"April, 2009" Archive - Page 18

ICAI objects to RBI group's suggestion for autonomy to the Accounting Standards Board

Apex accounting body ICAI has raised objections to the recommendations of the Rakesh Mohan Committee on more autonomy to the Accounting Standards Board, an arm of the regulator, saying that the panel hasn’t suggested anything that is already not in place. “The composition of the Accounting Standards Board (ASB) is fairly broad...

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Posted Under: CA, CS, CMA |

Handoo and Handoo becomes first LLP company of India

The legal consultants Handoo and Handoo have become the first Limited Liability Partnership firm of India, a new form of business structure where the partners’ liability is limited to the extent of their stake, introduced by the governemnt from April 1. Delhi-based R K Handoo and Associates is the first LLP that has opted for t...

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Posted Under: CA, CS, CMA |

TDS on foreign salary is reqd to be deducted even though assessee is not the payer

CIT Vs. Eli Lilly (Supreme Court of India)

Where the assessee-employer obtained expatriate-employees from a foreign company and the said employees, continuing to be employees of the foreign company, received salary and allowance in their home country in foreign currency and the question arose whether the assessee was obliged to deduct tax thereon at source u/s 192 and the High Cou...

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Capital expenditure on scientific research has to be in connection with the Assessee’s business to be allowable under section 35 of IT

Ciba India Pvt. Ltd. Vs ITO (ITAT Mumbai)

9. The plain reading of the above clause (iv) of 35(1) reveals that the deduction shall be admissible u/s 35(2) when any expenditure is capital in nature; Such capital expenditure is incurred on the scientific research; that scientific research must be related to the business; and that business must have been carried on by the assessee. F...

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Deduction under section 80-1A/1B of IT Act can not be disallowed for running a new unit with some plant & machinery taken on hire

Pembril Indl. & Engg. Co. Pvt. Ltd. Vs DCIT (ITAT Mumbai)

5.6 The scheme of section 80-IB indicates that what is being aimed at is to prevent exemption to those industrial undertaking which are formed by the splitting up or by reconstruction or by transfer to a new business of plant or machinery of the old business. The transfer, in this context, must mean a transfer of plant or machinery which ...

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Penalty U/s. 271(1)(c) can not be imposed on the basis of routine & general presumptions

ITO Vs GACL Finance Ltd. (ITAT Mumbai)

6.1 The proceedings under section 271(1) (C) can be initiated only if the A.O or the first Appellate authority is satisfied in the course of any proceedings under the Act. If he is satisfied as per clause (c) that any person has concealed the particulars of his income or has furnished inaccurate particulars of such income, he may direct t...

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Advance Ruling on entitlement of a non-resident company inter alia to benefits of section 55(2)(b)(i) of IT Act in respect of bonus shares allotted to it by an Indian company

In re Four Star Oil & Gas Co. (Authority for Advance Rulings, New Delhi)

13. To appreciate the above rival contentions, it would be worthwhile to refer to relevant provisions of the Act i.e. section 48 and section 55(2) respectively. Section 48 provides for the computation of capital gains. The key factors to be taken into account while computing the capital gains are (1) the full value of consideration for tr...

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Advance Ruling on taxability of an Australian company for providing basic engineering services to an Indian company under an agreement

In re Worley Parsons Services Pty. Ltd. (Authority for Advance Rulings)

The services rendered and the work undertaken by the applicant-Australia n company in terms of the Agreement for Basic Engineering and Procurement services fall within the scope of `royalties' as defined in Article XII(3) of the DTAA between India and Australia and the receipts are taxable in India by virtue of Article XII(2); under the I...

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Penalty U/s. 271(1)(c) of IT Act can not be imposed for mistake in calculation of deduction If Assessee furnished all the details

Niton Valve Industries Pvt. Ltd. Vs ACIT (ITAT Mumbai)

5.6 There cannot be a straight jacket formula for detection of these defaults of concealment or of furnishing inaccurate particulars of income and indeed concealment of particulars of income and in accurate particulars of income may at times overlap. It depends upon the facts of the each case. In the assessment proceedings the ITO while a...

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To invoke provisions of section 142A of IT Act there should be something on record

ITO Vs Rajeshwar Nath Gupta, HUF (ITAT Delhi)

14. We have considered the rival submissions and also perused the relevant material on record. It is observed that the addition in dispute on account of alleged unexplained investment made by the assessee in the property was made by the AO on the basis of valuation report obtained from the DVO by making a reference u/s 142A, the provision...

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