"07 August 2008" Archive

Cos with Rs 50 lakh fresh capital induction may come under tax lens

Your company could face a tax scrutiny if it had introduced fresh capital exceeding Rs 50 lakh last fiscal, or, as in the tax lingo, during the previous year relevant to the assessment year 2008-09. This is according to the new scrutiny norms by Central Board of Direct Taxes (CBDT)....

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Posted Under: Income Tax |

Valuation methodology at fault not the assessee

The Delhi Income-Tax Tribunal has held that valuation of perquisite determined by the assessee relying on interpretation of Taxman’s Direct Taxes Ready Reckoner, the assessee could not be deemed to be an assessee-in-default and consequently, interest under section 201(1A) could not be levied though the valuation methodology was held not...

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Posted Under: Income Tax |

Payment to accredited ad agencies no commission

The Kolkata Income-Tax Tribunal has held that payment made by an assessee company to accredited advertising agencies could not be termed as payment of commission, and accordingly no TDS is required to be deducted under the provisions of section 194-H of the Income-Tax Act, 1961....

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Posted Under: Income Tax |

Assessment of Banks – Allowance of deduction to rural branches

10/2008 31/07/2008

While computing the income under the head 'Profit and Gains of Business & Profession' a scheduled bank (not being a bank incorporated by or under the laws of a foreign country) or a non-scheduled bank or a cooperate bank other than a primary agricultural credit society or a primary co-operative agricultural and rural bank is entitled to c...

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Development agreements are NOT joint ventures: Supreme Court

Faqir Chand Gulati vs. Uppal (Supreme Court) - (i) A development agreement is one where the land-holder provides the land. The Builder puts up a building. Thereafter, the land owner and builder share the constructed area. The builder delivers the `owner’s share’ to the land-holder and retains the `builder’s share’. The land-holder...

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Posted Under: Income Tax |

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