"24 December 2009" Archive

Synopsis on Task Force Report on GST by 13th Finance Commission

Further to the First Discussion Paper released by the Empowered Committee of State Finance Ministers on 10 November 2009, the Finance Commission has released its report giving its recommendations on GST design implementation....

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ICAI allowed ca students to undergo their mandatory three-year training programme outside India

Accounting regulator Institute of Chartered Accountants of India (ICAI) has allowed Indian students of chartered accountancy to undergo their mandatory three-year training programme outside India. This means that even ICAI members working with a local firm outside India would be entitled to train chartered accountancy students. Earlier, ...

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ICAI will hear Satyam auditor first before passing any order against them

Accounting regulator ICAI said on Wednesday it would give auditors of Price Waterhouse in the Satyam scam a chance to present their side before passing any order against them. "I told my office to take permission of the court because I want Director, Discipline, to begin proceedings against them (S Gopalakrishnan and Srinivas Talluri). U...

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Provisions of section 40(a)(ia) of Income Tax Act constitutionally valid

Tube Investments of India Ltd. Vs. ACIT (Madras High Court)

In the event of a reasonable doubt about the applicability of Chapter XVII-B, Section 40(a)(ia) cannot be invoked, would be stretching our jurisdiction beyond the permissible limit which cannot be done. In as much as we have reached a conclusion that the object sought to be achieved while enacting Section 40(a)(ia) was for augmenting the...

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Income from convention centre run by a hotel company is eligible to expenditure tax

Mfar Hotels Ltd. Vs. ACIT (ITAT Cochin)

For the purpose of Expenditure Tax Act, 1987 the convention center managed by a hotel is an extension of the hotel itself and therefore, rent collection from the convention center shall be eligible for the levy of expenditure tax....

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Tribunal got the power to rectify mistake apparent from the record but not empowered to rectify its own under u/s. 254(2)

Kailashnath Malhotra Vs JCIT (ITAT Mumbai)

Tribunal has got the power of rectifying a mistake which is apparent from the record itself and even an error of judgment is outside the ambit of section 254(2) of the Act. The oft-quoted judgment of the Hon'ble Rajasthan High court in CIT v. Ramesh Chand Modi [2001] 249 ITR 323[2] distinguishing the judgment of the Hon'ble jurisdictional...

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TDS on payment made for purchase of software from non-residents

CIT (Intl. Taxation) Vs Samsung Electronics Co. Ltd. (Karnataka High Court)

The fact involved in the present case is that the assessee is a branch of Samsung Electronics Co Company Limited, Korea, engaged in the development, manufacture and export of software for use by its parent company, i.e., Samsung Electronics Co., Ltd., Korea. The assessee develops various kinds of software for telecommunication system for ...

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Unilateral remission/cessation of liability by assessee will amount to obtaining of benefit under section 41(1)

Aey Gee Bros Vs. ITO (ITAT Mumbai)

We have considered the rival submissions and also perused the relevant material on record. It is observed that the amount of liability in question in respect of TISCO written back by the assessee company in its accounts was treated by the authorities below as its income by applying the provisions of section 41(1). There is no dispute that...

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Salary Income -Valuation of Perquisites

Valuation of Perquisites under Rule 3 of Income Tax Rule 1962 read with sub section 2 of section 17 of Income Tax Act, 1961 (As Revised wide Income Tax (Thirteenth Amendment) Rules. 2009). The Finance (No. 2) Act, 2009, has withdrawn the levy of Fringe Benefit Tax ("FBT") on expenditure incurred by an employer on or after 1 April 2009. Co...

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WIRC election status as on 24.12.2009

1. Verlekar Gautam Eliminated.2. Paliwal Dayaram eliminated 3. Agarwal Subhash Hariprasad Eliminated 4. Kailash Mantry Eliminated. THE CANDIDATE WISE POSITION AT ELIMINATION NO: 6, WAS AS FOLLOWS:...

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