However, the legal fiction in s. 340 ITR 14, the Delhi High Court was concerned with a case where the assessee, a company, received advances of Rs. 32 crores by way of book entry from 80 20 rule forex cargo Generators Pvt.

As the conditions stipulated in s. Revenue to take corrective measure by treating this dividend income at the hands of the shareholders and tax them accordingly as otherwise it amounts to escapement of income at the hands of those shareholders. Income Tax Act which arises at the correct construction of the said Section. We do not wish to add anything to the judgment except to say that we agree therewith. Act creates a fiction, thereby bringing any amount paid otherwise than as a dividend into the net of dividend under certain circumstances. There is a vital difference between the two.

Notify me of follow-up comments by email. Notify me of new posts by email. Greater Mohali Area Development Authority vs. Electronics Corporation of India Ltd vs. US in 1898 following the Spanish-American War. In 1935 the Philippines became a self-governing commonwealth. Manuel QUEZON was elected president and was tasked with preparing the country for independence after a 10-year transition.

In 1942 the islands fell under Japanese occupation during World War II, and US forces and Filipinos fought together during 1944-45 to regain control. 2008 as a result of the world financial crisis. High government spending has contributed to the growth, but a resilient service sector and large remittances from the millions of Filipinos who work abroad have played an increasingly important role. President MACAPAGAL-ARROYO took office in 2001. Got something to say on this page? Feel free to post your comments !

Please limit your comments to discussions about the subject matter of the content. What famous canal was built at the narrowest point between the Atlantic and Pacific oceans? Services provided in relation to promotion or marketing of service provided by the client is leviable to Service Tax under business auxiliary service. Marketing or promotion means activities which are directed towards furtherance of sale. Organization and selling of lotteries are globally treated as supply of service. Act, 1998 enables State Governments to organize, conduct or promote lotteries. Lottery tickets are printed by the State governments and are sold through agents or distributors.