Analysis of HC, SC and ITAT Judgment on Taxation and Corporate Law

SUMMARY OF CASE LAW When the assessee has filed all particulars of income, the correct assessment and calculation of total income has to be done by the Assessing Officer; if on such process the AO finds different total income to be assessed than the income offered by the assessee, in such case it is not [...] Full Article

SUMMARY OF CASE LAW Where the assessee was giving space with services and facilities, which were varied and wide, such activities together would definitely constitute an organized structure for making profits, and the same would necessarily constitute a business. CASE LAW DETAILS Decided by: ITAT, MUMBAI BENCH `A’: MUMBAI, In The case of: Gesco Corpn. [...] Full Article

ADVANCE RULING  DETAILS Decided by: THE AUTHORITY FOR ADVANCE RULINGS (INCOME TAX) NEW DELHI, Advance Ruling Asked by: Worley Parsons Services Pty. Ltd., In re,  Advance Ruling  No. : A.A.R. NO. 748 OF 2009, Decided on: April 23, 2009.  RELEVENT PARAGRAPH 3. The applicant contends that the services under various contracts except contract no. 5 cannot be brought within the sweep [...] Full Article

SUMMARY OF ADVANCE RULINGS The proposed partnership firm to be formed by the Canadian company can be assessed as a firm under the Income-tax Act, 1961 provided the requirements of section 184 are complied with; the said firm shall be liable to tax @30 per cent plus applicable surcharge and cess in accordance with paragraph [...] Full Article

SUMMARY OF CASE LAW Though the Courts have held that the provisions of exemption applicable to the co-operative societies must be construed liberally; but, that does not mean that the interpretation could overstep the clear and specific meaning provided in the language of the statute; in respect of assessee falling under clause (b) of section [...] Full Article

SUMMARY OF CASE LAW Where the individual is resident in the previous year, but was not a resident in India in 9 out of 10 previous years preceding the year or was in India for a total period of 730 days or more in seven previous years then his residential status will be that of [...] Full Article

SUMMARY OF CASE LAW Where the transaction relating to transfer of lease hold rights of immovable property between the assessee and its group company was complete in the year 2001-02 itself in terms with the provisions of section 2(47)(v) of IT Act, 1961 read with section 53A of the TP Act, 1882, the capital gain [...] Full Article

SUMMARY OF CASE LAW If the rate of interest payable to partners to their capital balances is within the prescribed percentage, then such amount of interest is allowable as deduction from the computation of business income; thus, there is no requirement of having any book profit as a pre-condition for granting deduction in respect of [...] Full Article