In order to review the existing Income-tax Act, 1961 and to draft a new direct tax law, the Govt. had constituted a Task Force. Task Force was required to submit its report to Government by July 31, 2019. The Govt. has allowed the Task Force to submit its report by 16th of August, 2019 in light of the fact that the new Members of the Task Force requested for more time to provide further inputs
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Wednesday, July 31, 2019
Sale of one business undertaking along with all its assets & liabilities would fall within meaning of slump sale
INCOME TAX: Where assessee sold one of its business undertakings with all its assets and liabilities together with all licences, permits, approvals, registration, contracts and other contingent liabilities for a slump price, its case would fall within meaning of section 50B and, thus, profit earned by assessee from said transaction would be taxable as long term capital gain
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from www.taxmann.com Latest Case Laws https://ift.tt/2MtfT1R
Lok Sabha passes code on Wages Bill, 2019
TPO could only determine ALP of purchase of Know-how without questioning its justification for purchase
TRANSFER PRICING: Where TPO was of opinion that purchase of know-how made by assessee from its AE was not at Arm's Length, he could have applied any specified methods for determining Arm's Length Price of transaction, however,could not have replaced business decision of assessee and recorded justification for purchase made in context of incremental benefit earned by assessee out of such know-how
from www.taxmann.com Latest Case Laws https://ift.tt/2SRWvwJ
from www.taxmann.com Latest Case Laws https://ift.tt/2SRWvwJ
Cos may Face Penal Action for Not Meeting CSR Rules: Sitharaman
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