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	<title>TaxGuru &#187; business income</title>
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	<link>http://taxguru.in</link>
	<description>Complete Tax Solution</description>
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		<title>Under Explanation to section 73 of Income Tax Act, 1961 even delivery-based loss on shares is “speculation” loss</title>
		<link>http://taxguru.in/income-tax-case-laws/under-explanation-to-section-73-of-income-tax-act-1961-even-delivery-based-loss-on-shares-is-%e2%80%9cspeculation%e2%80%9d-loss.html</link>
		<comments>http://taxguru.in/income-tax-case-laws/under-explanation-to-section-73-of-income-tax-act-1961-even-delivery-based-loss-on-shares-is-%e2%80%9cspeculation%e2%80%9d-loss.html#comments</comments>
		<pubDate>Fri, 18 Feb 2011 03:40:23 +0000</pubDate>
		<dc:creator>admin</dc:creator>
				<category><![CDATA[Income Tax Case Laws]]></category>
		<category><![CDATA[business income]]></category>
		<category><![CDATA[CAPITAL GAIN]]></category>
		<category><![CDATA[share speculation]]></category>

		<guid isPermaLink="false">http://taxguru.in/under-explanation-to-section-73-of-income-tax-act-1961-even-delivery-based-loss-on-shares-is-%e2%80%9cspeculation%e2%80%9d-loss-36717.html</guid>
		<description><![CDATA[he Explanation to s.73 creates a fiction that the loss suffered by certain companies from the business of purchase &#038; sale of shares shall be deemed to be speculation loss. The Explanation is not inconsistent with the object of introduction. The CBDT ]]></description>
		<wfw:commentRss>http://taxguru.in/income-tax-case-laws/under-explanation-to-section-73-of-income-tax-act-1961-even-delivery-based-loss-on-shares-is-%e2%80%9cspeculation%e2%80%9d-loss.html/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Interest on fixed deposits effectively connected with PE is taxable as Business Income</title>
		<link>http://taxguru.in/income-tax-case-laws/interest-on-fixed-deposits-effectively-connected-with-pe-is-taxable-as-business-income.html</link>
		<comments>http://taxguru.in/income-tax-case-laws/interest-on-fixed-deposits-effectively-connected-with-pe-is-taxable-as-business-income.html#comments</comments>
		<pubDate>Tue, 01 Feb 2011 11:48:12 +0000</pubDate>
		<dc:creator>admin</dc:creator>
				<category><![CDATA[Income Tax Case Laws]]></category>
		<category><![CDATA[business income]]></category>
		<category><![CDATA[Direct expenses]]></category>
		<category><![CDATA[Fees for procurement services]]></category>
		<category><![CDATA[fees for technical s]]></category>
		<category><![CDATA[head office]]></category>
		<category><![CDATA[Indian projects]]></category>
		<category><![CDATA[Interest on fixed deposits]]></category>
		<category><![CDATA[PE]]></category>

		<guid isPermaLink="false">http://taxguru.in/interest-on-fixed-deposits-effectively-connected-with-pe-is-taxable-as-business-income-36650.html</guid>
		<description><![CDATA[The Tribunal has once again reiterated the principle that interest on fixed deposits kept as margin with banks is effectively connected with the business and would be taxable as business income. Furthermore, the Tribunal held that the direct expenses]]></description>
		<wfw:commentRss>http://taxguru.in/income-tax-case-laws/interest-on-fixed-deposits-effectively-connected-with-pe-is-taxable-as-business-income.html/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Characterization of income from sale of shares</title>
		<link>http://taxguru.in/income-tax-case-laws/characterization-of-income-from-sale-of-shares.html</link>
		<comments>http://taxguru.in/income-tax-case-laws/characterization-of-income-from-sale-of-shares.html#comments</comments>
		<pubDate>Mon, 05 Jul 2010 03:36:33 +0000</pubDate>
		<dc:creator>admin</dc:creator>
				<category><![CDATA[Income Tax Case Laws]]></category>
		<category><![CDATA[business income]]></category>
		<category><![CDATA[CAPITAL GAIN]]></category>
		<category><![CDATA[Management Structure Systems]]></category>
		<category><![CDATA[Smt. Sadhana Nabera]]></category>

		<guid isPermaLink="false">http://www.taxguru.in/?p=31165</guid>
		<description><![CDATA[The Mumbai Tribunal, following earlier judicial pronouncements and Circulars, has once again highlighted that the characterization of income from sale of shares as „capital gains or business income is a fact-based analysis. The decision of the Mumbai Tribunal in the case of Management Structure &#038; Systems Pvt. Ltd is significant because in this case the taxpayer’s income from investments was substantially higher than the income earned from its main business activity of management consultancy.]]></description>
		<wfw:commentRss>http://taxguru.in/income-tax-case-laws/characterization-of-income-from-sale-of-shares.html/feed/</wfw:commentRss>
		<slash:comments>4</slash:comments>
		</item>
		<item>
		<title>Unabsorbed depreciation of AYs 1997-98 to 2001-02 not eligible for relief granted by amended s. 32(2) in AY 2002-03- Special Bench Reverses S. 32 Depreciation Law</title>
		<link>http://taxguru.in/income-tax-case-laws/unabsorbed-depreciation-of-ays-1997-98-to-2001-02-not-eligible-for-relief-granted-by-amended-s-322-in-ay-2002-03-special-bench-reverses-s-32-depreciation-law.html</link>
		<comments>http://taxguru.in/income-tax-case-laws/unabsorbed-depreciation-of-ays-1997-98-to-2001-02-not-eligible-for-relief-granted-by-amended-s-322-in-ay-2002-03-special-bench-reverses-s-32-depreciation-law.html#comments</comments>
		<pubDate>Thu, 01 Jul 2010 01:27:42 +0000</pubDate>
		<dc:creator>admin</dc:creator>
				<category><![CDATA[Income Tax Case Laws]]></category>
		<category><![CDATA[business income]]></category>
		<category><![CDATA[section 32]]></category>
		<category><![CDATA[Special Bench]]></category>
		<category><![CDATA[Unabsorbed Depreciation]]></category>

		<guid isPermaLink="false">http://www.taxguru.in/?p=30826</guid>
		<description><![CDATA[Till AY 1996-97 unabsorbed depreciation could be set off against income under any head. From AY 1997-98 to 2001-2002 unabsorbed depreciation could be set off only against business income. From AY 2002-2003 onwards unabsorbed depreciation could again be set off against income under any head of income. ]]></description>
		<wfw:commentRss>http://taxguru.in/income-tax-case-laws/unabsorbed-depreciation-of-ays-1997-98-to-2001-02-not-eligible-for-relief-granted-by-amended-s-322-in-ay-2002-03-special-bench-reverses-s-32-depreciation-law.html/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Importance of Keeping proper documents of inherited property from taxation point of view</title>
		<link>http://taxguru.in/income-tax/importance-of-keeping-proper-documents-of-inherited-property-from-taxation-point-of-view.html</link>
		<comments>http://taxguru.in/income-tax/importance-of-keeping-proper-documents-of-inherited-property-from-taxation-point-of-view.html#comments</comments>
		<pubDate>Fri, 25 Jun 2010 16:48:29 +0000</pubDate>
		<dc:creator>admin</dc:creator>
				<category><![CDATA[Income Tax]]></category>
		<category><![CDATA[business income]]></category>
		<category><![CDATA[CAPITAL GAIN]]></category>
		<category><![CDATA[house property]]></category>
		<category><![CDATA[income tax act 1961]]></category>
		<category><![CDATA[salary]]></category>

		<guid isPermaLink="false">http://www.taxguru.in/?p=30343</guid>
		<description><![CDATA[Any profits or gains arising from the transfer of a capital asset is taxable as ‘capital gains’ and is deemed to be the income of the tax payer in the financial year in which the transfer takes place. Similarly, income of every kind, which is not specifically taxed under any of the specified heads of income, like salary, house property, business income etc., and unless specifically exempt, is subject to tax under the head ‘income from other sources’.]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Under DTC income arising on purchase and sale of securities by FIIs shall be deemed to be capital gain</title>
		<link>http://taxguru.in/income-tax/under-dtc-income-arising-on-purchase-and-sale-of-securities-by-fiis-shall-be-deemed-to-be-capital-gain.html</link>
		<comments>http://taxguru.in/income-tax/under-dtc-income-arising-on-purchase-and-sale-of-securities-by-fiis-shall-be-deemed-to-be-capital-gain.html#comments</comments>
		<pubDate>Wed, 23 Jun 2010 03:34:59 +0000</pubDate>
		<dc:creator>admin</dc:creator>
				<category><![CDATA[Income Tax]]></category>
		<category><![CDATA[business income]]></category>
		<category><![CDATA[Direct Tax Code]]></category>
		<category><![CDATA[Direct Taxes Code]]></category>
		<category><![CDATA[dtc]]></category>
		<category><![CDATA[securities trade.capital gain]]></category>

		<guid isPermaLink="false">http://www.taxguru.in/?p=30046</guid>
		<description><![CDATA[The introduction of the Direct Taxes Code (DTC), which will replace the 50-year-old Income Tax Act, will make Foreign Institutional Investors (FIIs) liable to pay capital gains tax on their income from securities trade.  All the FIIs will be subject to the capital gains tax after implementation of the Direct Taxes Code.]]></description>
		<wfw:commentRss>http://taxguru.in/income-tax/under-dtc-income-arising-on-purchase-and-sale-of-securities-by-fiis-shall-be-deemed-to-be-capital-gain.html/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Profits from shares is business profits: ITAT Mumbai</title>
		<link>http://taxguru.in/income-tax-case-laws/profits-from-shares-is-business-profits-itat-mumbai.html</link>
		<comments>http://taxguru.in/income-tax-case-laws/profits-from-shares-is-business-profits-itat-mumbai.html#comments</comments>
		<pubDate>Tue, 25 May 2010 14:59:21 +0000</pubDate>
		<dc:creator>admin</dc:creator>
				<category><![CDATA[Income Tax Case Laws]]></category>
		<category><![CDATA[business income]]></category>
		<category><![CDATA[CAPITAL GAIN]]></category>
		<category><![CDATA[Janak S. Rangwalla]]></category>
		<category><![CDATA[share trading]]></category>
		<category><![CDATA[short term capital gain]]></category>

