Search Results For: sales-tax remission


CIT vs. Sulzer India Limited (Bombay High Court)

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DATE: December 5, 2014 (Date of pronouncement)
DATE: December 5, 2014 (Date of publication)
AY: 2003-04
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CITATION:
S. 41(1): Payment of Net Present Value of sales-tax deferral loan does not constitute a taxable "benefit"

The High Court had to consider whether the judgement of the Special Bench of the Tribunal in Sulzer India Ltd vs. JCIT 138 ITD 1 (SB)(Mum) that the difference between the Net Present Value of sales-tax liability and its future

CIT vs. McDowell & Co Ltd (Karnataka High Court)

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COUNSEL:
DATE: September 2, 2014 (Date of pronouncement)
DATE: October 9, 2014 (Date of publication)
AY:
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CITATION:
Premature payment of sales-tax deferral loan by paying an amount equal to the net present value of the deferred tax by which the entire liability to pay tax/loan stood discharged is not a "benefit" taxable u/s 41 (1)

As per an incentive scheme announced by the Government of Maharashtra, the assessee entered into an agreement to avail the benefits under deferral/1993 scheme which provides for deferment of payment of taxes. This agreement not only determined the eligibility of

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