"20 December 2007" Archive

Explanatory circular on Fringe Benefit Tax arising on allotment or transfer of specified securities or sweat equity shares

Circular No. 9/2007-Income Tax 20/12/2007

CIRCULAR NO. 9/2007-Income Tax In terms of the provisions of Chapter XII-H of the Income-tax Act (hereinafter referred to as Act), an employer, being a company, is liable to pay Fringe Benefit Tax (FBT) in respect of the fringe benefits provided or deemed to have been provided by it to its employees, directly or indirectly, during the p...

Correlation of Technical Characteristics, Quality and Specification of Inputs with Export Product under DFIA Scheme

Circular No. 46/2007-Customs Duty 20/12/2007

A suitable Public Notice and Standing Order may be issued for the guidance of the trade and staff. Difficulties faced, if any in implementation of the Circular may be brought to the notice of the Board at an early date....

Amends Notification No.142/2003-Customs, Dated: 23rd September, 2003,

Notification No. 121/2007-Customs 20/12/2007

Therefore, in exercise of the powers conferred by sub-sections (1) and (5) of section 9A of the said Act and in pursuance of rule 23 of the said rules, the Central Government hereby makes the following amendment in the notification of the Government of India, in the erstwhile Ministry of Finance and Company Affairs (Department of Revenue)...

SEBI : Short selling and securities lending and borrowing

MRD/DoP/SE/Dep/Cir- 14/2007 20/12/2007

communicate to SEBI, the status of the implementation of the provisions of this circular in the Monthly Development Report....

Gratuity Act is applicable to establishments covered by Factories Act’

Notwithstanding non-applicability of Payment of Gratuity Act, 1972 to units having less than 10 workmen, units covered by the Factories Act, 1948, were to apply the gratuity law to their workers, the Madurai Bench of the Madras High Court has held. Agreeing with the decision of the Joint Commissioner of Labour, Madurai (Appellate Authorit...

Posted Under: Income Tax |

Jurisdiction u/s 147 can be exercised even on the basis of a prima facie opinion

Rolls Royce Plc vs. DDIT (ITAT Delhi) - jurisdiction u/s 147 can be exercised even on the basis of a prima facie opinion (ii) On facts, the wholly owned subsidiary constituted a 'business connection' as well as a 'permanent establishment' (iii) the total profits of the enterprise have to be apportioned on the basis of various factors affe...

Posted Under: Income Tax |

Transfer to reserve before making deduction u/s 36

Whether, on the facts and in the circumstances of the case, the Tribunal was right in confirming the Commissioner of Income-tax (Appeals)' view that deduction under section 36(1) (viii) of transfer of reserve at 40 per cent, was to be worked out on the gross total income before making deduction under this section as well as under Chapter ...

Posted Under: Income Tax |

Section 10(10CC) of the Income-tax Act, 1961

RBF Rig Corpn. LIC (RBFRC) v. ACIT (ITAT Delhi)

RBF Rig Corpn. LIC (RBFRC) v. ACIT (ITAT Delhi) -Section 10(10CC) of the Income-tax Act, 1961 - Perquisite, not provided by monetary payment - Assessment year 2004-05 - Whether payment of tax on behalf of employee at option of employer is a non-monetary perquisite fully covered by sub-clause (iv) of clause (2) of section 17 and, thus, ex...

ITAT in Van Oord Atlanta-Critical analysis

The author has made a critical analysis of the recent decision of the Kolkota Bench of the ITAT in Van Oord Atlanta B.V. 112 TTJ 229 and identified the important principles of law emerging therefrom. 1. 1. Factual Synopsis of the case 1.1 Van Oord Atlanta B.V. (‘Assessee’) a company incorporated in Netherlands and a resident of that c...

Posted Under: Income Tax |

Expenditure incurred in relation to income not includible in total income -Sec 14A

Assistant Commissioner of Income-tax v. Claridges Investments & Finances (P.) Ltd. - Section 14A, read with section 10(33), of the Income-tax Act, 1961 - Expenditure incurred in relation to income not includible in total income - Assessment year 2001-02 - Whether provisions of section 14A apply only when there is expenditure in relation t...

Posted Under: Income Tax |

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