		<guid isPermaLink="false">http://www.taxguru.in/?p=28398</guid>
		<description><![CDATA[The assessee, a director and shareholder in a company engaged in share trading, returned income of Rs. 78,89,499 earned by her on transfer of shares as a “short-term capital gain”. The AO took the view that as there were voluminous transactions, the assessee was engaged in share trading and the income was assessable as “business income”. This was upheld by the CIT (A). On appeal, HELD dismissing the appeal:]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>ITAT Mumbai laid down principles to determine whether income from shares is “business” income or “capital gains”</title>
		<link>http://taxguru.in/income-tax-case-laws/itat-mumbai-laid-down-principles-to-determine-whether-income-from-shares-is-%e2%80%9cbusiness%e2%80%9d-income-or-%e2%80%9ccapital-gains%e2%80%9d.html</link>
		<comments>http://taxguru.in/income-tax-case-laws/itat-mumbai-laid-down-principles-to-determine-whether-income-from-shares-is-%e2%80%9cbusiness%e2%80%9d-income-or-%e2%80%9ccapital-gains%e2%80%9d.html#comments</comments>
		<pubDate>Tue, 25 May 2010 06:02:20 +0000</pubDate>
		<dc:creator>admin</dc:creator>
				<category><![CDATA[Income Tax Case Laws]]></category>
		<category><![CDATA[business income]]></category>
		<category><![CDATA[Gopal Purohit]]></category>
		<category><![CDATA[Management Structure Systems]]></category>
		<category><![CDATA[Saranath Infrastructure]]></category>
		<category><![CDATA[trading in shares]]></category>

		<guid isPermaLink="false">http://www.taxguru.in/?p=28393</guid>
		<description><![CDATA[The assessee, engaged in management consultancy, offered profits of Rs. 1.03 crores earned by it on sale of shares as long-term and short-term “capital gains” depending on the period of holding. The AO took the view that as the assessee was regularly dealing in shares throughout the year, ]]></description>
		<wfw:commentRss>http://taxguru.in/income-tax-case-laws/itat-mumbai-laid-down-principles-to-determine-whether-income-from-shares-is-%e2%80%9cbusiness%e2%80%9d-income-or-%e2%80%9ccapital-gains%e2%80%9d.html/feed/</wfw:commentRss>
		<slash:comments>2</slash:comments>
		</item>
		<item>
		<title>Income from even an isolated transaction of sale of land can be considered as business income of an assessee though not carrying on real estate business</title>
		<link>http://taxguru.in/income-tax-case-laws/income-from-even-an-isolated-transaction-of-sale-of-land-can-be-considered-as-business-income-of-an-assessee-though-not-carrying-on-real-estate-business.html</link>
		<comments>http://taxguru.in/income-tax-case-laws/income-from-even-an-isolated-transaction-of-sale-of-land-can-be-considered-as-business-income-of-an-assessee-though-not-carrying-on-real-estate-business.html#comments</comments>
		<pubDate>Tue, 26 Jan 2010 15:58:07 +0000</pubDate>
		<dc:creator>admin</dc:creator>
				<category><![CDATA[Income Tax Case Laws]]></category>
		<category><![CDATA[agricultural land]]></category>
		<category><![CDATA[business case]]></category>
		<category><![CDATA[business income]]></category>
		<category><![CDATA[capital gains]]></category>
		<category><![CDATA[cumulative effect]]></category>
		<category><![CDATA[estate business]]></category>
		<category><![CDATA[intention]]></category>
		<category><![CDATA[presumption]]></category>

		<guid isPermaLink="false">http://www.taxguru.in/?p=19986</guid>
		<description><![CDATA[Thus, the attendant circumstances of the case, the process of purchase of land, conversion thereof and sale, compel us to come to the conclusion that the * purchase of land, in itself, was with an intention to sell at a profit in the form of an 'adventure in the nature of trade' and hence though it is an isolated' transaction the income thereon can still be considered as business income.]]></description>
		<wfw:commentRss>http://taxguru.in/income-tax-case-laws/income-from-even-an-isolated-transaction-of-sale-of-land-can-be-considered-as-business-income-of-an-assessee-though-not-carrying-on-real-estate-business.html/feed/</wfw:commentRss>
		<slash:comments>1</slash:comments>
		</item>
		<item>
		<title>Shares activity treated as investment in earlier years cannot be treated as business in subsequent years if facts are the same</title>
		<link>http://taxguru.in/income-tax-case-laws/shares-activity-treated-as-investment-in-earlier-years-cannot-be-treated-as-business-in-subsequent-years-if-facts-are-the-same.html</link>
		<comments>http://taxguru.in/income-tax-case-laws/shares-activity-treated-as-investment-in-earlier-years-cannot-be-treated-as-business-in-subsequent-years-if-facts-are-the-same.html#comments</comments>
		<pubDate>Sat, 16 Jan 2010 17:40:55 +0000</pubDate>
		<dc:creator>admin</dc:creator>
				<category><![CDATA[Income Tax Case Laws]]></category>
		<category><![CDATA[books of account]]></category>
		<category><![CDATA[business activities]]></category>
		<category><![CDATA[business income]]></category>
		<category><![CDATA[business purposes]]></category>
		<category><![CDATA[capital gains]]></category>
		<category><![CDATA[case law]]></category>
		<category><![CDATA[consistency]]></category>
		<category><![CDATA[consistent practice]]></category>
		<category><![CDATA[investment account]]></category>
		<category><![CDATA[investment activity]]></category>
		<category><![CDATA[investment transactions]]></category>
		<category><![CDATA[portfolios]]></category>
		<category><![CDATA[uniformity]]></category>

		<guid isPermaLink="false">http://www.taxguru.in/?p=19507</guid>
		<description><![CDATA[The income from investment activity was offered as capital gains while the income from dealing activity was offered as business income. This position was accepted by the AO in the earlier years. In AY 2005-06, the AO took a different view and held that even the shares held on investment account had to be assessed as business income. The Tribunal allowed the assessee’s appeal (see 122 TTJ (Mum) 87). On appeal by the Revenue, HELD dismissing the appeal:]]></description>
		<wfw:commentRss>http://taxguru.in/income-tax-case-laws/shares-activity-treated-as-investment-in-earlier-years-cannot-be-treated-as-business-in-subsequent-years-if-facts-are-the-same.html/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Income from Cultivation of parent hybrid seed is non agricultural Income and taxable as business income</title>
		<link>http://taxguru.in/income-tax-case-laws/income-from-cultivation-of-parent-hybrid-seed-is-non-agricultural-income-and-taxable-as-business-income.html</link>
		<comments>http://taxguru.in/income-tax-case-laws/income-from-cultivation-of-parent-hybrid-seed-is-non-agricultural-income-and-taxable-as-business-income.html#comments</comments>
		<pubDate>Wed, 06 Jan 2010 02:31:47 +0000</pubDate>
		<dc:creator>admin</dc:creator>
				<category><![CDATA[Income Tax Case Laws]]></category>
		<category><![CDATA[agricultural income]]></category>
		<category><![CDATA[agricultural production]]></category>
		<category><![CDATA[bench]]></category>
		<category><![CDATA[breeder seed]]></category>
		<category><![CDATA[business income]]></category>
		<category><![CDATA[commercial seeds]]></category>
		<category><![CDATA[farmers]]></category>
		<category><![CDATA[germplasm]]></category>
		<category><![CDATA[hybrid seed]]></category>
		<category><![CDATA[joint venture company]]></category>
		<category><![CDATA[pioneer overseas corporation]]></category>
		<category><![CDATA[quantities]]></category>
		<category><![CDATA[research and development]]></category>
		<category><![CDATA[sowing seeds]]></category>

		<guid isPermaLink="false">http://www.taxguru.in/?p=17666</guid>
		<description><![CDATA[The income attributable to the operations of developing/producing breeder seeds or hybrid germplasm or parent hybrid seed containing desired traits cannot be treated as agricultural income and should be treated as business income.]]></description>
		<wfw:commentRss>http://taxguru.in/income-tax-case-laws/income-from-cultivation-of-parent-hybrid-seed-is-non-agricultural-income-and-taxable-as-business-income.html/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>If letting out could be demonstrated as part of complex commercial activity then rental income is to be assessed as income from business</title>
		<link>http://taxguru.in/income-tax-case-laws/if-letting-out-could-be-demonstrated-as-part-of-complex-commercial-activity-then-rental-income-is-to-be-assessed-as-income-from-business.html</link>
		<comments>http://taxguru.in/income-tax-case-laws/if-letting-out-could-be-demonstrated-as-part-of-complex-commercial-activity-then-rental-income-is-to-be-assessed-as-income-from-business.html#comments</comments>
		<pubDate>Wed, 06 Jan 2010 02:28:41 +0000</pubDate>
		<dc:creator>admin</dc:creator>
				<category><![CDATA[Income Tax Case Laws]]></category>
		<category><![CDATA[business income]]></category>
		<category><![CDATA[calcutta high court]]></category>
		<category><![CDATA[case law]]></category>
		<category><![CDATA[Case Laws]]></category>
		<category><![CDATA[circumstances]]></category>
		<category><![CDATA[commercial purpose]]></category>
		<category><![CDATA[firstly]]></category>
		<category><![CDATA[immovable property]]></category>
		<category><![CDATA[investments]]></category>
		<category><![CDATA[mumbai]]></category>
		<category><![CDATA[principle]]></category>
		<category><![CDATA[revenue authorities]]></category>
		<category><![CDATA[submissions]]></category>

		<guid isPermaLink="false">http://www.taxguru.in/?p=16274</guid>
		<description><![CDATA[It depends on the facts of each transactions, whether the letting out of the property is incidental and subservient dominant object of selling the property or not. If the property has merely been let out b> the assessee then the same cannot be held to be exploitation of the property for commercial purpose in view of the decision of the Hon'ble Shambhu Investment (supra). We. therefore, restore this issue to the file of the AC) for fresh consideration in the light of aforementioned observation.]]></description>
		<wfw:commentRss>http://taxguru.in/income-tax-case-laws/if-letting-out-could-be-demonstrated-as-part-of-complex-commercial-activity-then-rental-income-is-to-be-assessed-as-income-from-business.html/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>AO not justified in adjustment to a international transaction whose arm’s length character is accepted by Transfer Pricing Officer (TPO)</title>
		<link>http://taxguru.in/income-tax-case-laws/ao-not-justified-in-adjustment-to-a-international-transaction-whose-arm%e2%80%99s-length-character-is-accepted-by-transfer-pricing-officer-tpo.html</link>
		<comments>http://taxguru.in/income-tax-case-laws/ao-not-justified-in-adjustment-to-a-international-transaction-whose-arm%e2%80%99s-length-character-is-accepted-by-transfer-pricing-officer-tpo.html#comments</comments>
		<pubDate>Mon, 04 Jan 2010 01:52:27 +0000</pubDate>
		<dc:creator>admin</dc:creator>
				<category><![CDATA[Income Tax Case Laws]]></category>
		<category><![CDATA[appellate tribunal]]></category>
		<category><![CDATA[automatic approval]]></category>
		<category><![CDATA[business income]]></category>
		<category><![CDATA[corporation usa]]></category>
		<category><![CDATA[income tax act]]></category>
		<category><![CDATA[income tax act 1961]]></category>
		<category><![CDATA[international transaction]]></category>
		<category><![CDATA[international transactions]]></category>
		<category><![CDATA[itat]]></category>
		<category><![CDATA[oracle corporation]]></category>
		<category><![CDATA[oracle india]]></category>
		<category><![CDATA[parent company]]></category>
		<category><![CDATA[reserve bank of india]]></category>
		<category><![CDATA[royalty payment]]></category>
		<category><![CDATA[tpo]]></category>

