorship Service Tax- Case Analysis Posted: 10 Mar 2012 10:21 PM PST DLF Limited entered into an agreement with BCCI-IPL dated 13.02.2008 and for title sponsor agreement wherein it was appointed as exclusive title sponsor of the League for the Cricket IPL 20-20 matches at a consideration of Rs. 40 crores. Crucially,... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Payments for supply of technical documents taxable as fees for technical services Posted: 10 Mar 2012 10:10 PM PST ITAT held that the payment received for supplying the 'Repair Technical Documents' are treated as 'Fees for Technical Services' (FTS) under the Income-tax Act,1961 (the Act). The Tribunal further observed that the technical materials supplied by the... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Payment for use of equipment is taxable as royalty and its related installation activities is taxable as FTS Posted: 10 Mar 2012 09:39 PM PST AAR held that the payment for mobilization and de-mobilization is related to use of equipment for undertaking installation work and taxable as royalty under Article 12(3)(b) of the India-Singapore tax treaty (tax treaty). Further as installation is... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Reimbursements received by a foreign company for travelling expenditure incurred for earning royalty/ FTS income taxable on gross basis under India-Singapore tax treaty Posted: 10 Mar 2012 09:13 PM PST Travelling expenses have been incurred in connection with technical services agreement. Therefore, the expenditure has been incurred for earning royalty/FTS. In spite of the fact that the agreement provides inter-alia for adequate level of support... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Expenditure cannot be disallowed merely on the ground that they are on higher side Posted: 10 Mar 2012 08:34 PM PST There is no dispute to the fact that the expenditure on horticulture and other heads was incurred for the purpose of business. The assessee has also furnished necessary details pertaining to such expenses incurred. Similar expenses were also allowed... [[ This is a content summary only. Visit www.taxguru.in for full article.]] S. 12AA CIT can cancel registration even after grant – High profit Ratio cannot be ground for rejection Posted: 10 Mar 2012 08:25 PM PST according to the provisions of sub-section (3) to Section 12AA, even after grant of registration, if the Commissioner is satisfied that the activities of such trust or institution are not genuine or are not being carried out in accordance with the... [[ This is a content summary only. Visit www.taxguru.in for full article.]]