4 February, 2014
Dealing with an interesting basket of disputes, the ITAT, Jaipur, on 27th January, 2014, decided two important questions. One related to the ‘market price’ of power purchased (consumed) calculated at ‘arm’s length’ by the assessee, and other relating to carbon credits.
The facts in Shree Cement v. ACIT
Power produced by the assessee in its power undertaking was consumed b...
The Government of India submitted the ‘Direct Taxes Code’ Bill, 2010 in the Parliament in August, 2010. The Code, expected to come into force from the next financial year i.e. 1st April 2012, is not just a regular amendment but replaces all the existing direct tax laws in India. The drafters have also worked “on a clean drafting slate”. This seems to be sufficient impetus for a deeper scrutiny ...
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