"16 January 2010" Archive

Shares activity treated as investment in earlier years cannot be treated as business in subsequent years if facts are the same

CIT Vs. Gopal Purohit (Bombay High Court)

The income from investment activity was offered as capital gains while the income from dealing activity was offered as business income. This position was accepted by the AO in the earlier years. In AY 2005-06, the AO took a different view and held that even the shares held on investment account had to be assessed as business income...

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One circular- many solutions

In these CHA services, during the import or export of goods, apart from the service of CHA there are various other services which are involved like the port services, terminal handling service, cargo handling service, cleaning or fumigation of containers services etc. In most cases, it is the CHA who is dealing with the service providers ...

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Posted Under: Income Tax |

Income Tax dept asks tax payers to avoid fraud mails

The I-T department has asked tax payers not to give out personal details like PAN card number and information about their credit cards on the internet in the wake of mushrooming fake e-mails hitting users' inboxes. Viewing with concern the spurt in fictitious and unauthorised e-mails landing in personal internet addresses of many people, ...

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Posted Under: Income Tax |

Documents, books of accounts found after the search could be used to ascertain the true income of assessee

Those trying to evade the taxman may find that showing a lower income has just got tougher. The Bombay high court on Thursday, in a significant ruling, held that the income-tax department can rely on any relatable document when it comes to a block assessment. A bench headed by Justice D Y Chandrachud essentially made it easier for the tax...

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Posted Under: Income Tax |

Bharti Airtel auditor ask more time to complete special audit

The auditor for Bharti Airtel has asked for more time from the department of telecommunications (DoT) to finalise the special report sought by the government on the company, as they have yet to fully get the needed information. Contractor, Nayak & Kishnadwada, the chosen audit agency, has told DoT in a letter that Bharti has started prov...

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Posted Under: Income Tax |

Delhi HC dismissed ITC appeal on use of trademark by Philip Morris’ in relation to its Marlboro brand of cigarettes in India

The Delhi High Court today dismissed an application by ITC Ltd for grant of an injunction against the use of a device mark by Philip Morris in relation to its Marlboro brand of cigarettes in India. The trademark action filed by ITC was based on the registration and use of its “wellknown” W-namaste logo...

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Posted Under: Income Tax | ,

Beauty rides vitamin M

Nutritionist Dr Sarita Davare, recently caught in the tax net (the income tax department recovered Rs 7.5 crore from her), is the city's best kept secret. We spent the best part of the day trying to get a picture of the lady, but failed. However, the recent IT raid on her brings the spotlight on big bucks that the fitness industry rides o...

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Posted Under: Income Tax |

2010 M&A deciding factor for world economies

We read a host of data and information on merger and acquisition in 2009.We found global data regarding merger and acquisition and many cases every economy data too. But I am not going to repeat the same old data for any type of analysis. I will try to bring forth the upcoming trend and foresight of the merger and acquisition in 2010 whic...

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Posted Under: Income Tax |

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