"November, 2009" Archive - Page 18

Amount disbursed by Chit Fund Company to its members from their contribution cannot be treated as interest

CIT Vs Sahib Chits (Delhi)(P.) Ltd. (Delhi High Court)

The question raised before us is with regard to the taxability of the discount allotted to the subscribers of the chit, which as per the counsel for the appellant is in the nature of interest in the hands of such subscribers and not dividend ...

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Taxability of a South Korean Company on basis of its local office in India

DDIT (Int'l Taxation) Vs Jebon Corporation India Liaison Office (ITAT Bangalore)

The Hon'ble Apex Court in the case of CIT v. P V A L Kulandagan Chettiar 267 ITR 654 had an occasion to consider the impact of double taxation avoidance agreement provisions of Income Tax Act. The Hon'ble Apex Court held that where liability to tax arises under the local enactment, the provisions of sections 4 and 5 of the Act provide fo...

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Allowance or deduction not made as per IT Act, 1961 will not come under sweep of section 41(1)

Rayala Corporation (P.) Ltd. Vs. ACIT (ITAT Chennai)

Now, as per admitted facts of this case and as also noted by this Tribunal in their earlier order, the returns where assessee claimed interest were treated as non est returns. Hence, assessee had relied upon Hon'ble Madras High Court in the Narayanan Chettiar Industries case cited above. In this case the Hon'ble High Court was of the opin...

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AO can make addition on ground other then on which he re-opened the Assessment

ITO Vs. M. V. Balaji (ITAT Chennai)

What is to be assessed is the income which the Assessing Officer has believed to have escaped assessment and also any other income chargeable to tax which has escaped assessment and which comes to his notice subsequently in the reassessment proceedings. One has to see that the issue of notice under section 148 should be on the basis of be...

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Change your mobile operators without change of Number for Rs. 19

The Telecom Regulatory Authority of India (Trai) today fixed at Rs 19 the reference rate for portability fee -- charged from users for changing operator while retaining the number....

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Posted Under: Income Tax |

CBI raided seven places of former Income Tax commissioner

The anti-corruption wing of Central Bureau of Investigation (CBI) conducted seven raids, including four in Vidarbha, after they arrested a retired income tax officer in Mumbai for his alleged involvement in raising fund for his NGO misusing his official powers while serving as I-T commissioner between 2001 and 2009....

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Posted Under: Income Tax |

Direct Tax Code (DTC) may give a fillip to long-term life policies

Long-term life insurance policies are expected to grow in popularity if the EET (exempt exempt tax) regime under the proposed Direct Tax Code comes into force by 2011.According to Mr G.V. Nageswara Rao, Managing Director and CEO, IDBI Fortis Life Insurance, customers would choose long-term policies if the Government decides to tax the fin...

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Posted Under: Income Tax |

Johnny and Service Tax Refund Part – III

In continuation of the series of previous two articles, elaborating the difficulties in getting the refund claim under GTA service and Port services, we in this article are attempting to present the problems existing in the Service tax refund mechanism under Technical testing and analysis Services (Section 65[105][zzh]). This complete sta...

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Posted Under: Income Tax |

Johnny and Service Tax Refund Part – IV

In this fourth article we are attempting to present the grounds on which departmental authorities are disallowing the refund claims as related to Specialized cleaning services (namely disinfecting, exterminating, sterilizing or fumigating of containers) availed by the exporters (Section 65[105][zzzd]). This complete state of affairs is hu...

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Posted Under: Income Tax |

ICAI Announced – e-Learning course on Transfer Pricing

The Finance Act, 2001 has introduced Sections 92 to 92F in the Income-Tax Act, 1961 with effect from Assessment Year 2002-2003 and these provisions are commonly referred to as transfer pricing regulations. These provisions deal with the methods of computation of income from international transactions, the document to be maintained by the ...

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Posted Under: Income Tax |

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