Latest Expert Exchange Queries

GST Demo Service software link: https://ims.go2customer.com
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft info@binarysoft.com
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
 
 
 
 
Popular Search: ACCOUNTING STANDARD :: Central Excise rule to resale the machines to a new company :: cpt :: list of goods taxed at 4% :: ACCOUNTING STANDARDS :: form 3cd :: due date for vat payment :: articles on VAT and GST in India :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ARTICLES ON INPUT TAX CREDIT IN VAT :: VAT RATES :: VAT Audit :: empanelment :: TDS :: TAX RATES - GOODS TAXABLE @ 4%
 
 
« News Headlines »
 A tax saver scheme with higher returns
 GST registration mandatory for TDS entities
 Govt rules out extension for filing GSTR-3B returns after December
 Tax department’s e-filing portal out of action for 2 hours
 Use ITR-2 to show salary and capital gains income
  TDS Applicability On Government Contracts Under Gst (Under Section 51 Of The Cgst Act, 2017)
  How to file ITR for FY 2016-17 and all the links you need
 All about E-way Bill under GST
 Good and simple tax: on the GST regime
 Seeks to extend the time limit for filing of GSTR-1, GSTR-2 and GSTR-3
 Good news, find Tax Return Preparers soon at a place near you; 5 things to know

I-T dept moves SC against Turner International India
April, 03rd 2009

The Income-Tax Department has moved the Supreme Court against the decision of Turner International India Ltd to claim deduction against tax liability on account of losses due to foreign exchange rate fluctuations.

Raising the issue in a petition filed against Turner International India Ltd, the Department submitted that the matter had wider ramifications as it would result in a loss of revenue to the state exchequer.

A bench headed by Justice S H Kapadia has kept the matter with a similar petition pending before it.

According to the Department, it had asked Turner to explain as to whether losses were on the revenue or the capital account after it found that the company had claimed deduction against exchange rate fluctuation hits (on foreign loans) of more than Rs 1.68 crore in February 2004.

However, the tax department had disallowed the deduction claim, turning down Turner's plea that such losses were allowed as deduction as they were incurred in the ordinary course of business and were incidental to it.

Terming the assessee's plea as misleading, the I-T authorities held the company had made additions to fixed assets worth Rs 14.37 crore, which were largely from loans taken from foreign parties.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Multi-level Marketing MLM India Affiliate Marketing Affiliate Marketing Software MLM Software MLM Solutions Multi level marketing solutions MLM Servi

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions