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SUMMARY OF CASE LAW The grants and payment of royalty claimed under the head “expenses on direct operations/ grants” are not allowable under section 37(1), but they are allowable under section 36(1)(xii) CASE LAW DETAILS Decided by: ITAT, DELHI BENCH `E’ : NEW DELHI, in the case of : Oil Industry Development Board v.ACIT, AppealNo. : [...] Full Article

SECTION 120 OF THE INCOME-TAX ACT, 1961 – INCOME-TAX AUTHORITIES JURISDICTION OF – AMENDMENTS IN NOTIFICATION NO. SO 2022 (E), DATED 30-11-2007 NOTIFICATION NO. 47/2009 [F.No. 187/17/2007-IT(A-I) Part] , DATED 1-6-2009 In exercise of the powers conferred by sub-sections (1) and (2) of section 120 of the Income tax Act, 1961 (43 of 1961), the [...] Full Article

The AAR upholds the importance of the transfer pricing provision over the capital gains provision in case of an international transaction  In a recent ruling in case of Canoro Resources Limited1 (the taxpayer) the Authority for Advance Ruling (AAR) has held that   The transfer pricing provisions shall override the general provisions provided for computing capital [...] Full Article

NOTIFICATIONS NO. DPSS.CO. (CHD) NO. 873 / 03.09.01/ 2008-09, DATED 24-11-2008 As you may be aware, during August 2006, a case was filed before National Consumer Disputes Redressal Commission, New Delhi (the Commission) under the Consumer Protection Act, 1986, inviting attention to the delays in cheque clearing and, specifically, to the issue of float in [...] Full Article

In exercise of the powers conferred by sub-section (3) of section 1 of the Limited Liability Partnership Act, 2008 (6 of 2009), the Central Government hereby appoints 31-5-2009 as the date on which the provisions of sections 55 to 58, Second Schedule, Third Schedule and Fourth Schedule of the said Act shall come into force. [...] Full Article

SUMMARY OF CASE LAW The relationship between the assessee-airlines and the travel agent is one of principal and agent; the supplementary commission which is the amount retained by the travel agent is commission within the meaning of section 194H read with Explanation (i) to the said section; the difference between the full value of the [...] Full Article

  SUMMARY OF CASE LAW The assessee may make an imprudent business decision but the same itself does not empower the Revenue to disallow legitimate and bona fide business expenditure.  CASE LAW DETAILS Decided by: ITAT, `D’ BENCH, AHMEDABAD, In The case of: Shivganga Builders Pvt. Ltd. v. ACIT, Appeal No. : ITA NO. 1189/AHD/2004, [...] Full Article

The government is likely to soon give its nod to the Serious Fraud Investigation Office (SFIO) for initiating prosecution against the persons involved in the Rs 7,800 crore-accounting fraud at Satyam Computer Services. The ministry of corporate affairs is in consultation with the law ministry and will take a decision on filing cases in the Satyam [...] Full Article