establishments

Can residential premises be used for professional or business office purposes? It is generally believed that only a part of the flat can be used for professional purposes and that no part of the flat can be used for business office purposes. However the decided case laws on the subject speak otherwise. Full Article

Due to the fact that most of the establishments are virtually closed on account of festivals of Durga Pooja, Navratra’s and Dussehra, representations were received from members all over the country posing the difficulties faced by them in preparing and filing the return of income by due date. Hence, ICAI has made a representation to [...] Full Article

September 14, 2009 Restrictive practices while accepting bank notes It has come to the notice of the Reserve Bank of India that certain establishments are adopting restrictive practices such as not accepting notes of certain denominations or series etc. Reserve Bank of India, therefore considers it necessary to emphasise that all government/ semi-government offices, public/ [...] Full Article

SUMMARY OF THE AAR This alert summarizes a recent ruling of the Authority for Advance Ruling (AAR) [2009-TIOL-12-ARA–IT] in the case of K.T. Corporation (Applicant) on the issue of whether a Liaison Office (LO), acting as a communication channel, will constitute a Permanent Establishment (PE) of the Applicant under the Double Taxation Avoidance Agreement between [...] Full Article

The Central Government has notified from on 20th May, 2009, the provisions of the Competition Act, 2002 relating to anti-competitive agreements (section 3) and abuse of dominant position (section 4) alongwith other related and miscellaneous provisions. This will enable the Competition Commission of India to enforce these provisions of the Competition Act, 2002. The Central Government has also notified the [...] Full Article

Notification of SEBI (Investor Protection and Education Fund) Regulations, 2009 SEBI has notified the SEBI (Investor Protection and Education Fund) Regulations, 2009, on May 19, 2009, with a view to strengthening its activities for investor protection.  The salient features of these regulations are as follows:  The Fund shall be used for the protection of investors and promotion [...] Full Article

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

JAGAN LAMPS LTD. v. ITO The accepting of returned income is not an assessment; hence, it will be incorrect to say that the provisions of section 147 cannot be substituted for verification of correctness of entire information contained in the return of income. Full Article