		<guid isPermaLink="false">http://www.taxguru.in/?p=18524</guid>
		<description><![CDATA[The Delhi bench of the Income-tax Appellate Tribunal (the Tribunal), in the case of Oracle India (P) Ltd. V. ACIT (2009-TIOL-540-ITAT-DEL) (the taxpayer) held that section 40A(2) of the Income-tax Act, 1961 (the Act) overrides the provisions relating to computation of business income only and thus in relation to international transactions, the specific provisions embodied in Chapter X (section 92 - 92F) shall override the general provisions embodied in section 40A of the Act. Hence, once the Transfer Pricing Officer (TPO) accepts the arm’s length character of any international transaction, the Assessing Officer (AO) could not make an adjustment in relation to that transaction under section 40A(2) of the Act.]]></description>
		<wfw:commentRss>http://taxguru.in/income-tax-case-laws/ao-not-justified-in-adjustment-to-a-international-transaction-whose-arm%e2%80%99s-length-character-is-accepted-by-transfer-pricing-officer-tpo.html/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Applicability of rule of limitation in respect of appeal filed  after an inordinate delay without reasonable cause</title>
		<link>http://taxguru.in/income-tax-case-laws/applicability-of-rule-of-limitation-in-respect-of-appeal-filed-after-an-inordinate-delay-without-reasonable-cause.html</link>
		<comments>http://taxguru.in/income-tax-case-laws/applicability-of-rule-of-limitation-in-respect-of-appeal-filed-after-an-inordinate-delay-without-reasonable-cause.html#comments</comments>
		<pubDate>Sun, 03 Jan 2010 13:57:42 +0000</pubDate>
		<dc:creator>admin</dc:creator>
				<category><![CDATA[Income Tax Case Laws]]></category>
		<category><![CDATA[business income]]></category>
		<category><![CDATA[case law]]></category>
		<category><![CDATA[clarification]]></category>
		<category><![CDATA[interpolations]]></category>
		<category><![CDATA[learned counsel]]></category>
		<category><![CDATA[length of time]]></category>
		<category><![CDATA[liberal approach]]></category>
		<category><![CDATA[negligence]]></category>
		<category><![CDATA[relevant paragraph]]></category>
		<category><![CDATA[shakuntala]]></category>
		<category><![CDATA[shakuntala devi]]></category>
		<category><![CDATA[tribunal]]></category>

		<guid isPermaLink="false">http://www.taxguru.in/?p=16164</guid>
		<description><![CDATA[Coming to the general proposition regarding condonation of delay, the learned counsel relied on a number of cases, which have already been summarized. In the case of Shakuntala Devi (supra), the Hon'ble Supreme Court held that liberal construction should be placed on the words "sufficient cause" provided that no negligence, inaction or lack of bona fide is imputable to the assessee. In this case, negligence is apparent when after taking the relevant plea before the lower authorities, the assessee chose not to file appeal before the Tribunal after filing appeal for assessment year 1998-99. In the case of O.P. Kathpalia (supra), the facts were quite different as there were interpolations in the order sought to be appealed against, which required correction or clarification. In the case of Kuppuswamy Gownder (super), the Hon'ble Court held that a liber]]></description>
		<wfw:commentRss>http://taxguru.in/income-tax-case-laws/applicability-of-rule-of-limitation-in-respect-of-appeal-filed-after-an-inordinate-delay-without-reasonable-cause.html/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>SB rules income from derivative trading in shares prior to financial year 2005-06 is speculation income</title>
		<link>http://taxguru.in/income-tax-case-laws/sb-rules-income-from-derivative-trading-in-shares-prior-to-financial-year-2005-06-is-speculation-income.html</link>
		<comments>http://taxguru.in/income-tax-case-laws/sb-rules-income-from-derivative-trading-in-shares-prior-to-financial-year-2005-06-is-speculation-income.html#comments</comments>
		<pubDate>Thu, 31 Dec 2009 03:19:55 +0000</pubDate>
		<dc:creator>admin</dc:creator>
				<category><![CDATA[Income Tax Case Laws]]></category>
		<category><![CDATA[appellate tribunal]]></category>
		<category><![CDATA[business income]]></category>
		<category><![CDATA[characterization]]></category>
		<category><![CDATA[commodity]]></category>
		<category><![CDATA[derivative transactions]]></category>
		<category><![CDATA[itat]]></category>
		<category><![CDATA[retrospective effect]]></category>
		<category><![CDATA[scope]]></category>
		<category><![CDATA[scrips]]></category>
		<category><![CDATA[section 43]]></category>
		<category><![CDATA[speculative transactions]]></category>
		<category><![CDATA[stock exchanges]]></category>
		<category><![CDATA[stocks and shares]]></category>

		<guid isPermaLink="false">http://www.taxguru.in/?p=18352</guid>
		<description><![CDATA[This Tax Alert summarizes a recent ruling of the Special Bench (SB) of Kolkata Income Tax Appellate Tribunal (ITAT) in the case of Shree Capital Services Ltd. (Taxpayer) vs. ACIT (ITA No. 1294 (Kol) of 2008) in which the SB held that, prior to financial year 2005-06 (assessment year 2006-07), derivative transactions in shares were covered by the definition of speculative transactions (ST). The SB further held that the exception to the definition of ST, from tax year 2005-06, in respect of eligible derivative transactions carried out on recognized stock exchanges, is not clarificatory in nature and does not have a retrospective effect for earlier years.]]></description>
		<wfw:commentRss>http://taxguru.in/income-tax-case-laws/sb-rules-income-from-derivative-trading-in-shares-prior-to-financial-year-2005-06-is-speculation-income.html/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Applicability of year end rate for conversion of business income earned in foreign currency</title>
		<link>http://taxguru.in/income-tax-case-laws/applicability-of-year-end-rate-for-conversion-of-business-income-earned-in-foreign-currency.html</link>
		<comments>http://taxguru.in/income-tax-case-laws/applicability-of-year-end-rate-for-conversion-of-business-income-earned-in-foreign-currency.html#comments</comments>
		<pubDate>Sun, 27 Dec 2009 14:05:18 +0000</pubDate>
		<dc:creator>admin</dc:creator>
				<category><![CDATA[Income Tax Case Laws]]></category>
		<category><![CDATA[appellate tribunal]]></category>
		<category><![CDATA[business income]]></category>
		<category><![CDATA[certificate of registration]]></category>
		<category><![CDATA[conversion rate]]></category>
		<category><![CDATA[earning income]]></category>
		<category><![CDATA[foreign currencies]]></category>
		<category><![CDATA[foreign currency]]></category>
		<category><![CDATA[itat]]></category>
		<category><![CDATA[property business]]></category>
		<category><![CDATA[pte ltd]]></category>
		<category><![CDATA[relevant tax]]></category>
		<category><![CDATA[telegraphic transfer]]></category>
		<category><![CDATA[valuation report]]></category>

		<guid isPermaLink="false">http://www.taxguru.in/?p=18183</guid>
		<description><![CDATA[This article summarizes ruling of the Delhi Income Tax Appellate Tribunal (ITAT) in the case of DCIT v Dolphin Drilling Pte. Ltd. (Taxpayer) [2009-TIOL-754- 1TAT-DEL]. The ITAT held that the conversion of business income earned in foreign currency into INR, in accordance with Rule 115 (Rule) of the Indian Tax Law (ITL), is to be made by adopting the conversion rate prevailing at the end of the tax year. It also held that the Taxpayer, a company incorporated in Singapore and engaged in the business of hiring out drill-ship in India, is entitled to claim depreciation on the value of the drill-ship.]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Interest income from Fixed deposits not eligible for deduction u/s 10A/10B</title>
		<link>http://taxguru.in/income-tax-case-laws/interest-income-from-fixed-deposits-not-eligible-for-deduction-us-10a10b.html</link>
		<comments>http://taxguru.in/income-tax-case-laws/interest-income-from-fixed-deposits-not-eligible-for-deduction-us-10a10b.html#comments</comments>
		<pubDate>Mon, 21 Dec 2009 02:26:46 +0000</pubDate>
		<dc:creator>admin</dc:creator>
				<category><![CDATA[Income Tax Case Laws]]></category>
		<category><![CDATA[business income]]></category>
		<category><![CDATA[careful consideration]]></category>
		<category><![CDATA[case law]]></category>
		<category><![CDATA[finance act]]></category>
		<category><![CDATA[insertion]]></category>
		<category><![CDATA[provisions]]></category>
		<category><![CDATA[receipt]]></category>
		<category><![CDATA[section 28]]></category>
		<category><![CDATA[sterling]]></category>
		<category><![CDATA[tricom india]]></category>

		<guid isPermaLink="false">http://www.taxguru.in/?p=17673</guid>
		<description><![CDATA[The learned counsel for the assessee has vehemently argued that in this case interest from deposit was offered as business income and was also assessed as business income and therefore, automatically once it is assessed as business income then the same becomes eligible for deduction u/s.10B.]]></description>
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		<slash:comments>1</slash:comments>
		</item>
		<item>
		<title>Section 14A submission accepted by AO can not be sent back to AO for reconsideration by tribunal</title>
		<link>http://taxguru.in/income-tax-case-laws/section-14a-submission-accepted-by-ao-can-not-be-sent-back-to-ao-for-reconsideration-by-tribunal.html</link>
		<comments>http://taxguru.in/income-tax-case-laws/section-14a-submission-accepted-by-ao-can-not-be-sent-back-to-ao-for-reconsideration-by-tribunal.html#comments</comments>
		<pubDate>Sat, 19 Dec 2009 16:16:58 +0000</pubDate>
		<dc:creator>admin</dc:creator>
				<category><![CDATA[Income Tax Case Laws]]></category>
		<category><![CDATA[appellate tribunal]]></category>
		<category><![CDATA[applicability]]></category>
		<category><![CDATA[bombay high court]]></category>
		<category><![CDATA[business income]]></category>
		<category><![CDATA[capital management]]></category>
		<category><![CDATA[daga]]></category>
		<category><![CDATA[dividend income]]></category>
		<category><![CDATA[income tax act]]></category>
		<category><![CDATA[income tax act 1961]]></category>
		<category><![CDATA[proceedings]]></category>
		<category><![CDATA[provision]]></category>
		<category><![CDATA[section 14a]]></category>
		<category><![CDATA[submissions]]></category>

