"17 May 2009" Archive

ICAI relaxes rule for appointment of internal auditors as tax auditors

Accounting regulator ICAI today issued a clarification saying that internal auditors appointed as tax auditors can continue to do their work if their selection for the job took place before December 12 last year. The Institute of Chartered Accountants of India decided that with effect from December 12 last year internal auditors cannot be...

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Posted Under: CA, CS, CMA |

Principle of mutuality where the income of the mutual concern is the contributions received from its contributors

Yum! Restaurants (Marketing) Pvt. Ltd. Vs CIT (Delhi High Court)

8. Having heard the learned counsel Mr C.S. Aggarwal, Sr. Advocate for the assessee-company and Ms Prem Lata Bansal for the Revenue we are of the view that the judgment deserves to be sustained. The principle of mutuality as enunciated by the Courts in various cases is applicable to a situation where the income of the mutual concern is th...

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High Court Interference would be justified only if it appears that the conclusions made by ITAT palpably perverse

CIT Vs. K. J. Business Centre (Delhi High Court)

4. At the outset, we need to underscore that so far as findings of fact are concerned interference of the High Court would be justified only if it appears to it that the conclusions arrived at by the ITAT are palpably perverse. 5. The entitlement of sundry parties to the receipt of commission essentially entails a determination...

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Concessional ticket to travel Agents cannot be termed as commission

CIT Vs. Singapore Airlines Ltd. (Delhi High Court)

12. In order to come to a definite conclusion whether section 194H of the Act would be applicable to the assessee-airline in respect of transaction, in issue, we propose to first look at the scope and ambit of section 194H of the Act and then analyse the transaction as to whether it falls within the purview of the said Section. In this co...

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Estimated expenditure towards warranty is allowable

Rotork Controls vs. CIT (Supreme Court)

The assessee sold valve actuators. At the time of sale, the assessee provided standard warranty that if the product was defective within the stated period, the product would be rectified or replaced free of charge. For AY 1991-92, the assessee made a provision for warranty at Rs.10,18,800 at the rate of 1.5% of the turnover. As the actual...

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