"January, 2010" Archive - Page 30

If AO assume concealment without considering the actual payments made in the subsequent years, such attempt would be premature

Surrel Enterprise Pvt. Ltd. Vs. ACIT (ITAT Ahmedabad)

We have heard both the sides in detail. Thrust given by the C1T(A) on the mens rea reflected in the conduct of the assessee does not survive with usual force, since the judgment of the Hon'ble Supreme Court in the case of Union of India & Others Vs. Dharmendra Textiles Processors & Ors., 306 1TR 277. ...

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TDS is not required to be deducted from royalty payment made for distribution and marketing of cinematographic films on DVD and VCD

Asiavision Home Entertainment Pvt. Ltd. Vs. ACIT (ITAT Mumbai)

In this view of the matter, we hold that the payment of royalty made by the assessee is out side the purview of section 40(a) of the Income-tax Act, 1961, and therefore, no TDS is required to be made from such royalty payment. Accordingly, we set aside the order of the CIT(A) and direct the Assessing Officer to delete the disallowance. ...

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A declarant under KVSS, 1998 cannot take a different stand after adjustment in record has been made as per instruction of declarant

Injecto Plast Vs. Union of India (Allahabad High Court)

In Y. Venugopala Reddy Vs. Commissioner of Income Tax and another, (2003) 263 ITR 30, the Karnataka High Court interpreted the words 'notwithstanding' used in Section 88 of KVSS and has held that a matter which has already been settled cannot be reopened under the scheme and the benefit under the scheme should not be extended to an assess...

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Words "any other law for the time being in force" in section 100A of CPC shall also cover appeal u/s 483 of Companies Act

UP Cement Vetanbhogi Sahkari Rin Samiti Ltd. Vs Official Liquidator (Allahabad High Court)

The Section indicates that where any appeal from an original or appellate decree or order is heard and decided by the learned Single Judge of the High Court no further appeal shall lie notwithstanding the above three situations mentioned....

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Production of certified copy of instrument of partnership is mandatory for claiming assessment in status of a firm for any assessment year commencing from 1993-94

Bhaskar & Co. Vs CIT (Kerala High Court)

The consequence of non-production of certified copy will naturally lead to dis allowance of claims of deduction toward? payment of interest, remuneration, bonus etc. paid to partner by the firm by virtue of Section 185 of the Act. We, therefore, hold that the production of certified copy of instrument of partnership is mandatory for claim...

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Whether ‘contract carriage’ manufactured according to specifications is ‘tourist vehicle’ and whether services provided by the assessee under ‘contract carriage’ makes the assessee a ‘Tour Operator’

Commissioner Of Central Excise, Vadodara Vs Gandhi Travels (Supreme Court of India)

In this matter, the issue which arises for determination is whether contract carriage manufactured according to specifications is tourist vehicle and whether services provided by the assessee under Contract carriage makes assessee a tour operator under Section 65(115) of the Finance Act, 1994. In our view, this question is important. It h...

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Even introduction of stock-in-trade as capital contribution into firm attracts S.45(3)

DLF Universal Vs. DCIT (ITAT Delhi)

The assessee was engaged in the business of real estate development. It held land as stock in trade with a book value of Rs. 4.4 crs. The said land was introduced at its market value of Rs. 11.50 crs as capital contribution into a new firm. The surplus of Rs. 6.01 crore was credited to the profit and loss account. Relying on Hind Construc...

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New Decade of Mahindra and Mahindra

When Satyam collapsed and the buzz in the word was that this will be another winding up of the company as the situation demand. Moreover no one was there to remove the stains of corporate default and the broken corporate governance. The world economy was merged in to the problems of recession and India was struggling to make a come out fr...

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Posted Under: Income Tax |

China's financial reform in 2010

When the Obama administration is launching a broad push for action on financial regulatory reform China is making a big leap towards changing its financial structure of its economy. They have planned to bring new reforms which will crown their financial market to new heights....

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Posted Under: Income Tax |

Mandatory application of Cost Accounting Standards, w.e.f. 1st April 2010

The Council of the ICWAI at its 251st Meeting held on 12-13 February 2009 and 258th Meeting held on 14th December 2009 decided as below: Mandatory application of Cost Accounting Standards “RESOLVED THAT the following Cost Accounting Standards shall be mandatory with effect from period commencing on or after 1st April 2010 for being ap...

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Posted Under: Income Tax |

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