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Archive: 02 September 2009

Posts in 02 September 2009

Live Course on Appeal, Pleading & Drafting under GST by CA Sachin Jain

May 15, 2024 6321 Views 0 comment Print

oin us for an immersive live course led by renowned expert CA Sachin Jain, as we delve into the intricacies of appeal, pleading, and drafting under GST.

Live Course on How to Reply to GST Notices & SCN & to Fake ITC Notices? – Last day to Register

May 15, 2024 19341 Views 0 comment Print

Join our live course to learn expert strategies for replying to GST notices, SCNs, and fake ITC notices. Understand litigation nuances, evidence insights, and practical tips for effective responses. Register now!

Income-tax (Twelfth Amendment) Rules, 2009 – Amendment in rule 11N

September 2, 2009 637 Views 0 comment Print

Notification No. 65/2009 – Income Tax In exercise of the powers conferred by section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely

Modifications in the e-TDS/TCS data structure and new File Validation Utility applicable from October 1, 2009

September 2, 2009 651 Views 0 comment Print

Learn about the modified e-TDS/TCS data structure and new File Validation Utility introduced by the Income Tax Department since October 1, 2009.

SC will decide on applicability of TDS on payments made to state-owned BSNL and MTNL for interconnectivity by private players

September 2, 2009 1223 Views 0 comment Print

THE Supreme Court will decide whether private telecom operators are liable to deduct TDS for the payments made to the state-owned BSNL and MTNL for inter connectivity. A bench comprising Justice SH Kapadia and Justice Aftab Alam on Friday issued notice to Bharti Airtel on the plea of the income-tax department.

CBDT advised to deduct TDS on second installment of arrears under Sixth Central Pay Commission award

September 2, 2009 330 Views 0 comment Print

The second instalment of arrears under the Sixth Central Pay Commission award will not only put more money in the pockets of Government employees, but may also bolster direct tax collections. Sensing a good tax mop-up opportunity from this large payout, estimated at about Rs 17,000 crore, the Central Board of Direct Taxes (CBDT) has advised […]

Trade advance given to give effect to a commercial transaction can not be treated as deemed dividend

September 2, 2009 4891 Views 0 comment Print

1. This is an appeal preferred by the Revenue under Section 260A of the Income Tax Act, 1961 (hereinafter referred to as the „Act‟) against the judgment dated 09.03.2007 passed by the Income Tax Appellate Tribunal (hereinafter referred to as the „Tribunal‟) in ITA No. 4125/Del/1999 in respect of assessment year 1996-97. The Revenue is aggrieved by virtue of the fact that by the impugned judgment

Replacement expenditure is neither current repairs nor revenue

September 2, 2009 2101 Views 0 comment Print

The assessee incurred expenditure on replacement of machinery in a textile mill and claimed the same as revenue expenditure on the ground that it was merely for replacement of spare parts in the spinning mill system and did not give rise to a new asset. In the books, the expenditure was capitalized. The CIT (A), ITAT and High Court decided in favour of the assessee

RBI circular to Stand-alone Primary Dealers – Enhancement of Minimum Net Owned Funds

September 2, 2009 394 Views 0 comment Print

A reference is invited to our Master Circular RBI/2009-10/56 IDMD.PDRS. 01/03.64.00/2009-10 dated July 1, 2009 on Operational Guidelines to the Primary Dealers (PDs) prescribing, inter alia, the minimum Net Owned Funds (NOF) of Rs.50 crore for non-bank stand-alone PD and Rs.100 crore in case the PD intends to diversify into other permissible activities.

RBI circular on Stand-alone Primary Dealers – Increase in Call/Notice Money Borrowing Limit

September 2, 2009 424 Views 0 comment Print

Please refer to our Master Circular RBI/2009-10/56 IDMD.PDRS. 01/03.64.00/2009-10 dated July 1, 2009 on Operational Guidelines to Primary Dealers, in terms of which, Primary Dealers (PDs) are allowed to borrow from call/notice money market, on an average in a reporting fortnight, up to 200 percent of their Net Owned Funds (NOF) as at the end March of the preceding financial year.

RBI circular on display of information regarding Local Level Committees

September 2, 2009 475 Views 0 comment Print

In a case which came up before the High Court of Delhi, the Honorable Court has directed that all banks should ensure that their branches display in a conspicuous place (i) essential details about the facilities under the enactment (Mental Disabilities Act); (ii) the fact that the parties can approach the Local Level Committees, for the purposes of issuance of the certificate and that the certificate issued under the Mental Disabilities Act is acceptable; and (iii) the details of the Local Level Committees in that area.

Section 55A of the Income-tax Act, 1961 related Capital gains and Reference to Valuation Officer

September 2, 2009 7909 Views 2 comments Print

In the instant case, the assessee had claimed the value of property as per the registered valuer’s report. Therefore, under clause (a) of section 55A, the Assessing Officer was required to form an opinion that the value claimed by the assessee as per the registered valuer’s report was less than the fair market value. The estimated value proposed by the DVO

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