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In CIT vs. Kelvinator of India Ltd. 256 ITR 1 the Full Bench of the Delhi High Court was considering a case of reopening u/s 147 within 4 years from the end of the assessment year. The Court held that when a regular order of assessment is passed in terms of section 143 (3) of the Act, a presumption can be raised that such an order has been passed on application of mind. Full Article

Supreme Court (SC) [2010-TIOL-04- SC-IT] in the case of Oracle Software India Ltd. (Taxpayer) on the issue of whether the process of converting a blank compact disc (CD) into a recorded CD, by duplicating the master copy of software on it, constitutes 'manufacture' under the Indian Tax Law (ITL) for the purpose of claiming tax holiday. The SC held that the processing of recordable media on to a blank CD amounts to 'manufacture' under the ITL, Full Article

The investigation wing of the income tax (I-T) department in Mumbai has unearthed a record Rs1,315 crore in undisclosed income in the first nine months of the fiscal year, I-T officials said. The cases involve 16 companies, including 10 that are publicly traded. “Our searches have significantly improved collection of corporate taxes in Mumbai. More and more firms are voluntarily disclosing their income and paying up tax,” an income-tax official told on Friday. Full Article

The next two items are penal charges of Rs.5,11,688/ - and Rs. 10,970/-. These amounts have already been held to be business income while discussing the issues of section 80IB. Accordingly, we direct the AO to treat these two amounts as part of business income for computation under section 80HHC. Full Article

The quantum of deduction under section 80-1A is not dependent upon the assessee claiming or not claiming depreciation, because, under section 80-1A the quantum of deduction has to be determined by computing total income from business after deducting all deductions allowable under section 30 to 43D. Full Article

The Full Bench was constituted to consider whether for the purposes of allowing deduction under Ch. VI-A depreciation could be thrust on the assessee even though it had disclaimed the same for purposes of regular assessment. The assessee argued that as in accordance with Mahendra Mills 243 ITR 56 (SC), depreciation was optional and as Expl. 5 to s. 32 came into force only from AY 2002-2003, depreciation could not be thrust even for purposes of Ch. VI-A. HELD, deciding ag.. Full Article

Section 115JA of the Income-tax Act, 1961 - Minimum alternate tax - Assessment year 2000-01 - Assessee had created a reserve in assessment year 1986-87 by enhancing value of assets - Assessee had withdrawn Rs. 1.53 crores from said reserve and credited it to profit and loss account - In assessment year 2000-01 assessee-company claimed deduction of Rs. 1.53 crores from book profit for calculating adjusted book profit under section 115JA - Assessing Officer allowed assesse.. Full Article

In The Case of :- EMA India vs. ACIT , Decided by :- Allahabad High Court In respect of AY 2000-01, the assessee filed a ROI. In the accompanying balance sheet it was disclosed that prior period expenditure of Rs. 5,41,850 was debited to the P&L A/c and that interest of Rs. 8,34,720 receivable from [...] Full Article