Archive for September, 2009

Refund scheme to exporters was introduced by notification n. 41/2007 dated 6th Oct 2007. The scope of refund was enhanced from time to time along with the procedural changes. To make the scheme simple and ensure speedier disposal, two notifications 17-2009-ST and 18-2009-ST have been issued on 7th July 2009 superseding the earlier scheme. Full Article

The credit crisis has exposed weaknesses in many financial intermediaries. How can rating agencies ensure their views are more accurate and unbiased?  Despite due diligence, there is always scope for improvement. Credit rating agencies (CRA) do not carry out a separate audit but takes cognisance of the information available from annual reports, submissions from management, [...] Full Article

One of the oldest and richest realtors of Mumbai, whose family once owned large parts of Powai and even donated land for setting up the IIT, is facing Income Tax (I-T ) trouble. I-T sleuths landed up at the residence and offices of Bhawani Shankar Sharma and his family members on Thursday morning and claimed [...] Full Article

CIT vs. Exide Industries (Supreme Court) S. 43B (f) was inserted by the Finance Act, 2001 w.e.f. 1.4.2002 to provide that any sum payable by the assessee as an employer in lieu of any leave at the credit of his employee shall be allowed as a deduction only in the year of actual payment. The [...] Full Article

The Government today extended the date for filing of income tax returns by a month in three districts of Maharashtra.”The due date of filing income tax returns, due by September 30, 2009, of tax payer assessed to income tax in the districts of Pune, Sangli and Kolhapur, has been extended to October 31, 2009,”the Central [...] Full Article

SUMMARY OF CASE LAW Remission of a debt by the lender which was not claimed and allowed as a deduction to the borrower in any manner in any earlier previous year cannot be brought to tax either under section 41(1) or under section 28(iv) of Income-tax Act, 1961. Full Article

SUMMARY OF CASE LAW Section 143, read with sections 234A to 234C, of the Income-tax Act, 1961, and articles 12 and 7 of the DTAA between India and USA – Assessment – General – Assessment years 2002-03 and 2003-04 – Whether return of income filed by an assessee, for purpose of section 143(1), would include [...] Full Article

Merely because the assessee has entered jointly with two separate agreements to purchase a duplex flat having two separate numbers does not mean that they are two residential units.- Suresh C. Sadarangani v. ACIT Full Article