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Department of Revenue has agreed to most of the recommendations put forward by Empowered committee in FDP on GST relating to harmonious structure of rate, taxation base, exemptions, chargeability, definition of taxable event, taxable person, valuation, classification etc.However, there are certain areas where Department of Revenue has suggested changes or deviated from FDP. The said areas of differences are discussed below: Full Article

The Central Board of Direct Taxes (CBDT) is in a fix over the application of one safe harbour rate to all sectors. A committee, formed last month to frame safe harbour rules as announced in the 2009-10 Budget to minimise transfer pricing disputes, has estimated that there is a huge difference in the margins of companies which would come under the ambit of safe harbour. Full Article

In an unusual display of checks and balances within the judiciary, the Delhi high court on Tuesday rejected the contention of the Supreme Court that the office of the Chief Justice of India (CJI) was beyond the ambit of the Right to Information Act. Full Article

Himachal Pradesh High Court holds that Outright purchase of plant knowhow in the form of technical / engineering data, design, drawings etc. is not royalty / fee for technical service, subject to withholding taxes Full Article

With effect from 1-6-1999, section 143(1) does not contain any provision for any adjustment to the returned income shown by the assessee in the return of income, and no room is left for any intimation to the assessee except making arithmetical calculation of tax or interest strictly on the basis of returned income; therefore, the power of rectification u/s 154 should be limited to the scope and power of making intimation u/s 143(1), and as such the power of rectification.. Full Article

Upholding the Central Information Commission (CIC) order that office of the Chief Justice of India (CJI) is well within the ambit of the Right to Information (RTI) Act, the Delhi High Court Wednesday ruled that judges should declare their assets. In a historical judgement, Justice S. Ravindra Bhat said judges are accountable but they are also [...] Full Article

SUMMARY OF CASE LAW Section 2(22) of the Income-tax Act, 1961 – Deemed dividend – Assessment year 1996-97 – Whether word `advance’, which appears in company of word `loan’ in section 2(22)(e), can only mean such advance which carries with it an obligation of repayment – Held, yes – Whether trade advance, which is in [...] Full Article

CASE LAW DETAILS In thee Case of : Shree Capital Services vs. ACIT  , Decided By :ITAT Kolkota Special Bench, Decide on : 31/07/2009, Appeal No.: I.T.A. No. 1294 (KOL) of 2008, Assessment Year :- 2004-05 SUMMARY OF THE CASE LAW In respect of AY 2004-2005, the assessee suffered a loss on account of trading [...] Full Article