		<guid isPermaLink="false">http://www.taxguru.in/?p=17705</guid>
		<description><![CDATA[The Bombay High Court ruled that once the taxpayer’s submissions with respect to section 14A was accepted by a tax officer, the Tribunal cannot send back the same matter for the tax officer’s re¬consideration.  Recently, the Bombay High Court in the case of Topstar Mercantile Pvt. Ltd v. ACIT (2009-TIOL-458-HC-MUM-IT) has held that the Income-tax Appellate Tribunal (the Tribunal) was not justified in sending back the matter to Assessing Officer (AO) to consider the applicability of section 14A of the Income Tax Act, 1961 (Act) after applying the ratio of the decision in the case of ITO v. Daga Capital Management Pvt. Ltd [2008] 312 ITR  (SB) (Mum) since the submissions made by the taxpayer in this regard was accepted by the tax officer during the assessment proceedings.]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Issues under Income Tax on Shares &amp; Securities Transactions</title>
		<link>http://taxguru.in/income-tax/issues-under-income-tax-on-shares-securities-transactions.html</link>
		<comments>http://taxguru.in/income-tax/issues-under-income-tax-on-shares-securities-transactions.html#comments</comments>
		<pubDate>Thu, 17 Dec 2009 03:18:29 +0000</pubDate>
		<dc:creator>admin</dc:creator>
				<category><![CDATA[Income Tax]]></category>
		<category><![CDATA[bombay high court]]></category>
		<category><![CDATA[business income]]></category>
		<category><![CDATA[capital gains tax]]></category>
		<category><![CDATA[CBDT]]></category>
		<category><![CDATA[controversy]]></category>
		<category><![CDATA[court decision]]></category>
		<category><![CDATA[investment company]]></category>
		<category><![CDATA[investments]]></category>
		<category><![CDATA[securities transactions]]></category>
		<category><![CDATA[tribunal decisions]]></category>
		<category><![CDATA[Vodafone]]></category>

		<guid isPermaLink="false">http://www.taxguru.in/?p=17465</guid>
		<description><![CDATA[With the tax authorities out to prove that the existence of a large number of transactions in shares is to be treated as business income, while the focus of assessees generally has been on trying to refute the tax authorities arguments through stressing the various factual aspects related to the transactions, very often one tends to miss out on exploring the possible alternative contentions, which could mitigate the impact or at times even dissuade the Assessing Officer from treating such transactions as business transactions. What are these contentions?]]></description>
		<wfw:commentRss>http://taxguru.in/income-tax/issues-under-income-tax-on-shares-securities-transactions.html/feed/</wfw:commentRss>
		<slash:comments>1</slash:comments>
		</item>
		<item>
		<title>Expenditure related to exempt income to be disallowed even if assessee has not earned any tax-free income</title>
		<link>http://taxguru.in/income-tax-case-laws/assessee-can-claim-the-benefits-of-a-dtaa-between-india-and-mauritius-on-the-basis-of-a-tax-residency-certificate.html</link>
		<comments>http://taxguru.in/income-tax-case-laws/assessee-can-claim-the-benefits-of-a-dtaa-between-india-and-mauritius-on-the-basis-of-a-tax-residency-certificate.html#comments</comments>
		<pubDate>Wed, 16 Dec 2009 03:04:22 +0000</pubDate>
		<dc:creator>admin</dc:creator>
				<category><![CDATA[Income Tax Case Laws]]></category>
		<category><![CDATA[benches]]></category>
		<category><![CDATA[business income]]></category>
		<category><![CDATA[capital gains]]></category>
		<category><![CDATA[contentions]]></category>
		<category><![CDATA[dividend income]]></category>
		<category><![CDATA[finance act]]></category>
		<category><![CDATA[income tax act]]></category>
		<category><![CDATA[income tax act 1961]]></category>
		<category><![CDATA[itat]]></category>
		<category><![CDATA[long term investment]]></category>
		<category><![CDATA[portfolio investment]]></category>
		<category><![CDATA[retrospective effect]]></category>
		<category><![CDATA[section 14a]]></category>

		<guid isPermaLink="false">http://www.taxguru.in/?p=17395</guid>
		<description><![CDATA[Special Bench of the Income Tax Appellate Tribunal, New Delhi  in the case of Cheminvest Ltd. (ITA Nos.87Del//2008, 4788/Del/2007 and 233/Ahd/ 2006) holds that expenditure relating to exempt income to be disallowed even if assessee has not earned any tax-free income.]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>The Direct Taxes Code (DTC) Bill 2009 – Capital Gains Tax</title>
		<link>http://taxguru.in/income-tax/the-direct-taxes-code-dtc-bill-2009-%e2%80%93-capital-gains-tax.html</link>
		<comments>http://taxguru.in/income-tax/the-direct-taxes-code-dtc-bill-2009-%e2%80%93-capital-gains-tax.html#comments</comments>
		<pubDate>Thu, 10 Dec 2009 03:20:38 +0000</pubDate>
		<dc:creator>admin</dc:creator>
				<category><![CDATA[Income Tax]]></category>
		<category><![CDATA[business assets]]></category>
		<category><![CDATA[business capital]]></category>
		<category><![CDATA[business income]]></category>
		<category><![CDATA[business purposes]]></category>
		<category><![CDATA[capital asset]]></category>
		<category><![CDATA[capital assets]]></category>
		<category><![CDATA[CAPITAL GAIN]]></category>
		<category><![CDATA[capital gains]]></category>
		<category><![CDATA[covenant agreement]]></category>
		<category><![CDATA[Direct Tax Code]]></category>
		<category><![CDATA[direct taxes]]></category>
		<category><![CDATA[dtc]]></category>
		<category><![CDATA[immovable property]]></category>
		<category><![CDATA[income tax act]]></category>
		<category><![CDATA[income tax act 1961]]></category>
		<category><![CDATA[investment assets]]></category>
		<category><![CDATA[scope of taxation]]></category>
		<category><![CDATA[transfer of business]]></category>
		<category><![CDATA[unincorporated body]]></category>

		<guid isPermaLink="false">http://www.taxguru.in/?p=16825</guid>
		<description><![CDATA[The definition of Capital asset continues in DTC. However the DTC classifies assets into two broad categories i.e. investment assets, and business assets. DTC envisages taxing income from transfer of investment assets as capital gains. Under the Income Tax Act 1961 (“Act”), income from transfer of capital assets even if used for business purposes was taxed as capital gain. DTC proposes to tax income from transfer of business capital assets as “business income” and the scope of definition of transfer is expanded to include business assets also.]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Disallowance u/s 14A is to be made even when exempt income is not earned or received during the year</title>
		<link>http://taxguru.in/income-tax-case-laws/disallowance-us-14a-is-to-be-made-even-when-exempt-income-is-not-earned-or-received-during-the-year.html</link>
		<comments>http://taxguru.in/income-tax-case-laws/disallowance-us-14a-is-to-be-made-even-when-exempt-income-is-not-earned-or-received-during-the-year.html#comments</comments>
		<pubDate>Sun, 06 Dec 2009 11:42:55 +0000</pubDate>
		<dc:creator>admin</dc:creator>
				<category><![CDATA[Income Tax Case Laws]]></category>
		<category><![CDATA[appellate tribunal]]></category>
		<category><![CDATA[background section]]></category>
		<category><![CDATA[benches]]></category>
		<category><![CDATA[business income]]></category>
		<category><![CDATA[capital gains]]></category>
		<category><![CDATA[contentions]]></category>
		<category><![CDATA[dividend income]]></category>
		<category><![CDATA[income tax act]]></category>
		<category><![CDATA[income tax act 1961]]></category>
		<category><![CDATA[itat]]></category>
		<category><![CDATA[long term investment]]></category>
		<category><![CDATA[new delhi]]></category>
		<category><![CDATA[portfolio investment]]></category>
		<category><![CDATA[retrospective effect]]></category>
		<category><![CDATA[section 14a]]></category>

		<guid isPermaLink="false">http://www.taxguru.in/?p=16529</guid>
		<description><![CDATA[Special Bench of the Income Tax Appellate Tribunal, New Delhi holds that expenditure relating to exempt income to be disallowed even if assessee has not earned any tax-free income. ]]></description>
		<wfw:commentRss>http://taxguru.in/income-tax-case-laws/disallowance-us-14a-is-to-be-made-even-when-exempt-income-is-not-earned-or-received-during-the-year.html/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Profit element on sale of DEPB, i.e., the amount in excess of sale proceeds over the face value is covered u/s 28(iiid)</title>
		<link>http://taxguru.in/income-tax-case-laws/profit-element-on-sale-of-depb-i-e-the-amount-in-excess-of-sale-proceeds-over-the-face-value-is-covered-us-28iiid.html</link>
		<comments>http://taxguru.in/income-tax-case-laws/profit-element-on-sale-of-depb-i-e-the-amount-in-excess-of-sale-proceeds-over-the-face-value-is-covered-us-28iiid.html#comments</comments>
		<pubDate>Sun, 06 Dec 2009 11:13:07 +0000</pubDate>
		<dc:creator>admin</dc:creator>
				<category><![CDATA[Income Tax Case Laws]]></category>
		<category><![CDATA[amendment act]]></category>
		<category><![CDATA[business income]]></category>
		<category><![CDATA[deduction u/s. 80HHC on depb]]></category>
		<category><![CDATA[export incentive]]></category>
		<category><![CDATA[export turnover]]></category>
		<category><![CDATA[income tax act]]></category>
		<category><![CDATA[itat]]></category>
		<category><![CDATA[section 28]]></category>
		<category><![CDATA[taxation law]]></category>

		<guid isPermaLink="false">http://www.taxguru.in/?p=16520</guid>
		<description><![CDATA[S. 80HHC; in favor of taxpayer:  Post the amendment by Taxation Law Amendment Act, 2005 (effective from 1 April 1998), controversy had arisen as to whether in case of an exporter having export turnover of more than INR100 million (where generally conditions mentioned in  section 80HHC cannot be satisfied), the entire sale proceeds of DEPB need to be excluded while calculating the deduction under  Section 80HHC or only profit on transfer of DEPB should be  excluded.]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Penalty levied with reference to revised return is bad in law when the revised return has been treated as non-est</title>
		<link>http://taxguru.in/income-tax-case-laws/penalty-levied-with-reference-to-revised-return-is-bad-in-law-when-the-revised-return-has-been-treated-as-non-est.html</link>
		<comments>http://taxguru.in/income-tax-case-laws/penalty-levied-with-reference-to-revised-return-is-bad-in-law-when-the-revised-return-has-been-treated-as-non-est.html#comments</comments>
		<pubDate>Sun, 06 Dec 2009 11:07:41 +0000</pubDate>
		<dc:creator>admin</dc:creator>
				<category><![CDATA[Income Tax Case Laws]]></category>
		<category><![CDATA[business assets]]></category>
		<category><![CDATA[business income]]></category>
		<category><![CDATA[business profits]]></category>
		<category><![CDATA[dividend income]]></category>
		<category><![CDATA[equity fund]]></category>
		<category><![CDATA[fidelity management]]></category>
		<category><![CDATA[investment trust]]></category>
		<category><![CDATA[merits]]></category>
		<category><![CDATA[nature of business]]></category>
		<category><![CDATA[permanent establishment]]></category>
		<category><![CDATA[short term capital gains]]></category>

