What is the meaning of the expression “used for the purposes of the business”

What is the meaning to be ascribed to the expression “used for the purposes of the business” as found in Section 32 of the Income Tax Act, 1961. The provision of Section 32 pertains to depreciation. The contention of the Revenue is that with respect to any machinery for which depreciation is claimed u/s 32, the same cannot be allowed unless such machinery is used in the business and since discarded machinery is not used in the business, therefore, with respect to the discarded machinery no depreciation can be allowed.… Read More What is the meaning of the expression “used for the purposes of the business”

State of Karnataka and ANR Vs. M/s. Durga Projects Inc [ALL SC 2018 MARCH]

KEYWORDS:- Taxable turnover in a works contract- DATE:- March 06, 2018- The KVAT Act 2003 did not provide a uniform rate of tax prior to 01.04.2006 on goods involved in the execution of works contract also becomes apparent when we read the amendment which introduced Section 4(1)(c) by Act 4 of 2006. As a result of the… Read More State of Karnataka and ANR Vs. M/s. Durga Projects Inc [ALL SC 2018 MARCH]

Taxing Law in India

  1.  Accounting Standards U/s 145(2) of IT Act 2. Authority for Advance Rul¬ings (Procedure) Rules, 1996 3. Authority for Advance Rulings (Procedure for Appointment as Chairman and Vice-Chairman) Rules, 2016 4. Bank Term Deposit Scheme, 2006 – U/s 80C(2)(xxi) 5. Banking Cash Transaction Tax 6. Banking Cash Transaction Tax Rules, 2005 7. Black Money… Read More Taxing Law in India

Direct Tax Made easy

Direct Tax Laws Black Money (Undisclosed Foreign Income and Assets) Imposition of Tax Act, 2015 Central Duties of Exercise (Retrospective Exemption) Act, 1986 Direct Tax Laws (Miscellaneous) Repeal Act, 2000 Expenditure Tax Act,1987 Finance Act,2013 Income Tax Act,1961 Interest Tax Act,1974 National Tax Tribunal Act,2005 Undisclosed Foreign Income and Assets (Imposition of Tax) Act,2015 Wealth… Read More Direct Tax Made easy

Assistant Director of Income Tax-I, New Delhi Vs. M/s. E-Funds IT Solution Inc[ SC 2017]

KEYWORDS:–  The Organisation for Economic Co-operation and Development (OECD)-Mutual Agreement Procedures (MAP) Assistant Director of Income Tax-I, New Delhi Vs. M/s. E-Funds IT Solution Inc. [Civil Appeal No. 6082 of 2015] [Civil Appeal No. 2962 of 2016] [Civil Appeal No. 6087 of 2015] [Civil Appeal No.6102 of 2015] [Civil Appeal No. 6084 of 2015] [Civil Appeal No. 6100 of 2015] [Civil Appeal… Read More Assistant Director of Income Tax-I, New Delhi Vs. M/s. E-Funds IT Solution Inc[ SC 2017]