Daily Archives: October 12, 2015

Section 112(1) Capital gain to Non Resident arising from Sale of Shares of Indian Listed Company

Reference :Section 112, read with section 48, of the Income-tax Act, 1961 and article 14 of the Double Taxation Avoidance Agreement between India & UK/Article 13 of OECD Model Tax Convention Subject   Capital gains – Tax on long term capital gains [Equity shares] Assessment year 2010-11 Facts of the Case: Petitioner-Scottish company transferred 4.36 crore… Read More »

civil contractor did not produce books of Accounts, AO Estimated Profit @ 8% under section 44AD

Where a civil contractor did not produce salary and wage register and other evidences in support of expenses incurred, Assessing Officer was justified in estimating profit at 8 per cent of gross contract receipts under section 44AD IN THE ITAT CUTTACK BENCH Ram Prasad Bhatta v. Assistant Commissioner of Income-tax, Berhampur Circle, Berhampur P.K. BANSAL,… Read More »