		<guid isPermaLink="false">http://www.taxguru.in/?p=16517</guid>
		<description><![CDATA[S. 271(1)(c); in favor of taxpayer : The taxpayer was a trust organized in the US and was a resident of the US. As regards India, it was registered with SEBI as a sub- account of M/s Fidelity Management Resources Co. It filed a return of income declaring short-term capital gains and dividend income.  Thereafter, based on an AAR ruling in case of XZY/ABC Equity  Fund (2005) (250 ITR 194), the taxpayer filed a revised return of income,]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Write back of provision of bad debts, not previously allowed as deduction, is not taxable</title>
		<link>http://taxguru.in/income-tax-case-laws/write-back-of-provision-of-bad-debts-not-previously-allowed-as-deduction-is-not-taxable.html</link>
		<comments>http://taxguru.in/income-tax-case-laws/write-back-of-provision-of-bad-debts-not-previously-allowed-as-deduction-is-not-taxable.html#comments</comments>
		<pubDate>Sat, 05 Dec 2009 15:15:02 +0000</pubDate>
		<dc:creator>admin</dc:creator>
				<category><![CDATA[Income Tax Case Laws]]></category>
		<category><![CDATA[absence]]></category>
		<category><![CDATA[adhoc basis]]></category>
		<category><![CDATA[bank of tokyo]]></category>
		<category><![CDATA[banking company]]></category>
		<category><![CDATA[books of account]]></category>
		<category><![CDATA[business income]]></category>
		<category><![CDATA[doubtful debts]]></category>
		<category><![CDATA[income tax act]]></category>
		<category><![CDATA[previous years]]></category>
		<category><![CDATA[provision for bad debts]]></category>
		<category><![CDATA[provisions]]></category>
		<category><![CDATA[tribunal]]></category>

		<guid isPermaLink="false">http://www.taxguru.in/?p=16495</guid>
		<description><![CDATA[The taxpayer was a banking company. In the current appeal, the Revenue’s grievance was that the CIT(A) had erred in directing  that the written back ”provision of bad-debts” was not taxable  as ”business income” especial y when a deduction of a sum was already al owed under Section 36(1) (vi a). The AO in the assessment order held that such write off of the provision for  bad and doubtful debts was allowed as deduction in the previous years and therefore the current write back should be taxable. The CIT(A), while deciding the case before him, held that in the  absence of any specific provision in the Act, an amount of liability  written back cannot be taxed as income.]]></description>
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		<slash:comments>1</slash:comments>
		</item>
		<item>
		<title>Worldwide Tax Trends Treatment of Tax Losses</title>
		<link>http://taxguru.in/income-tax/worldwide-tax-trends-treatment-of-tax-losses.html</link>
		<comments>http://taxguru.in/income-tax/worldwide-tax-trends-treatment-of-tax-losses.html#comments</comments>
		<pubDate>Sat, 05 Dec 2009 09:35:42 +0000</pubDate>
		<dc:creator>admin</dc:creator>
				<category><![CDATA[Income Tax]]></category>
		<category><![CDATA[brunt]]></category>
		<category><![CDATA[business income]]></category>
		<category><![CDATA[business losses]]></category>
		<category><![CDATA[capital losses]]></category>
		<category><![CDATA[continuity]]></category>
		<category><![CDATA[control measures]]></category>
		<category><![CDATA[current times]]></category>
		<category><![CDATA[distinction]]></category>
		<category><![CDATA[economic scenario]]></category>
		<category><![CDATA[global recession]]></category>
		<category><![CDATA[incentives]]></category>
		<category><![CDATA[india india]]></category>
		<category><![CDATA[india indian]]></category>
		<category><![CDATA[indian tax laws]]></category>
		<category><![CDATA[mncs]]></category>
		<category><![CDATA[operating income]]></category>
		<category><![CDATA[relevant provisions]]></category>
		<category><![CDATA[tax jurisdictions]]></category>
		<category><![CDATA[tax losses]]></category>

		<guid isPermaLink="false">http://www.taxguru.in/?p=16415</guid>
		<description><![CDATA[In the current times where several MNCs are facing the issue of operating losses (the term ‘operating losses’ for the purpose of this article denotes business losses) in various jurisdictions, it becomes imperative for them to evaluate the provisions on utilisation of tax losses in these jurisdictions so as to optimise the overall tax cost. Considering the above, this article contains a broad overview of provisions prevalent in certain key jurisdictions on utilisation of tax losses. However, it should be noted that there could be certain conditions prescribed under the respective tax laws which may need to be followed before offsetting the tax losses.]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>AO not empowered to select head of income for computation of permissible deductions u/s 40(b)</title>
		<link>http://taxguru.in/income-tax-case-laws/ao-not-empowered-to-select-head-of-income-for-computation-of-permissible-deductions-us-40b.html</link>
		<comments>http://taxguru.in/income-tax-case-laws/ao-not-empowered-to-select-head-of-income-for-computation-of-permissible-deductions-us-40b.html#comments</comments>
		<pubDate>Mon, 30 Nov 2009 01:58:02 +0000</pubDate>
		<dc:creator>admin</dc:creator>
				<category><![CDATA[Income Tax Case Laws]]></category>
		<category><![CDATA[business income]]></category>
		<category><![CDATA[remuneration]]></category>
		<category><![CDATA[salary]]></category>

		<guid isPermaLink="false">http://www.taxguru.in/?p=15702</guid>
		<description><![CDATA[The Explanation 3 to section 40(b) nowhere empowers the AO to go behind the net profit shown in the Profit &#038; Loss account except to the extent of adjustments provided in the said Explanation, nor he is empowered to decide under which head the income is to be taxed.]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Mumbai ITAT rules on taxability of waiver of loan</title>
		<link>http://taxguru.in/income-tax-case-laws/mumbai-itat-rules-on-taxability-of-waiver-of-loan.html</link>
		<comments>http://taxguru.in/income-tax-case-laws/mumbai-itat-rules-on-taxability-of-waiver-of-loan.html#comments</comments>
		<pubDate>Sat, 21 Nov 2009 02:14:36 +0000</pubDate>
		<dc:creator>admin</dc:creator>
				<category><![CDATA[Income Tax Case Laws]]></category>
		<category><![CDATA[appellate authority]]></category>
		<category><![CDATA[books of account]]></category>
		<category><![CDATA[business income]]></category>
		<category><![CDATA[capital gains]]></category>
		<category><![CDATA[cipla]]></category>
		<category><![CDATA[holding company]]></category>
		<category><![CDATA[investing in shares]]></category>
		<category><![CDATA[itat]]></category>
		<category><![CDATA[loan waive and business income]]></category>
		<category><![CDATA[loan waiver not business income]]></category>
		<category><![CDATA[loan waiver not taxable]]></category>
		<category><![CDATA[profit and loss]]></category>
		<category><![CDATA[profit and loss account]]></category>
		<category><![CDATA[share application]]></category>
		<category><![CDATA[taxability of loan waived]]></category>
		<category><![CDATA[unsecured loan]]></category>

		<guid isPermaLink="false">http://www.taxguru.in/?p=15115</guid>
		<description><![CDATA[This article summarizes a recent ruling of the Mumbai Income Tax Appellate Tribunal (ITAT) [2009-TIOL-707-ITAT-MUM] in the case of Cipla Investments Ltd. (Taxpayer) on taxability of waiver of loan. The ITAT held that since the loan received was on capital account, its subsequent waiver too was on capital account. Hence, the loan waived was not liable to be taxed as profits and gains from its business (business income) under the provisions of the Indian Tax Law (ITL). The ITAT also held that waiver would not be taxable as business income if a taxpayer was not allowed deduction of the loan amount earlier.]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Validity of re-opening when no concealment of income and department applied higher tax rate of tax for framing re-assessment</title>
		<link>http://taxguru.in/income-tax-case-laws/validity-of-re-opening-when-no-concealment-of-income-and-department-applied-higher-tax-rate-of-tax-for-framing-re-assessment.html</link>
		<comments>http://taxguru.in/income-tax-case-laws/validity-of-re-opening-when-no-concealment-of-income-and-department-applied-higher-tax-rate-of-tax-for-framing-re-assessment.html#comments</comments>
		<pubDate>Thu, 12 Nov 2009 10:46:50 +0000</pubDate>
		<dc:creator>admin</dc:creator>
				<category><![CDATA[Income Tax Case Laws]]></category>
		<category><![CDATA[business income]]></category>
		<category><![CDATA[hyundai heavy industries]]></category>
		<category><![CDATA[income tax act]]></category>
		<category><![CDATA[Reassessment]]></category>
		<category><![CDATA[section 147]]></category>
		<category><![CDATA[tax interest]]></category>
		<category><![CDATA[validity of reassessment]]></category>

		<guid isPermaLink="false">http://www.taxguru.in/?p=14577</guid>
		<description><![CDATA[In assessment years 1995-96 and 1996-97, the only identical reason recorded by the Assessing Officer for reopening the assessment, with variation in the amounts involved, is that the interest income under section 244 A has escaped assessment and to reassess the same under section 147 of the Act notice under section 148 of the Act was issued. While completing the assessment under section 143(3) read with section 148 the Assessing Officer applied a higher rate of tax, i.e. @ 55%, applicable to foreign companies on the business income instead of the tax rate applicable to domestic companies, aga]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>S. 14A disallowance can be made with regard to partner’s share of profits</title>
		<link>http://taxguru.in/income-tax-case-laws/s-14a-disallowance-can-be-made-with-regard-to-partner%e2%80%99s-share-of-profits.html</link>
		<comments>http://taxguru.in/income-tax-case-laws/s-14a-disallowance-can-be-made-with-regard-to-partner%e2%80%99s-share-of-profits.html#comments</comments>
		<pubDate>Thu, 05 Nov 2009 01:02:56 +0000</pubDate>
		<dc:creator>admin</dc:creator>
				<category><![CDATA[Income Tax Case Laws]]></category>
		<category><![CDATA[business income]]></category>
		<category><![CDATA[daga]]></category>
		<category><![CDATA[dharmasingh popat vs. acit (itat mumbai)]]></category>
		<category><![CDATA[partnership firm]]></category>
		<category><![CDATA[separate entities]]></category>

