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CASE LAW DETAILS Decided by: ITAT, “B-1″ BENCH : MUMBAI, In The case of:Neelam Mercantile Pvt. Ltd. v.ITO,  AppealNo. ITA No. 194/Mum/2008, Decided on: April 17, 2009 RELEVENT PARAGRAPH 7. The scope of section 263 has been determined by the propositions pro-founded by the Hon’bie Apex Court as well as other courts. For the revenue, an incorrect [...] Full Article

The income tax department is set to start an online ‘judicial reference system’ in order to streamline thousands of departmental cases being fought in various courts and I-T tribunals across the country. The facility, to be used by I-T department officials initially, will put in place all the cases, petitions and Special Leave Petitions (SLPs) [...] Full Article

NOTICE The following Benches will function during the period 08.06.09 to 12.06.09 ” A, B, C, D, E, E-1, F, G, H, SMC ” & SPECIAL BENCH ON 09.06.09 Sd/- (M.A.Bakshi) (Vice-President( M) Date:- 04.06.09 Full Article

Closely-held group companies that frequently borrow money from each other should make a mental note of a recent ruling by the income tax appellate tribunal (ITAT), a quasi-judicial tax authority. The tribunal has said that “deemed dividend cannot be taxed in the hands of non-shareholders. ” In order to avoid paying dividend distribution tax (DDT) [...] Full Article

Income-tax (Appellate Tribunal) Amendment Rules, 2009 – Amendment in rule 34 NOTIFICATION F.NO. 71-AD (AT) 2009, DATED 1-5-2009. In exercise of the powers conferred by sub-section (5) of section 255 of the Income-tax Act, 1961, the Appellate Tribunal hereby makes the following rules further to amend the Income-tax (Appellate Tribunal) Rules, 1963, namely: - 1. Short [...] Full Article

NOTICE The following benches will not function during the period 01.06.09 to 04.06.09 ” H, I, J, K, L, WT & SMC ” Sd/- (D. Manmohan) Vice-President( MZ) Dated, 27.05.09 Full Article

SUMMARY OF CASE LAW All the expenses of the business, whether direct or indirect; project specific or common expenses, have to be considered for computation of the profits and gains of an eligible business. CASE LAW DETAILS Decided by: ITAT, “B-1″ BENCH, MUMBAI, In The case of: Nitco Tiles Ltd. v. DCIT, Appeal No. : [...] Full Article

SUMMARY OF CASE LAW Irrespective of the method followed by an assessee for accounting excise duty, adjustments as specified under section 145A are to be made; when the statute requires a particular methodology of adjustments for tax, duty, cess or fee then it is to be done ditto; neither the Assessing Officer nor the Commissioner [...] Full Article