SUMMARY OF CASE LAW The payment which is punitive, is not allowable and in case the payment is compensatory, then the payment to the extent the same is of compensatory nature is to be allowed.

CASE LAW DETAILS Decided by: ITAT, BENCH `C’, CHENNAI,In The case of: Srivatsan Surveyors Pvt. Ltd. v. ITO,Appeal No.: ITA No. 1899 (Mds.)/2007, Decided on: December 12, 2008 RELEVENT PARAGRAPH 3. We have heard the rival submissions in the light of the material placed before us and the precedents relied upon. The assessee company was carrying [...]

Cost Inflation Index for Financial Year 2009-10 and Assessment year 2010-11 notified NOTIFICATION NO : 67/2009, Dated: September 9, 2009 In exercise of the powers conferred by clause (v) of the Explanation to section 48 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby makes the following amendment in the notification of [...]

SUMMARY OF CASE LAW Goodwill is a `business or commercial right of similar nature’; once it is held that the goodwill is also an intangible asset of the similar nature referred to in clause (ii) of section 32(1) of the Income-tax Act, 1961 the depreciation is consequently allowable on the same. CASE LAW DETAILS Decided [...]

NOTIFICATION NO. 64/2009, DATED 1-9-2009 It is hereby notified for general information that the organization P.S.G. & Sons Charities for the unit P.S.G. College of Technology, Coimbatore, has been approved by the Central Government for the purpose of clause (ii) of sub-section (1) of section 35 of the Income-tax Act, 1961 (said Act), read with [...]

NOTIFICATION NO. 63/2009, DATED 31-8-2009 It is hereby notified for general information that the organization Centre for Development of Advanced Computing, Pune has been approved by the Central Government for the purpose of clause (ii) of sub-section (1) of section 35 of the Income tax Act, 1961 (said Act), read with rules 5C and 5D [...]

Whether profit from Duty Entitlement Passbook Scheme (DEPB) and Duty Drawback Scheme could be said to be profit derived from the business of the Industrial Undertaking eligible for deduction under Section 80-IB of the Income-tax Act, 1961.

The Income-tax Appellate Tribunal (“the Tribunal”)  , in the case of First State Investments (Hongkong) Ltd. A/c  First State Asia Innovation and Technology Fund1 (“the  assessee”), examined the manner of set-off of short- term capital loss suffered from sale transactions subject  to Securities  Transaction Tax (”STT”) against short- term capital gains arising prior to introduction of [...]

Notification No. 65/2009 [F. NO. 49/22/2009-SO( TPL)], dated 2-9-2009 In exercise of the powers conferred by section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely :-

ICAI won the Income Tax Exemption Case in the High Court – Scope of the term “Charitable Purpose” defined by the High Court – In order to have a charity, you must have a source of income – Section 10(23C)(iv) September 2, 2009.