garments

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

CASE LAW DETAILS Decided by: ITAT, DELHI SPECIAL BENCH ‘C’ NEW DELHI ’,In The case of: ACIT v. Hindustan Mint & Agro Products Pvt. Ltd. , Appeal No.: ITA No. 1537/Del/07,Decided on: July 23, 2009 RELEVANT EXTRACTS: 1.  This Special Bench was constituted on the recommendation of the regular Bench which was hearing above appeals.  The controversy relates to the [...] Full Article

Mumbai: Officials from the income-tax (I-T ) department on Wednesday and Thursday carried out searches at various offices of Bombay Rayon Fashion, a textile company promoted by Janardhan Agarwal. The company is into garments , textile and retail. Full Article

Jashan Textile Mills vs. DCIT - In ACIT vs. Rogini Garments 108 ITD 49, the Chennai Special Bench of the ITAT held that in view of s. 80-IA (9), relief under s. 80-IA had to be deducted from the profits and gains before computing relief u/s 80-HHC. M/s SCM Creations was an intervener in that case and a common judgement was passed. Full Article