		<guid isPermaLink="false">http://www.taxguru.in/?p=14177</guid>
		<description><![CDATA[The assessee, a partner in a firm, received ‘share of profit’ and ‘salary’ from the firm. While the ‘share of profit’ was exempt u/s 10(2A), the ‘salary’ was taxable as business income u/s 28 (v). The assessee claimed deduction for business expenditure incurred by him. The AO held that as the assessee had exempt income, s. 14A applied and a part of the expenditure had to be disallowed.]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>New Tax Code and Corporate Taxation</title>
		<link>http://taxguru.in/income-tax/new-tax-code-and-corporate-taxation.html</link>
		<comments>http://taxguru.in/income-tax/new-tax-code-and-corporate-taxation.html#comments</comments>
		<pubDate>Fri, 16 Oct 2009 07:52:39 +0000</pubDate>
		<dc:creator>admin</dc:creator>
				<category><![CDATA[Income Tax]]></category>
		<category><![CDATA[allowable deductions]]></category>
		<category><![CDATA[business assets]]></category>
		<category><![CDATA[business capital]]></category>
		<category><![CDATA[business income]]></category>
		<category><![CDATA[business profit]]></category>
		<category><![CDATA[business profits]]></category>
		<category><![CDATA[capital assets]]></category>
		<category><![CDATA[CAPITAL GAIN]]></category>
		<category><![CDATA[capital gains]]></category>
		<category><![CDATA[Direct Tax Code]]></category>
		<category><![CDATA[dtc]]></category>
		<category><![CDATA[Financial Institutions]]></category>
		<category><![CDATA[gross assets]]></category>
		<category><![CDATA[gross income]]></category>
		<category><![CDATA[hotel convention]]></category>
		<category><![CDATA[investment assets]]></category>
		<category><![CDATA[legal disputes]]></category>
		<category><![CDATA[tax liability]]></category>
		<category><![CDATA[taxable income]]></category>

		<guid isPermaLink="false">http://www.taxguru.in/?p=13626</guid>
		<description><![CDATA[The new code attempts to change the methodology of taxation of business profits from the existing model where the taxable income is equal to business profits with specified adjustments even though this model does not provide for items of receipts which form part of business profit and deduction to be made there from.]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Taxability of Sale Proceed of Assets Purchased before introduction of block concept and sale thereafter</title>
		<link>http://taxguru.in/income-tax-case-laws/taxability-of-sale-proceed-of-assets-purchased-before-introduction-of-block-concept-and-sale-thereafter.html</link>
		<comments>http://taxguru.in/income-tax-case-laws/taxability-of-sale-proceed-of-assets-purchased-before-introduction-of-block-concept-and-sale-thereafter.html#comments</comments>
		<pubDate>Thu, 08 Oct 2009 02:14:17 +0000</pubDate>
		<dc:creator>admin</dc:creator>
				<category><![CDATA[Income Tax Case Laws]]></category>
		<category><![CDATA[assets]]></category>
		<category><![CDATA[balancing charge]]></category>
		<category><![CDATA[beverages]]></category>
		<category><![CDATA[business income]]></category>
		<category><![CDATA[capital asset]]></category>
		<category><![CDATA[Depreciation]]></category>
		<category><![CDATA[income tax act]]></category>
		<category><![CDATA[income tax act 1961]]></category>
		<category><![CDATA[nectar]]></category>
		<category><![CDATA[proceeds]]></category>
		<category><![CDATA[section 32]]></category>
		<category><![CDATA[supreme court of india]]></category>

		<guid isPermaLink="false">http://www.taxguru.in/?p=10228</guid>
		<description><![CDATA[Each of the sub-sections to section 41 deal with different and distinct topics and one cannot read recoupment under one sub-section into another; the depreciation recovered on sale of the capital asset was includible in the total income as balancing charge only under section 41(2); that concept was foreign to the scheme of section 41(1).]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Loan waived by lender is not taxable in the hand of borrower</title>
		<link>http://taxguru.in/income-tax-case-laws/loan-waived-by-lender-is-not-taxable-in-the-hand-of-borrower.html</link>
		<comments>http://taxguru.in/income-tax-case-laws/loan-waived-by-lender-is-not-taxable-in-the-hand-of-borrower.html#comments</comments>
		<pubDate>Fri, 25 Sep 2009 02:30:08 +0000</pubDate>
		<dc:creator>admin</dc:creator>
				<category><![CDATA[Income Tax Case Laws]]></category>
		<category><![CDATA[business income]]></category>
		<category><![CDATA[capital assets]]></category>
		<category><![CDATA[capital gains]]></category>
		<category><![CDATA[case law]]></category>
		<category><![CDATA[cessation]]></category>
		<category><![CDATA[income tax act]]></category>
		<category><![CDATA[income tax act 1961]]></category>
		<category><![CDATA[incomes]]></category>
		<category><![CDATA[remission]]></category>
		<category><![CDATA[section 28]]></category>
		<category><![CDATA[share application]]></category>
		<category><![CDATA[unsecured loan]]></category>

		<guid isPermaLink="false">http://www.taxguru.in/?p=12641</guid>
		<description><![CDATA[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. CASE LAW DETAILS Decided by: ITAT, `C&#8217; [...]]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Revision under section 263 of IT Act, 1961 is not reassessment</title>
		<link>http://taxguru.in/income-tax-case-laws/revision-under-section-263-of-it-act-1961-is-not-reassessment.html</link>
		<comments>http://taxguru.in/income-tax-case-laws/revision-under-section-263-of-it-act-1961-is-not-reassessment.html#comments</comments>
		<pubDate>Wed, 09 Sep 2009 11:44:33 +0000</pubDate>
		<dc:creator>admin</dc:creator>
				<category><![CDATA[Income Tax Case Laws]]></category>
		<category><![CDATA[book profits]]></category>
		<category><![CDATA[business income]]></category>
		<category><![CDATA[dividend income]]></category>
		<category><![CDATA[export turnover]]></category>
		<category><![CDATA[foreign currency]]></category>
		<category><![CDATA[geometric software solutions]]></category>
		<category><![CDATA[income tax act]]></category>
		<category><![CDATA[software development company]]></category>
		<category><![CDATA[software services]]></category>
		<category><![CDATA[travel expenses]]></category>

		<guid isPermaLink="false">http://www.taxguru.in/?p=10774</guid>
		<description><![CDATA[SUMMARY OF CASE LAW In the revision proceedings, the CIT cannot travel beyond the reasons given by him for revision in the show cause notice. CASE LAW DETAILS Decided by: ITAT, `G&#8217; BENCH, MUMBAI,In The case of: Geometric Software Solutions Co. Ltd. v. ACIT,Appeal No.: ITA No. 3464/Mum/2008,Decided on: July 10, 2009. RELEVENT PARAGRAPH 3. [...]]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Treatment of profit on sale of shares when Assessee hold shares for more then 12 months</title>
		<link>http://taxguru.in/income-tax-case-laws/treatment-of-profit-on-sale-of-shares-when-assessee-hold-shares-for-more-then-12-months.html</link>
		<comments>http://taxguru.in/income-tax-case-laws/treatment-of-profit-on-sale-of-shares-when-assessee-hold-shares-for-more-then-12-months.html#comments</comments>
		<pubDate>Mon, 07 Sep 2009 03:59:47 +0000</pubDate>
		<dc:creator>admin</dc:creator>
				<category><![CDATA[Income Tax Case Laws]]></category>
		<category><![CDATA[books of account]]></category>
		<category><![CDATA[business income]]></category>
		<category><![CDATA[capital asset]]></category>
		<category><![CDATA[dividend]]></category>
		<category><![CDATA[holding period]]></category>
		<category><![CDATA[income tax act]]></category>
		<category><![CDATA[intention]]></category>
		<category><![CDATA[long term capital]]></category>

		<guid isPermaLink="false">http://www.taxguru.in/?p=11520</guid>
		<description><![CDATA[SUMMARY OF CASE LAW Even after holding the shares for more than 12 months and showing such intention from the conduct, the Assessing Officer cannot replace his opinion for that of the assessee in holding that the shares are held as stock-in-trade and profit from which is to be assessed as business income. CASE LAW [...]]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Depreciation on transfer of Investment from available for sale (AFS) to held to maturity (HTM) category by banks</title>
		<link>http://taxguru.in/income-tax-case-laws/depreciation-on-transfer-of-investment-from-available-for-sale-afs-to-held-to-maturity-htm-category-by-banks.html</link>
		<comments>http://taxguru.in/income-tax-case-laws/depreciation-on-transfer-of-investment-from-available-for-sale-afs-to-held-to-maturity-htm-category-by-banks.html#comments</comments>
		<pubDate>Mon, 31 Aug 2009 16:25:30 +0000</pubDate>
		<dc:creator>admin</dc:creator>
				<category><![CDATA[Income Tax Case Laws]]></category>
		<category><![CDATA[accounting principles]]></category>
		<category><![CDATA[AFS]]></category>
		<category><![CDATA[available for sale]]></category>
		<category><![CDATA[bench]]></category>
		<category><![CDATA[business income]]></category>
		<category><![CDATA[capital assets]]></category>
		<category><![CDATA[Case Laws]]></category>
		<category><![CDATA[Depreciation]]></category>
		<category><![CDATA[held to maturity]]></category>
		<category><![CDATA[itat]]></category>
		<category><![CDATA[maturity]]></category>
		<category><![CDATA[rbi guidelines]]></category>

		<guid isPermaLink="false">http://www.taxguru.in/?p=10773</guid>
		<description><![CDATA[SUMMARY OF CASE LAW In view of the clear cut guidelines of the RBI regarding transfer of AFS category investment into HTM category investment, the claim of the assessee-bank towards provisions of depreciation on account of transfer of securities from AFS category to HTM category is to be allowed. CASE LAW DETAILS Decided by: ITAT, [...]]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Taxability of Income to American company by allowing use of its database located abroad to customers in India</title>
		<link>http://taxguru.in/income-tax-case-laws/taxability-of-income-to-american-company-by-allowing-use-of-its-database-located-abroad-to-customers-in-india.html</link>
		<comments>http://taxguru.in/income-tax-case-laws/taxability-of-income-to-american-company-by-allowing-use-of-its-database-located-abroad-to-customers-in-india.html#comments</comments>
		<pubDate>Mon, 24 Aug 2009 15:18:47 +0000</pubDate>
		<dc:creator>admin</dc:creator>
				<category><![CDATA[Income Tax Case Laws]]></category>
		<category><![CDATA[advance rulings]]></category>
		<category><![CDATA[business income]]></category>
		<category><![CDATA[client interface software]]></category>
		<category><![CDATA[customer need]]></category>
		<category><![CDATA[datacenters]]></category>
		<category><![CDATA[defence strategies]]></category>
		<category><![CDATA[economic information]]></category>
		<category><![CDATA[factset research systems]]></category>
		<category><![CDATA[factset research systems inc]]></category>
		<category><![CDATA[financial intermediaries]]></category>
		<category><![CDATA[fundamental data]]></category>
		<category><![CDATA[global equities]]></category>
		<category><![CDATA[income tax act]]></category>
		<category><![CDATA[income tax act 1961]]></category>
		<category><![CDATA[share database]]></category>
		<category><![CDATA[shareholding]]></category>
		<category><![CDATA[subscription fee]]></category>

