Judgements by Hetvi Sheth

Whether proceeds from sale of scrap constitutes turnover for Section 80HHC of Income Tax Act, 1961?

Hetvi Sheth 13 May 2014 at 11:25

Section 80 HHC has been enacted in the Income Tax Act, 1961 to encourage exports for the purpose of earning foreign exchange. The exporter gets certain deduction from the income, which is derived from the profits from export of goods, while computing

Posted in LAW | 3693 Views

Whether Winding up petition can be filed under Companies Act for recovery of outstanding debts?

Hetvi Sheth 12 May 2014 at 11:35

The petitioners M/S Nakshatra Steel Sales & Services Ltd. And M/S Leo Ispat Ltd.supplied various iron and steel products tothe respondent companyM/S Radlay Metal Products Pvt. Ltd as per agreed specifications andraised bills for the materials supplie

Posted in LAW | 4503 Views

Does not maintaining separate books with frequent transactions mean that gains from shares has to be accessed as business profits instead of as STCG?

Hetvi Sheth 02 May 2014 at 11:09

The assesse who was engaged in the business of dealing in the auto spare pails andinvestment in bonds, mutual funds and other securities had claimed Rs. 31,13,006.51/- as LTCG and Rs. 26,82,115.35/- as STCG. The LTCG claim was permissible by AO but S

Posted in LAW | 2797 Views

Law explaining formation of AOP & taxability of off-shore supply & services

Hetvi Sheth 01 May 2014 at 15:29

The petitioner - Linde had formed a consortium with Samsung through MOU for jointly submitting a bid to secure a tender floated by OPAL to execute a project on turnkey basis. The proposal was accepted by OPAL. The consortium entered into an agreement

Posted in LAW | 3055 Views

Whether notices can be issued for TDS default u/s 205 & Sec. 40(a)(i) disallowance if no income arises to the recipient?

Hetvi Sheth 30 April 2014 at 11:08

Two writ petitions were filed under Art. 226 of the Constitution of India, challenging the jurisdiction of the first respondent to (i) reopen the assessment by issue of a notice under section 148 of the Income Tax Act, 1961 (“the Act”) and (ii) to tr

Posted in LAW | 3409 Views

Special capital incentive by state govt: whether capital receipt

Hetvi Sheth 26 April 2014 at 12:49

Assessee is a company engaged in the business of manufacturing of internal combustion engines had filed the return of income for the Assessment Year 1997-98 on 30.11.1997 declaring the total income of Rs.41,93,64,490/.The Assessing Officerassessed th

Posted in LAW | 1815 Views