"April, 2009" Archive - Page 19

Income under each head has to be computed only after considering the income from various sources under the same head

Aayojan Investments Pvt. Ltd. Vs ACIT (ITAT Ahmedabad)

11 If we go to the facts of the case the business loss returned by the assessee to the extent it could not be set off was in fact carried forward and while computing the gross total income the income under the head business was nil but in fact the assessee has incurred the net business loss aggregating to Rs.21,22,545/ -. The Hon'ble High...

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Love and affection can be reflected by frequent acquaintance, mutual exchange of gifts, mutual help to each other

Smt. Sonu Agarwal Vs ITO (ITAT Lucknow)

19. We have considered the rival submissions and perused the material on record. In our considered view inferences drawn by the authorities below are not sustainable in law. The grounds on which the A.O. has added the amount of gift as assessee's income are summarized by us in para 12. We do not agree that the persons showing income of Rs...

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Notional advantage will not form part of actual rent received

ITO Vs Pushya Properties (P.) Ltd. (ITAT Mumbai)

5.11 Now coming to the merits of the case. For this purposes, we are required to consider the scheme of taxation of income from house property. Section 22 says that the measure of income from house property is its annual value. The annual value is to be decided in accordance with section 23. Sub-section (1) of section 23, by virtue of the...

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Assessment can not be reopened merely on the ground of change of opinion of Assessing officer

Cartini India Ltd. Vs Addl. CIT (Bombay High Court)

10. Section 147 of the Act empowers the assessing officer to reopen the assessment in respect of any assessment year, if he has reason to believe that any income chargeable to tax has escaped assessment. The object of reassessment is to assess the correct income. Under section 147 of the Act, the assessing officer can assume jurisdiction ...

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Major amendment in Fringe Benefit Tax applicable from A.Y. 2009-2010

Rationalisation of the provision of the Fringe Benefit Tax Sub-section (2) of section 115WB of the Income tax Act provides that where an employer incurs any expenditure, inter alia, for the purposes of entertainment, hospitality, conference, and sales promotion (including publicity), such employer shall be deemed to have provided fringe b...

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Posted Under: Income Tax |

Granting of power to the assessing officer to extend the time for completion of special audit under sub-section (2A) of section 142

Sub-sections (2A) to (2D) of section 142 deal with power of Assessing Officer to order a special audit. Such power is required to be exercised by the Assessing Officer having regard to the nature and complexity of the accounts of the Assessee and the interest of the revenue. Sub-section (2C) of the said section specifies […]...

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Posted Under: Income Tax |

Deemed payment of tax by the employee where FBT on securities (ESOPs) allotted to him is recovered by the employer

The Central Board of Direct Taxes (CBDT) had issued circular number 9, dated 20th December, 2007, clarifying therein certain issues relating to levy of FBT on ESOPs. One of the clarifications was that if FBT on account of share allotted or transferred under ESOPs has been paid by the employer, but recovered from an employee, […]...

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Posted Under: Income Tax |

Explanation on Relief in respect of tax on distributed profits of domestic companies

23. Relief in respect of tax on distributed profits of domestic companies 23.1 Provisions of sub-section (1) of section 115-O provide for levy of tax on distributed profits of a domestic company at the rate of fifteen per cent in addition to the income tax payable on its taxable profits. Where a parent company receives […]...

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Posted Under: Income Tax |

For Calculation of Book Profit u/s. 115JB profit need to be increased by deferred tax and the provision thereof, if debited to profit and loss account

1/ 2009 (27/03/2009)

With a view to clarifying the intention, a new clause has been inserted after clause (g) of the Explanation 1, as so numbered, so as to provide that the book profit shall be increased by the amount of deferred tax and the provision thereof, if debited to profit and loss account. 22.3 Further, it has also been clarified that the amount of...

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Posted Under: Income Tax |

Partnership firms & Other Non Corporate Bodies have to abide by AS 11: ICAI

Corporates are now breathing easy with the government deferring compliance with provisioning in their balance sheets of forex losses and gains on mark-to-market basis till 2011, but partnership firms are not as fortunate as they have to abide by this norm....

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Posted Under: Income Tax |

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