		<guid isPermaLink="false">http://www.taxguru.in/?p=10218</guid>
		<description><![CDATA[SUMMARY OF CASE LAW The subscription fee received by the American company from the licensee (user of database) does not fall within the scope of clause (v) of Explanation (2) to section 9(1) of the Income-tax Act, 1961 and the same is not taxable in India as royalty; it is liable to be taxed only [...]]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Major changes proposed in Direct Tax Code related to Capital Gain tax</title>
		<link>http://taxguru.in/income-tax/major-changes-proposed-in-direct-tax-code-related-to-capital-gain-tax.html</link>
		<comments>http://taxguru.in/income-tax/major-changes-proposed-in-direct-tax-code-related-to-capital-gain-tax.html#comments</comments>
		<pubDate>Wed, 19 Aug 2009 03:01:02 +0000</pubDate>
		<dc:creator>admin</dc:creator>
				<category><![CDATA[Income Tax]]></category>
		<category><![CDATA[business capital]]></category>
		<category><![CDATA[business income]]></category>
		<category><![CDATA[capital assets]]></category>
		<category><![CDATA[CAPITAL GAIN]]></category>
		<category><![CDATA[Direct Tax Code]]></category>
		<category><![CDATA[direct tax code 2009]]></category>
		<category><![CDATA[direct taxes]]></category>
		<category><![CDATA[dtc]]></category>
		<category><![CDATA[holding company]]></category>
		<category><![CDATA[indexation]]></category>
		<category><![CDATA[investment assets]]></category>
		<category><![CDATA[long term capital]]></category>
		<category><![CDATA[long term capital gains]]></category>
		<category><![CDATA[slump]]></category>
		<category><![CDATA[stock exchange]]></category>
		<category><![CDATA[subsidiary]]></category>
		<category><![CDATA[tax rates]]></category>
		<category><![CDATA[transaction tax]]></category>
		<category><![CDATA[transfer of business]]></category>
		<category><![CDATA[transferee]]></category>

		<guid isPermaLink="false">http://www.taxguru.in/?p=11380</guid>
		<description><![CDATA[The new draft Direct Taxes Code proposes to tax capital gains as regular income at normal tax rates, thereby removing the benefits of lower rates for long-term capital gains on sale of shares. It is proposed that the Securities Transaction Tax be abolished and the exemption or relief granted to long-term and short-term gains on [...]]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Cut in corporate tax rate will not benefit all sectors as MAT will increase tax burden</title>
		<link>http://taxguru.in/income-tax/cut-in-corporate-tax-rate-will-not-benefit-all-sectors-as-mat-will-increase-tax-burden.html</link>
		<comments>http://taxguru.in/income-tax/cut-in-corporate-tax-rate-will-not-benefit-all-sectors-as-mat-will-increase-tax-burden.html#comments</comments>
		<pubDate>Mon, 17 Aug 2009 03:56:55 +0000</pubDate>
		<dc:creator>admin</dc:creator>
				<category><![CDATA[Income Tax]]></category>
		<category><![CDATA[adverse effect]]></category>
		<category><![CDATA[business assets]]></category>
		<category><![CDATA[business capital]]></category>
		<category><![CDATA[business income]]></category>
		<category><![CDATA[business tax]]></category>
		<category><![CDATA[capital asset]]></category>
		<category><![CDATA[capital gains]]></category>
		<category><![CDATA[corporate india]]></category>
		<category><![CDATA[fast moving consumer goods]]></category>
		<category><![CDATA[global financial services]]></category>
		<category><![CDATA[information technology companies]]></category>
		<category><![CDATA[institutional equities]]></category>
		<category><![CDATA[investment assets]]></category>
		<category><![CDATA[moving consumer goods]]></category>
		<category><![CDATA[negative ramifications]]></category>
		<category><![CDATA[tax consultants]]></category>
		<category><![CDATA[tax incidence]]></category>
		<category><![CDATA[Transfer of Shares]]></category>

		<guid isPermaLink="false">http://www.taxguru.in/?p=11316</guid>
		<description><![CDATA[The proposed reduction in corporate tax rate from 30% to 25% in the new direct tax code is only one side of the story. The cut has been offset by a reduction in exemptions and the dreaded change in the minimum alternate tax (MAT), which would hit companies that have to invest heavily in their businesses. [...]]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Mistakes people commit generally in filing income tax return</title>
		<link>http://taxguru.in/income-tax/mistakes-people-commit-generally-in-filing-income-tax-return.html</link>
		<comments>http://taxguru.in/income-tax/mistakes-people-commit-generally-in-filing-income-tax-return.html#comments</comments>
		<pubDate>Fri, 24 Jul 2009 01:06:19 +0000</pubDate>
		<dc:creator>admin</dc:creator>
				<category><![CDATA[Income Tax]]></category>
		<category><![CDATA[AIR]]></category>
		<category><![CDATA[business income]]></category>
		<category><![CDATA[income tax return filing]]></category>
		<category><![CDATA[mistake in itr filing]]></category>
		<category><![CDATA[short term capital gains]]></category>
		<category><![CDATA[tax return]]></category>

		<guid isPermaLink="false">http://www.taxguru.in/?p=10533</guid>
		<description><![CDATA[Wrong selection of ITR :- One may sorely miss the old &#8216;one size fits all&#8217; SARAL forms for the sheer ease and convenience of filling up the one page return, but they were not e-friendly. It was also cumbersome to attach a whole lot of supporting documents and spend a day away from the office [...]]]></description>
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		<slash:comments>17</slash:comments>
		</item>
		<item>
		<title>Income cannot be assessed as &#8220;income from house property just because income is attached to immovable property</title>
		<link>http://taxguru.in/income-tax-case-laws/income-cannot-be-assessed-as-income-from-house-property-just-because-income-is-attached-to-immovable-property.html</link>
		<comments>http://taxguru.in/income-tax-case-laws/income-cannot-be-assessed-as-income-from-house-property-just-because-income-is-attached-to-immovable-property.html#comments</comments>
		<pubDate>Sat, 18 Jul 2009 01:55:44 +0000</pubDate>
		<dc:creator>admin</dc:creator>
				<category><![CDATA[Income Tax Case Laws]]></category>
		<category><![CDATA[business activity]]></category>
		<category><![CDATA[business income]]></category>
		<category><![CDATA[case law]]></category>
		<category><![CDATA[circumstances]]></category>
		<category><![CDATA[Finance]]></category>
		<category><![CDATA[head business]]></category>
		<category><![CDATA[immovable property]]></category>
		<category><![CDATA[investments]]></category>
		<category><![CDATA[relevant facts]]></category>
		<category><![CDATA[sole factor]]></category>

		<guid isPermaLink="false">http://www.taxguru.in/?p=9756</guid>
		<description><![CDATA[SUMMARY OF CASE LAW Merely because income is attached to immovable property, it cannot be the sole factor for assessment of such income as &#8220;income from house property. CASE LAW DETAILS Decided by: ITAT, DELHI BENCHES `F&#8217;: NEW DELHI, In The case of: Bigg Investments &#38; Finance Pvt. Ltd. v.DCIT, Appeal No.: ITA Nos. 5367 &#38; 5368/Del/04, Decided [...]]]></description>
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		<slash:comments>1</slash:comments>
		</item>
		<item>
		<title>Tribunal can set aside the order of CIT Appeal only after considering the evidence and material on record</title>
		<link>http://taxguru.in/income-tax-case-laws/tribunal-can-set-aside-the-order-of-cit-appeal-only-after-considering-the-evidence-and-material-on-record.html</link>
		<comments>http://taxguru.in/income-tax-case-laws/tribunal-can-set-aside-the-order-of-cit-appeal-only-after-considering-the-evidence-and-material-on-record.html#comments</comments>
		<pubDate>Wed, 15 Jul 2009 00:28:58 +0000</pubDate>
		<dc:creator>admin</dc:creator>
				<category><![CDATA[Income Tax Case Laws]]></category>
		<category><![CDATA[adjudication]]></category>
		<category><![CDATA[bench]]></category>
		<category><![CDATA[business income]]></category>
		<category><![CDATA[case law]]></category>
		<category><![CDATA[circumstances]]></category>
		<category><![CDATA[natural justice]]></category>
		<category><![CDATA[paragraph]]></category>
		<category><![CDATA[profits]]></category>
		<category><![CDATA[relatable]]></category>
		<category><![CDATA[submissions]]></category>
		<category><![CDATA[tribunal]]></category>

		<guid isPermaLink="false">http://www.taxguru.in/?p=9828</guid>
		<description><![CDATA[SUMMARY OF CASE LAW No doubt it is well within the power of the Tribunal to set aside the order of the Commissioner (Appeals) for fresh adjudication in accordance with the provision; such order can be made when the Tribunal, after considering the evidence and material on record, comes to the conclusion that the order [...]]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Allowability of expenses claimed by PSU on direct operations/grants</title>
		<link>http://taxguru.in/income-tax-case-laws/allowability-of-expenses-claimed-by-psu-on-direct-operationsgrants.html</link>
		<comments>http://taxguru.in/income-tax-case-laws/allowability-of-expenses-claimed-by-psu-on-direct-operationsgrants.html#comments</comments>
		<pubDate>Sat, 13 Jun 2009 17:33:42 +0000</pubDate>
		<dc:creator>admin</dc:creator>
				<category><![CDATA[Income Tax Case Laws]]></category>
		<category><![CDATA[act]]></category>
		<category><![CDATA[Assessment]]></category>
		<category><![CDATA[business income]]></category>
		<category><![CDATA[Capital Expenditure]]></category>
		<category><![CDATA[Computer]]></category>
		<category><![CDATA[constitution]]></category>
		<category><![CDATA[corporates]]></category>
		<category><![CDATA[Deduction]]></category>
		<category><![CDATA[industry development board]]></category>
		<category><![CDATA[oil industry development]]></category>
		<category><![CDATA[personal expenditure]]></category>

