"19 December 2009" Archive

Allowability of depreciation on the Bombay Stock Exchange Membership Card

CIT Vs Techno Shares & Shares Limited and Various other Stock Broking Houses (Bombay High Court)

Recently, the Bombay High Court in the case of CIT v. Techno Shares & Shares Limited and Various other Stock Broking Houses (ITA no. 971 of 2006 and 218 of 2007) held that the depreciation cannot be granted on Bombay Stock Exchange Membership Card (BSE card) acquired on or after 1 April 1998 either by nomination or directly through the st...

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Section 14A submission accepted by AO can not be sent back to AO for reconsideration by tribunal

Topstar Mercantile Pvt. Ltd Vs. ACIT (Bombay High Court)

The Bombay High Court ruled that once the taxpayer’s submissions with respect to section 14A was accepted by a tax officer, the Tribunal cannot send back the same matter for the tax officer’s re¬consideration. Recently, the Bombay High Court in the case of Topstar Mercantile Pvt. Ltd v. ACIT (2009-TIOL-458-HC-MUM-IT) has held that t...

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Never ending bailout

Banking trouble never seems to end for the world. Even despite of pumping huge funds to bailout and buying up crisis lead bank mortgage assets the story still remains to be unfolding few funds more to be spent. This time the number have taken a growth in European banks (ECB).European countries have been trying to hard to come out of the c...

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Posted Under: Income Tax |

If you salary has larger proportion of perquisites then you will need to pay more tax for this year

It's not often that the taxman comes to sting you five-and-a-half months after the budget speech. But finance minister Pranab Mukherjee's decision to abolish the fringe benefits tax (FBT) last July is only now being clarified by the taxman, and the net result is that you will pay more tax.Not everybody, though. The abolition of FBT affect...

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Posted Under: Income Tax |

Consideration for permission to use TDR / FSI not chargeable to tax

Om Shanti Co-op Society Vs. ITO (ITAT Mumbai)

The assessee co-op housing society gave permission to a developer to construct 2 floors and 8 flats on the building belonging to the society by using the TDR / FSI available to the developer. In consideration, the developer paid Rs. 26 lakhs to the assessee and Rs. 66 lakhs to its members aggregating Rs. 92 lakhs. The AO took the view th...

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Tribunals upheld the concept of ‘make available’ and held specified services not Fees for technical services

Tribunals upheld the concept of ‘make available’ and held specified services not Fees for technical services Mumbai and Bangalore bench of Tribunal upheld the concept of ‘make available’ in two different cases and held that the specified services were not in the nature of Fees for included/technical services....

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Posted Under: Income Tax |

Government considering amendments to Right to Information (RTI) Act

The Union government is contemplating a bunch of amendments to its flagship Right to Information (RTI) Act to stop ‘mischievous and frivolous’ queries through the right that is aimed at bringing more transparency in government services.The proposed set of amendments would also try to bring a part of the security establishment under th...

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Posted Under: Income Tax |

RCOM registered complaint with ICAI against the special government-appointed auditor

The Anil Dhirubhai Ambani Group (ADAG) has registered a formal complaint with the accounting regulator – the Institute of Chartered Accountants of India (ICAI) - against the government-appointe d auditor for claiming that its flagship company, Reliance Communications (RCom), had allegedly under-reported revenues and evaded licence fees ...

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Posted Under: Income Tax |

Tax burden of salaried increased as they have to pay taxes on perquisites as pre FBT norms returned back

Salaried taxpayers enjoying perks, such as chauffeur-driven cars, will see their tax outgo jumping in the next three months as the government changed the way these perks are valued and lumps their whole year collection to three months. The Central Board of Direct Taxes on Friday notified new rules for valuation of perquisites provided by...

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Posted Under: Income Tax |

Pay tax on perquisites for the whole year in next three months, double whammy for taxpayers

Your tax burden has just gone up, with the government today issuing the new guidelines for taxation of perquisities. In fact, it could be a double whammy, as you have to pay the additional tax liability for the whole of this financial year over the next three months. Employees who were not paying tax on a host of perks such as company-pro...

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Posted Under: Income Tax |

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