litigation

Income Tax department has claimed Rs 30,000 crore from companies that have violated provisions under the minimum alternate tax. Sources said the claim is not only for the current assessment year of 2009-10, wherein assessments are still going on, but also for previous four-five assessment years, which are under litigation either in courts or at appellate levels. Full Article

Definitions – Manufacture – Clause 3 - S 2 (29BA):- Clause 3 of the Finance Bill 2009 has sought to introduce sub section 29BA in section 2 of the Income Tax Act wherein the manufacture is defined for the first time The amendment is to take effect retrospectively from 1st April, 2009 and would apply in relation to Assessment Year 2009-2010 and subsequent years. . The amendment read as follows: Full Article

This article summarizes a recent ruling of the Karnataka High Court (HC) [ITA No. 2808 of 2005] in the case of Samsung Electronics and others (Taxpayers). The HC held that any payment resulting in any income in the hands of a non-resident would be subject to withholding tax under the Indian Tax Law (ITL). Unless an order is obtained from the Tax Authority for withholding tax at a lower rate or for not withholding tax, a taxpayer would need to withhold tax on the income a.. Full Article

Introduction: - ‘Job Work’, ‘Cenvat” and ‘Litigation’ – a combination of these three means “Sky is the limit”. Job work in itself has been a critical area of Central Excise Law. Being already complicated with its own policies and procedures, the existing provisions of Rule 6 of the Cenvat Credit Rules, 2004 have added oil [...] Full Article

SUMMARY OF CASE LAW Merely on the basis of statement having been recorded, no addition can be made unless the same can be corroborated by any material either found during the course of survey or subsequently brought on record by the department while framing the assessment. Full Article

Legal fees for seeking advice on the modalities of transfer and the drafting of agreement or deed of transfer would undoubtedly qualify for deduction under section 48(i) of the Income-tax Act, however, the legal fees for the initial period of dispute are not intrinsically linked with the transfer of shares and therefore it cannot be [...] Full Article

In a bid to check the rise in court cases against corporate houses for company law violations, the government is set to give more powers to its officials to deal with such offenses out of court. The framework proposed in the new company law envisages that company disputes should not be dragged to the court. Full Article

The Central Board of Direct Taxes has decided to relax norms on scrutiny of tax payers whose premises have been surveyed by the officials, a step aimed at encouraging evaders to pay up. The decision is likely to provide relief to thousands of taxpayers and it would save them from harassment at the hands of taxmen apart from litigation costs, said a senior Finance Ministry official. The decision has been taken following Finance Minister P Chidambaram' s assertion that go.. Full Article