"04 January 2010" Archive - Page 2

Property in Maharashtra just got more expensive as government increased market value of real estate by 10-20 per cent in its Ready Reckoner 2010

The ready reckoner is a guide for the market price of residential and commercial properties, based on which stamp duty and registration fee for their sale and purchase are calculated. Under the revised rates, a land owner would have to pay more stamp duty because his land got more expensive; the developer would raise the sale price of his...

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Posted Under: Finance |

Change of method of accounting of overdue charges from mercantile basis to cash system does not create any income

CIT Vs. Annamalai Finance Ltd. (Madras High Court)

In the instant case, learned counsel for the Revenue is not in a position to demonstrate or satisfy us that due to the change of accounting method adopted by the respondent/assessee , which is permissible in law as per the ratio laid down in (i) CIT v. Matchwell Electricals (I.) Ltd. (2003)263 ITR 227 (Bom) and (ii) Hela Holdings Pvt. Ltd...

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Expenditure incurred on modification and renovation of a building before commencement of business is neither allowable U/s. 30(a)(ii) nor section 37

Punj Hospitality Pvt. Ltd. Vs. ITO (ITAT Delhi)

Hon'ble Madras High court in the case of A.Y.S. Paisutha Nadar v. CIT [1962] 46 ITR 1041 (Mad.) had held that section 10(2)(xv) of the Indian income-tax Act, 1922 [section 30(a)(ii) of 1961 Act.] relating to expenditure laid out or expended wholly and exclusively for the purpose of the assessee's business, clearly indicated that the expen...

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Validity of agreement for assignment of liabilities and assets by an assessee

MIRC Electronics Ltd. Vs DCIT (ITAT Mumbai)

However, in view of the fact that the agreement has been accepted as genuine in the hands of one of the parties and economic consequences have also occurred because the assignee has made the payment to the Government, the transaction is necessarily be treated as genuine one, and for this reason, ...

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AO not justified in adjustment to a international transaction whose arm’s length character is accepted by Transfer Pricing Officer (TPO)

Oracle India (P) Ltd. Vs. ACIT (ITAT Delhi)

The Delhi bench of the Income-tax Appellate Tribunal (the Tribunal), in the case of Oracle India (P) Ltd. V. ACIT (2009-TIOL-540-ITAT-DEL) (the taxpayer) held that section 40A(2) of the Income-tax Act, 1961 (the Act) overrides the provisions relating to computation of business income only and thus in relation to international transactions...

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Foreign company having Permanent Establishment in India cannot be taxed at the rate applicable to domestic company

JCIT Vs. State Bank of Mauritius Ltd. (ITAT Mumbai)

Mumbai bench of the Income-tax Appellate Tribunal (the Tribunal) in the case of JCIT v. State Bank of Mauritius Ltd. (2009-TIOL-712-ITAT-MUM) has held that the foreign company having Permanent Establishment (PE) in India cannot be taxed at the rate applicable to domestic company in view of insertion of Explanation 1 to section 90 of the I...

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Income from transfer of leased premises is taxable as Capital Gains under the Income-tax Act

ACIT Vs. United Motors (I) Ltd. (ITAT Mumbai)

Recently, the Mumbai bench of Income-tax Appellate Tribunal (the Tribunal) in the case of ACIT Vs United Motors (I) Ltd. (2009-TIOL-693-ITAT-MUM) has held that income from transfer of a leased premises without transferring its own business amounts to extinguishment of the taxpayer's right in the capital asset as per section 2(47) of the I...

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