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Export Turnover" for Sec- 10A of Income Tax
Posted: 2008-01-10 05:45:08 UTC-08:00
IN THE INCOME TAX APPELLATE TRIBUNAL, BANGALORE BENCH 'B' BANGALORE ITA No.248 & 249/Bang/2007 (Asst. Year 2002-03 & 2003- 04) M/s I-GATE GLOBAL SOLUTIONS LTD 158-162(P) &...
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Infosys case : SC rules every benefit is not taxable as income;
Posted: 2008-01-09 21:24:34 UTC-08:00
Infosys case : SC rules every benefit is not taxable as income; Prior to 2000 - No provision in I-T Act to tax ESOPs - TDS not applicable as value of shares as perquisite not ascertainable; Clause...
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Is value of DEPB licence attributable to 'direct cost' of trading exports?
Posted: 2008-01-08 21:32:28 UTC-08:00
Is value of DEPB licence attributable to 'direct cost' of trading exports? - Is it eligible for deduction u/s 80HHC of Income Tax Act? - Tribunal clears clouds over the issue MUMBAI, JAN 08, 2008 :...
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Show cause notice issued for recovery of erroneous refund without reviewing order of refund is valid : Tribunal
Posted: 2008-01-08 21:15:52 UTC-08:00
CHENNAI, JAN 08, 2008 : TIOL often advises the netizens to make their offspring take up legal profession. With a promising number of disputes on various issues traveling up and down the...
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SC rules in favour of Income Tax Commissioner
Posted: 2008-01-08 06:10:19 UTC-08:00
January, 07th 2008 The income tax department has won its appeals against tea exporting companies when the Supreme Court resolved the prevailing conflict of views among the High Courts on the...
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I-T - Settlement Commission – mandatory payment of interest new provisions challenged
Posted: 2008-01-08 06:02:56 UTC-08:00
I-T - Settlement Commission – mandatory payment of interest - new provisions challenged - rights of citizens cannot be trampled over by Government, under the banner of speedy justice : Delhi HC NEW...
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Proceedings in search cases cannot be used as an opportunity to reopen
Posted: 2008-01-05 02:26:46 UTC-08:00
Proceedings in search cases cannot be used as an opportunity to either reopen concluded assessment or to reassess returned income : ITAT NEW DELHI, JAN 04, 2008 : THE facts of the case are on a...
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Stricter norms for tax audited accounts justified
Posted: 2008-01-05 02:16:22 UTC-08:00
If the assessing officer is going to make good an omission on the part of the assessee, he must be expressly authorised by law to do so lest he is hauled over coals for cosying up to the...
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IT Dept acquisition-
value diminution-Not Correct-H.C. Posted: 2008-01-05 02:05:51 UTC-08:00
Will loss of the original deed diminish value? The IT Department acquired a property at Gandhi Nagar in Chennai when the agreement for sale relating to the property was submitted for getting the 'No...
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Non-compete fees paid in addition to payment for shares is not Taxable
Posted: 2008-01-03 21:22:52 UTC-08:00
Non-compete fees paid in addition to payment for shares - Since it is payment for restrictive covenant to compete against same business it is capital in nature but not taxable to capital gains as...
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Cos have to appoint monitoring agencies for IPO funds
Posted: 2008-01-03 06:43:19 UTC-08:00
Mumbai December 27, 2007 Companies shall be required to appoint agencies to monitor the utilisation of funds raised through public and rights issues, and report any deviation in utilisation to the...
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RTI Act - Income Tax Department determined to deny information - fails in second Appeal
Posted: 2008-01-03 06:37:50 UTC-08:00
RTI Act - Income Tax Department determined to deny information - fails in second appeal before HC - no prejudice would be caused in any manner to Revenue if information is disclosed : Delhi HC NEW...
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Deferred tax liability is Not a provision for Income Tax -ITAT
Posted: 2008-01-03 06:35:34 UTC-08:00
Deferred tax liability is a provision for tax effect of difference between taxable and accounting income - Not a provision for I -T paid or payable - it is also not reserve as same cannot be...
