taxation laws

Leading industrialist and Essar Group chairman Shashi Ruia has warned of an adverse impact on FDI inflows in India if its taxation laws with various countries remain 'ambiguous'. The Government (of India) is signing a spate of treaties with other countries. But all this will come to nought if the treaties are ambiguous and open for departmental interpretation, he said during an address at the Indo-American Chamber of Commerce here late last evening. Full Article

Since rules of natural justice are part of the fundamental rights provided by our constitution the same have to be followed while taking any quasi judicial or administrative action under every law and the taxation laws are no exception to it. Any authority whether appellate or not has to follow the rules of natural justice while making any order. Full Article

The assets did not fall under any of the above exceptional three conditions. The said block of assets was used for the purpose of business during the year. Under the circumstances the assets of the said closed unit amounts to use for the purpose of business in the year under consideration , we are, therefore, of the considered view that the assessee is entitled for deprecation. We accordingly allow the claim of the assessee. Full Article

If there is default on the part of the assessee to comply with the original demand notice, the provisions of the Taxation Laws (Continuation & Validation of Recovery Proceedings) Act, 1964 shall apply. Full Article

. From the various judgments of the Supreme Court above referred to and other High Courts, it is clear that the Tribunal's power under Section 254(2) is not to review its earlier order but only to amend it with a view to rectify any mistake apparent from the record. What can be termed as "mistake apparent?". "Mistake" in general means to take or understand wrongly or inaccurately; to make an error in interpreting; it is an error; a fault, a misunderstanding, a misconcept.. Full Article

The Hindu Undivided Family (HUF) is a special feature of Hindu society. Hindu Undivided Family is defined as consisting of a common ancestor and all his lineal male descendants together with their wives and unmarried daughters. Therefore a Hindu Undivided Family consists of males and females. Daughters born in the family are its members till their marriage and women married into the family are equally members of the undivided family. On the other hand at any given point .. Full Article

“There is no specific provision in Indian tax laws governing the deductibility of the payments made for acquiring spectrum,” a PwC report on the telecom sector said. With the allocation of spectrum, especially 3G being an issue of concern, rules governing the same in the taxation laws also assume significance. “Since, substantial amounts are to be involved for acquiring spectrum, determining its deductibility becomes critical,” the firm said. Full Article

There was a demand against the company. The duty demand was confirmed against which the assessee filed appeal before the Commissioner (Appeal). In the meantime, the assessee deposited the amount vide debit entry in RG23A part-II. When the appeal was decided in the favour of the assessee, the assessee informed to the department and took credit of the amount it deposited earlier. Demand was raised, and the tribunal held that such re-credit of amount is recoverable and impo.. Full Article