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Archive: February, 2008

Posts in February, 2008

SEBI : Standard warning in Advertisements by Mutual Funds

February 26, 2008 271 Views 0 comment Print

These guidelines are issued in exercise of powers conferred under Section 11(1) of the Securities and Exchange Board of India Act, 1992 read with the provisions of Regulation 77 of SEBI (Mutual Funds) Regulations, 1996.

ACIT vs. M/s Triace (ITAT Mumbai)

February 25, 2008 393 Views 0 comment Print

ACIT vs. M/s Triace (ITAT Mumbai) – Where the CIT (A) decided the ground of reopening against the assessee but decided the ground of merits in favour of the assessee, the assessee is entitled, in an appeal by the Revenue before the Tribunal, to urge, under Rule 27 of the I. T. Rules, that the CIT (A) was wrong in deciding the ground of reopening against the assessee.

Whether expenditure is on capital or revenue account should be decided from the practical and business view point and in accordance with sound accountancy principles

February 25, 2008 655 Views 0 comment Print

Amway India vs. DCIT (ITAT Delhi Special Bench) – The question whether expenditure is on capital or revenue account should be decided from the practical and business view point and in accordance with sound accountancy principles. The three tests applied to decide the nature of expenditure are the tests of enduring benefit, ownership test and the functional test.

Idea Cellular vs. DCIT (Bombay High Court)

February 25, 2008 417 Views 0 comment Print

Idea Cellular vs. DCIT (Bombay High Court) – Where all the material facts were placed before the AO and he raised questions thereon, Explanation 1 to s. 147 has no application. Further, the argument that because there was no discussion in the assessment order, the AO had not applied his mind or expressed an opinion is not acceptable.

Power to condone the delay beyond the prescribed period

February 25, 2008 676 Views 0 comment Print

CCE vs. Punjab Fibres (Supreme Court) – In the context of s. 35 of the Excise Act, held (1) Where the statute confers on the authority concerned a limited power of condonation of delay or does not provide any such power, the authority has no power to condone delay beyond the prescribed period; (2) unless a new statute expressly or by necessary implication says so, it will not be presumed that it deprives a person of an accrued right. On the ther hand, a law which is procedural in nature, and does not affect the rights, is retrospectively applicable;

Allowability of Interest on capital to Partners is subject to satisfaction of requirements of s. 36(1)(iii)

February 25, 2008 490 Views 0 comment Print

Munjal Sales vs. CIT (Supreme Court) – (i) A firm seeking to claim deduction of interest paid on capital from its partners has to first satisfy the requirements of s. 36(1)(iii) and thereafter the limits imposed by s. 40(b)(iv). The fact that the said capital is not loans or advances is irrelevant.

Rescinds Notification No. 114/2007-Customs dated 28th November, 2007

February 25, 2008 226 Views 0 comment Print

In exercise of powers conferred by sub-sections (1) and (5) of section 9A of the Customs Tariff Act, 1975 (51 of 1975), read with rules 18, 20 and 22 of the Customs Tariff (Identification, Assessment and Collection of Anti-dumping Duty on Dumped Articles and for Determination of Injury) Rules, 1995, the Central Government hereby rescinds the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 114/2007-Customs dated the 28th November, 2007, published in the Gazette of India, Extraordinary, vide number G.S.R 735(E), dated the 28th November, 2007, except as respects things done or omitted to be done before such rescission.

Gratuity payment under the Payment of Gratuity Act, 1972 or otherwise exempt to the extent covered under the Income Tax Act

February 25, 2008 3588 Views 0 comment Print

No doubt, section 192 of the Income-tax Act requires the employer to deduct the income-tax from the salary and the salary is defined under section 17 of the Income-tax Act, which includes wages, any annuity or pension, any gratuity, any fees, commissions, perquisites or profits in lieu of or in addition to any salary or wages, any advance of salary and other payments

Indian students may get income tax relief in US

February 23, 2008 369 Views 0 comment Print

Income tax relief could be in store for US-bound students with New Delhi planning to seek changes in the Double Taxation Avoidance Agreement. Indian students have to pay an income tax on earnings from part-time jobs. This is because the India-US tax treaty provides for treatment of Indian students on a par with US nationals without giving a special tax relief.

Income Tax scrutiny policy not open to RTI query – CIC

February 23, 2008 367 Views 0 comment Print

The Government is not bound under the Right to Information law to divulge details about its Income Tax scrutiny policy, used to identify tax payees before subjecting them to detailed investigation. The Central Information Commission held this while accepting the Finance Ministry’s view that revealing information related to the scrutiny guidelines would adversely affect economic interests of the country.

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