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Payments made for services provided from abroad will be taxable
Posted: 2007-12-31 21:39:50 UTC-08:00
Income Tax - Payments made for services provided from abroad will be taxable as income in hands of recipient - payments made to foreign contractor are liable to TDS : ITAT NEW DELHI, DEC 31, 2007 :...
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UP CM Mayawati wins Rs.60.00 Lacs case in ITAT
Posted: 2007-12-29 01:40:58 UTC-08:00
I-T - Rs 60 lakhs gift to Mayawati - these gifts are made out of natural love and affection by donors - Element of reverence, veneration or personal esteem and faith all depend upon personal feelings...
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Income Tax Department to furnish information sought Under RTI within Two weeks
Posted: 2007-12-24 05:17:32 UTC-08:00
Right to Information is a fundamental right - Income Tax Department to furnish information sought within two weeks - serious note taken of lackadaisical approach of Department in releasing...
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Setback for Chartered Accountants
Posted: 2007-12-24 04:06:41 UTC-08:00
*Setback for Chartered Accountants; Word 'business' does not include 'profession' to allow deduction under Clause (iv) of Sec 32 (1) of I-T Act : SUPREME COURT NEW DELHI, NOV 28, 2007. The key...
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Mat on increase in Depreciation due to increase in cost of Assets purchase in foreign currency
Posted: 2007-12-23 22:02:30 UTC-08:00
HIGH COURT OF DELHI Commissioner of Income-tax, Delhi IV v. Insilco Ltd. Section 32 of the Income-tax Act, 1961 - Depreciation - Allowance/rate of - Assessment year 1999-2000 - Whether in view...
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If in law income has to be taxed in hands of AOP
Posted: 2007-12-23 22:00:00 UTC-08:00
If in law income has to be taxed in hands of AOP, it has to be taxed as such, and mere fact that the income is taxed in hands of individual members of AOP, does not bar Assessing Officer from taxing...
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Recent Judgements
Posted: 2007-12-20 04:58:56 UTC-08:00
CIT vs. Williamson Financial Services (Supreme Court) Section 80HHC is not part of the computation of income under the head 'Business'. accordingly, in the case of an assessee engaged in the...
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Transfer to reserve before making deduction u/s 36
Posted: 2007-12-20 04:50:13 UTC-08:00
Income Tax - Deductions - Transfer to reserve to be worked out on gross total income before making deduction u/s 36 as well as under Chapter VI-A of Act : Rajasthan HC Larger Bench THE issue...
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Section 10(10CC) of the Income-tax Act, 1961
Posted: 2007-12-20 04:47:47 UTC-08:00
In the ITAT delhi bench 'f' (special bench) RBF Rig Corpn. LIC (RBFRC) v. Assistant Commissioner of Income-tax, Circle-1, Dehradun Section 10(10CC) of the Income-tax Act, 1961 - Perquisite,...
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ITAT in Van Oord Atlanta-Critical analysis by Kapil Goel, Chartered Accountant
Posted: 2007-12-20 04:41:40 UTC-08:00
Articles on current topics The decision in Van Oord Atlanta's case Kapil Goel, Chartered Accountant The author has made a critical analysis of the recent decision of the Kolkota Bench of...
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Expenditure incurred in relation to income not includible in total income -Sec 14A
Posted: 2007-12-20 04:39:36 UTC-08:00
In the ITAT Mumbai Bench `I' Assistant Commissioner of Income-tax, Rg. 4(1), Mumbai v. Claridges Investments & Finances (P.) Ltd. I. Section 14A, read with section 10(33), of the Income-tax...
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Capital gains of non-residents from Indian assets
Posted: 2007-12-20 04:17:55 UTC-08:00
The Income-Tax Act extends to the whole of India, that is, the territory of India mentioned in the Constitution and the territorial waters, continental shelf, etc (Section 2(25A) of the Income-Tax..[[ This is a content summary only. Visit my website for full links, other content, and more! ]]
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