"28 December 2009" Archive

Income earned by CA from audits will not be entitled to relief U/s. 80RR

Dilip K. Sheth Vs ITO (ITAT Mumbai 'A' Bench)

While the statute is to be interpreted on the basis of the; plain language or terms of the sections need for interpretation when the words of the statute are ambivalent and do not manifest the intention of the Legislature. As explained above the interpretation canvassed by the assessee will lead to unintended results if the purpose for wh...

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AAR on taxability of an American Institute for rendering certain work and service to FICCI-DRDO Innovation programme

Federation of Indian Chambers of Commerce and Industry, In re (Authority for Advance Rulings)

The services/activities provided by the American Institute to DRDO pursuant to the agreement entered into between FICCI and the American Institute do not fall within the purview of Article 12(4)(b) of the Indo-US DTAA and the payments received by the Institute under the agreement are not liable to be taxed as fees for technical services u...

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Income from trading of shares will be speculative business within meaning of provision of Explanation to section 73

ITO Vs. Ethno Financial Research Pvt. Ltd. (ITAT Delhi)

The provisions of Explanation to section 73 do not distinguish between the transaction of trading in shares on actual delivery or without delivery basis. Admittedly the assessee does not fall under any of the exceptions provided in the Explanation and hence, the purchase and sale of shares traded during the year under consideration is in ...

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Determination of ALV of a let out property

ITO Vs Banker Technical Services Pvt. Ltd. (ITAT Mumbai)

I have given my careful consideration to the rival contentions. The first issue, in my view, to be addressed in this case is as to the determination of annual letting value of the house property in accordance with the provisions of section 23(1)(a) of the Act. Once that issue is decided, then it will be easy to decide the second issue as ...

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Donation made for business purpose is allowable expenditure

The Surat Electricity Co. Ltd. Vs ACIT (ITAT Ahmedabad)

But now, we have to consider the alternative claim of the assessee, whether the assessee is entitled for deduction u/s.37(1) of the Act, of donation made in lieu of appeal made by the GOG as the abovementioned amount was paid because Gujarat State was reeling under severe drought and one of the most important assets of the poor people of ...

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