Assessment

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

ICAI given the proposal of for Nomination of Chartered Accountants u/s 14A and 14AA of the Central Excise Act, 1944 for special audit. Copy of letter written by ICAI President CA. UTTAM PRAKASH AGARWAL to The Chairman, Central Board of Excise & Customs is as follows:- No.1-CA(Rep Com) /2009,  Dated: 2nd June, 2009 The Chairman, Central Board of Excise [...] Full Article

The I-T department has found over Rs 1,200 crore lying unaccounted in lakhs of frozen demat accounts across the country and has sought a detailed probe on the possibility of their use for illegal transaction and tax evasion. The department has now sent the reports of such accounts to the respective Chief Commissioners of Income [...] Full Article

In view of the foregoing, we are in agreement with the findings of Id. CIT(A) that activities undertaken by the taxpayer were in respect of production and export of computer software within the meaning of provisions of section 10B of the Act, especially when the AO himself concluded so for the purpose of section 80HHE of the Act. We are also in agreement with the uncontroverted submission of the Id. AR on behalf of the taxpayer that the taxpayer did not claim any deducti.. Full Article

SUMMARY OF CASE LAW All the expenses of the business, whether direct or indirect; project specific or common expenses, have to be considered for computation of the profits and gains of an eligible business. CASE LAW DETAILS Decided by: ITAT, “B-1″ BENCH, MUMBAI, In The case of: Nitco Tiles Ltd. v. DCIT, Appeal No. : [...] Full Article

IN his first ever formal interaction with media persons today the Finance Minister, Mr Pranab Mukherjee, has said that as per his Party’s manifesto, his Govt is committed to present the Budget 2009 within 45 days and it will be presented in the first week of July. The Budget exercise is already underway in full [...] Full Article

MUMBAI: Salaried taxpayers who have not received refunds for assessment years 2003-04 to 2006-07 can find out whether their refunds have been returned undelivered from this link: http://www.incometaxindia.gov.in/CCIT/refundsearch.asp You can get the information from the menu `undelivered salary refund management system’, using your PAN number. If any refund has been returned undelivered due to a [...] Full Article

In March 2008, Central Board of Direct Taxes (CBDT) inserted Rule 8D in the income tax rules laying down the formula for the disallowance of expenses incurred in relation to exempt income. With the recent pressures to boost tax collections, the rule has created an endless bout of litigation as authorities are taking aggressive tax positions resulting [...] Full Article