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Archive: 13 June 2009

Posts in 13 June 2009

Provision for Gratuity not to be added to calculate book profit U/s. 115JB of the Income-tax Act

June 13, 2009 10607 Views 0 comment Print

18. We have heard both the parties and have gone through the orders, decisions and judgments and provisions of the Income-tax Act. From the facts, it is noticed that the objection of the revenue is with regard to the assessee’s failure to follow the AS-15 and the ‘actuarial method’ referred therein and not disputed the quantification of the ‘provision of gratuity. In other words, the incorrect quantification of the provision

The Commissioner of Income-tax cannot assume jurisdiction where the existence of two views is obvious

June 13, 2009 634 Views 0 comment Print

7. The scope of section 263 has been determined by the propositions pro-founded by the Hon’bie Apex Court as well as other courts. For the revenue, an incorrect assumption of fact, incorrect assumption of law, failure to or routinely to conduct investigation in to the issue together with the ‘prejudicial to the interest of revenue’ are the approved grounds for assuming the jurisdiction u/s 263

Allowability of expenses claimed by PSU on direct operations/grants

June 13, 2009 622 Views 0 comment Print

20. Deduction which are allowed while computing business income have been laid down in section 30 to 36. section 37 is a residuary section extending the allowance of expenses to items of expenditure not covered by Section 30 to 36, the list of allowances enumerated in sections 30 to 36 being not exhaustive. An item of expenditure, which is wholly or exclusively for the purpose of business may be allowed to be deducted

Applicability of section 194C of IT Act qua film financing arrangement containing provision of recovery of advances/loans with interest

June 13, 2009 727 Views 0 comment Print

10. Section 194C relating to `payment to contractors and sub-contractors’ and relevant provisions read as under:- “194C(1)Any person responsibility for paying any sum to any resident (hereinafter in this section referred to as the contractor) for carrying out any work (including supply of labour for carrying out any work) in pursuance of a contract between the contractor and –

News Broadcasters Association demanded exemptions from service tax

June 13, 2009 1587 Views 0 comment Print

News Broadcasters Association has demanded exemptions in service tax, fringe benefit tax and hike in government advertisement rates as part of its pre-budget proposals. The proposals have been submitted before the finance ministry.

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