		<guid isPermaLink="false">http://www.taxguru.in/?p=9203</guid>
		<description><![CDATA[SUMMARY OF CASE LAW The grants and payment of royalty claimed under the head &#8220;expenses on direct operations/ grants&#8221; 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&#8217; : NEW DELHI, in the case of : Oil Industry Development Board v.ACIT, AppealNo. : [...]]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Income from property leased to sister concerns is Income from House Property</title>
		<link>http://taxguru.in/income-tax-case-laws/income-from-property-leased-to-sister-concerns-is-income-from-house-property.html</link>
		<comments>http://taxguru.in/income-tax-case-laws/income-from-property-leased-to-sister-concerns-is-income-from-house-property.html#comments</comments>
		<pubDate>Sat, 23 May 2009 18:23:08 +0000</pubDate>
		<dc:creator>admin</dc:creator>
				<category><![CDATA[Income Tax Case Laws]]></category>
		<category><![CDATA[apparels]]></category>
		<category><![CDATA[APPEAL]]></category>
		<category><![CDATA[assets]]></category>
		<category><![CDATA[benches]]></category>
		<category><![CDATA[business activity]]></category>
		<category><![CDATA[business income]]></category>
		<category><![CDATA[commencement]]></category>
		<category><![CDATA[commercial asset]]></category>
		<category><![CDATA[Deduction]]></category>
		<category><![CDATA[dwelling units]]></category>
		<category><![CDATA[itat]]></category>
		<category><![CDATA[landlord]]></category>
		<category><![CDATA[lessee]]></category>
		<category><![CDATA[rental agreement]]></category>
		<category><![CDATA[sister concern]]></category>
		<category><![CDATA[sister concerns]]></category>
		<category><![CDATA[submissions]]></category>
		<category><![CDATA[tax]]></category>
		<category><![CDATA[term lease]]></category>

		<guid isPermaLink="false">http://www.taxguru.in/?p=8539</guid>
		<description><![CDATA[SUMMARY OF CASE LAW Exploitation of the property by one of the group concerns cannot be construed as exploitation by the assessee-company; the commercial asset has to be exploited by the assessee in the course of its business activity for the purpose of claiming the income as business income.  CASE LAW DETAILS Decided by: ITAT, [...]]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Interest income from banks on fixed deposits not necessarily Income from Other Sources</title>
		<link>http://taxguru.in/income-tax-case-laws/interest-income-from-banks-on-fixed-deposits-not-necessarily-income-from-other-sources.html</link>
		<comments>http://taxguru.in/income-tax-case-laws/interest-income-from-banks-on-fixed-deposits-not-necessarily-income-from-other-sources.html#comments</comments>
		<pubDate>Sat, 16 May 2009 14:56:37 +0000</pubDate>
		<dc:creator>admin</dc:creator>
				<category><![CDATA[Income Tax Case Laws]]></category>
		<category><![CDATA[Assessment]]></category>
		<category><![CDATA[banks]]></category>
		<category><![CDATA[bench]]></category>
		<category><![CDATA[borrowers]]></category>
		<category><![CDATA[business income]]></category>
		<category><![CDATA[business profit]]></category>
		<category><![CDATA[capital receipt]]></category>
		<category><![CDATA[case law]]></category>
		<category><![CDATA[customs]]></category>
		<category><![CDATA[Deduction]]></category>
		<category><![CDATA[derivatives]]></category>
		<category><![CDATA[Interest]]></category>
		<category><![CDATA[Interest Income]]></category>
		<category><![CDATA[investments]]></category>
		<category><![CDATA[judgments]]></category>
		<category><![CDATA[mumbai]]></category>
		<category><![CDATA[profession]]></category>
		<category><![CDATA[profits]]></category>
		<category><![CDATA[taxation]]></category>
		<category><![CDATA[term deposits]]></category>

		<guid isPermaLink="false">http://www.taxguru.in/?p=8271</guid>
		<description><![CDATA[SUMMARY OF CASE LAW Normally, on the placing of funds in banks on short-term or long-term deposits, the interest income derived from those sources would be &#8220;income from other sources&#8221;; but it is not so easy to decide that interest income is always assessable under the head &#8220;income from other sources&#8221;; each case has got [...]]]></description>
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		<slash:comments>1</slash:comments>
		</item>
		<item>
		<title>Treatment to be given to unclaimed debenture amount when same is used by assessee-company for its business: HC Mumbai</title>
		<link>http://taxguru.in/income-tax-case-laws/treatment-to-be-given-to-unclaimed-debenture-amount-when-same-is-used-by-assessee-company-for-its-business-hc-mumbai.html</link>
		<comments>http://taxguru.in/income-tax-case-laws/treatment-to-be-given-to-unclaimed-debenture-amount-when-same-is-used-by-assessee-company-for-its-business-hc-mumbai.html#comments</comments>
		<pubDate>Tue, 03 Mar 2009 09:53:14 +0000</pubDate>
		<dc:creator>admin</dc:creator>
				<category><![CDATA[Income Tax Case Laws]]></category>
		<category><![CDATA[APPEAL]]></category>
		<category><![CDATA[Assessment]]></category>
		<category><![CDATA[business income]]></category>
		<category><![CDATA[business purpose]]></category>
		<category><![CDATA[Deduction]]></category>
		<category><![CDATA[tax appeal]]></category>
		<category><![CDATA[unclaimed debenture amount]]></category>

		<guid isPermaLink="false">http://www.taxguru.in/?p=2989</guid>
		<description><![CDATA[SUMMARY OF CASE LAW When the assessee has already utilized the money from time to time for its business purpose and having been taken benefit of utilizing the money for its business, now cannot say that the debt, in question, has not become time-barred and, therefore, the said unclaimed amount should not have been treated [...]]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Computation of depreciation in cases covered by Rule 8 of Income Tax Rules, 1962</title>
		<link>http://taxguru.in/income-tax-case-laws/computation-of-depreciation-in-cases-covered-by-rule-8-of-income-tax-rules-1962.html</link>
		<comments>http://taxguru.in/income-tax-case-laws/computation-of-depreciation-in-cases-covered-by-rule-8-of-income-tax-rules-1962.html#comments</comments>
		<pubDate>Wed, 25 Feb 2009 06:31:57 +0000</pubDate>
		<dc:creator>admin</dc:creator>
				<category><![CDATA[Income Tax Case Laws]]></category>
		<category><![CDATA[APPEAL]]></category>
		<category><![CDATA[Assessment]]></category>
		<category><![CDATA[building machinery]]></category>
		<category><![CDATA[business income]]></category>
		<category><![CDATA[case law]]></category>
		<category><![CDATA[CIT]]></category>
		<category><![CDATA[Deduction]]></category>
		<category><![CDATA[Depreciation]]></category>
		<category><![CDATA[income tax act]]></category>
		<category><![CDATA[Rule 8 of IT]]></category>

		<guid isPermaLink="false">http://www.taxguru.in/?p=2786</guid>
		<description><![CDATA[SUMMARY OF CASE LAW In cases where Rule 8 applies, the income which is brought to tax as &#8220;business income&#8221; is only 40 per cent of the composite income and consequently, proportionate depreciation is required to be taken into account because that is the depreciation &#8220;actually allowed&#8221;. CASE LAW DETAILS Decided by: SUPREME COURT OF [...]]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Determination of head of income in respect of payment received by   an assessee from his employer under a non-compete agreement</title>
		<link>http://taxguru.in/income-tax-case-laws/determination-of-head-of-income-in-respect-of-payment-received-by-an-assessee-from-his-employer-under-a-non-compete-agreement.html</link>
		<comments>http://taxguru.in/income-tax-case-laws/determination-of-head-of-income-in-respect-of-payment-received-by-an-assessee-from-his-employer-under-a-non-compete-agreement.html#comments</comments>
		<pubDate>Sat, 07 Feb 2009 01:49:45 +0000</pubDate>
		<dc:creator>admin</dc:creator>
				<category><![CDATA[Income Tax Case Laws]]></category>
		<category><![CDATA[Assessment]]></category>
		<category><![CDATA[business income]]></category>
		<category><![CDATA[Deferred Tax Liability]]></category>
		<category><![CDATA[department]]></category>
		<category><![CDATA[gain]]></category>
		<category><![CDATA[itat]]></category>
		<category><![CDATA[non compete agreement]]></category>
		<category><![CDATA[s]]></category>
		<category><![CDATA[salary income]]></category>
		<category><![CDATA[supreme court judgements]]></category>
		<category><![CDATA[Survey]]></category>

		<guid isPermaLink="false">http://www.taxguru.in/?p=2020</guid>
		<description><![CDATA[ITAT, DELHI BENCH `D&#8217;: NEW DLEHI Kanwaljit Singh v ACIT , APPEAL NO. : ITA Nos. 2311 to 2313/Del of 2007 , DATED: January 16, 2009 The assessee can so arrange his affairs as law permits and the same cannot be called colourable merely because it results into a lesser  or deferred tax liability; in [...]]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Allowability of Deduction U/s. 42 of Income Tax Act for Determining Book Profit u/s. 115JA</title>
		<link>http://taxguru.in/income-tax/allowability-of-deduction-under-section-42-of-it-act-for-determining-book-profit-under-section-115ja-of-act.html</link>
		<comments>http://taxguru.in/income-tax/allowability-of-deduction-under-section-42-of-it-act-for-determining-book-profit-under-section-115ja-of-act.html#comments</comments>
		<pubDate>Mon, 08 Dec 2008 07:27:00 +0000</pubDate>
		<dc:creator>admin</dc:creator>
				<category><![CDATA[Income Tax]]></category>
		<category><![CDATA[Assessment]]></category>
		<category><![CDATA[Book Profit]]></category>
		<category><![CDATA[Book Profits u/s 115JA]]></category>
		<category><![CDATA[business income]]></category>
		<category><![CDATA[Deduction]]></category>
		<category><![CDATA[Depreciation]]></category>
		<category><![CDATA[expenditures]]></category>
		<category><![CDATA[head business]]></category>
		<category><![CDATA[income]]></category>
		<category><![CDATA[income tax act]]></category>
		<category><![CDATA[itat]]></category>
		<category><![CDATA[mat]]></category>
		<category><![CDATA[profit and loss]]></category>
		<category><![CDATA[tax]]></category>

		<guid isPermaLink="false">http://taxguru.in/?p=759</guid>
		<description><![CDATA[Gujarat State Petroleum Corpn. Ltd. v. JCIT The deduction claimed by the assessee under section 42 cannot be considered for the purpose of computing the deemed income under section 115JA]]></description>
		<wfw:commentRss>http://taxguru.in/income-tax/allowability-of-deduction-under-section-42-of-it-act-for-determining-book-profit-under-section-115ja-of-act.html/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
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