"28 November 2009" Archive - Page 2

If condition laid down under Section 80IA(10) are not satisfied that Sub Section cannot be invoked and no disallowance of deduction can be made

Income Tax Officer (Ahmedabad) Vs J.H. Kharawala Pvt. Ltd. (ITAT Ahmedabad)

Assessing Officer has not made out any case for disallowing even a part of deduction allowable under Section 80IA. Once any condition laid down under Sub Section 10 of Section 80IA are not satisfied that Sub Section cannot be invoked and therefore no disallowance of deduction under that section can be made....

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Assessee entitled to claim bad debt even if his money lending business subsequently discontinued

CIT-III, Chennai Vs M/s. Rajini Investment Pvt. Ltd. (Madras High Court)

Income Tax Appellate Tribunal was right in holding that the assessee was entitled to claim deduction for bad debts of Rs.38,20,417/- in respect of the money lending business which was closed down during the accounting year relevant to the assessment year in 1998-99, without following the ratio of the decision of the Supreme Court in the ...

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DTC likely be tabled in Parliament only in Budget Session

With the mammoth task of garnering support on contentious issues like exempt exempt tax (EET) regime for savings and minimum alternative tax (MAT) still to be done, the Direct Tax Codes Bill, which will replace the archaic Income Tax Act, 1961, is not likely to be introduced in the ongoing Parliament session. According to official sources...

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Posted Under: Income Tax |

Government planning to discuss M&A clauses with Competition Commission of India (CCI)

After a lull, the contentious provisions regarding mergers and acquisitions (M&A’s) of the amended Competition Act is back on the discussion table of the Ministry of Corporate Affairs (MCA). The Ministry is planning to hold a meeting with the new anti-monopoly watchdog the Competition Commission of India (CCI) and the stakeholders in th...

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Posted Under: Income Tax |

Insurance Council opposed DTC proposal to tax withdrawal of insurance fund

SB Mathur, Secretary General of the Life Insurance Council, said either the proposal be changed to retain the present system of exempting a life insurance holder from tax at the time of withdrawal, or tax should be levied only on the real value of the withdrawn sum....

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Posted Under: Income Tax |

Proposal to pay salary to independent directors subject to attendance of 70% Board meetings

The government is examining a proposal seeking to split the compensation package of independent directors into fixed and variable components to ensure they play an active role in the affairs of companies. The variable component will be linked to the attendance at the board meetings, an official with the minsitry of corporate affairs told ...

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Posted Under: Income Tax |

ICWAI to drive adoption of cost accounting standards in SAARC region

Institute of Cost and Works Accounts of India (ICWAI), an apex body to regulate the profession of cost and management accountancy in India, in association with the other Cost and Management Accounting (CMA) bodies of the SAARC region, organized an international seminar on Role of Cost and Management Accountants in Regional Economic Develo...

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Posted Under: Income Tax |

Interest on funds borrowed for acquiring controlling stake in a company not allowable

Interest paid on funds borrowed for acquiring controlling stake in a company will not be exempt from tax. The Income Tax Appellate Tribunal (ITAT) has ruled that such expenditure for investing in shares of a company cannot be exempted, since it has not been incurred ‘wholly and exclusively’ for the purpose of earning dividend income....

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Posted Under: Income Tax |

Bankruptcy of the America is now certain

It's one of those numbers that's so unbelievable you have to actually think about it for a while... Within the next 12 months, the U.S. Treasury will have to refinance $2 trillion in short-term debt. And that's not counting any additional deficit spending, which is estimated to be around $1.5 trillion. Put the two numbers together. Then a...

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Posted Under: Income Tax |

SEBI relaxed norms for security, or the asset cover, required for issuing secured bonds

Capital market regulator Securities and Exchange Board of India (Sebi) on Thursday eased norms for security, or the asset cover, required for issuing secured bonds. Sebi said that issuers will have to maintain a 100% asset cover that is sufficient to discharge the principal amount at all times for their debt securities offerings....

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