"14 March 2010" Archive

Tax liability of company who have no PE in India and remunerate its Indian Agent on arm’s length basis

BBC Worldwide Ltd. Vs. DDIT (International Taxation) (ITAT Delhi)

This is assesses's appeal for the assessment year 2000-01 against the Id. CIT(A)'s order dated 27.1.2006 confirming the AO's action in holding that the assessee had a business connection in India u/s 9 of the Income Tax Act and that M/s. BBC Worldwide (lndia)...

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Bad debts written off cannot be factor to determine ALP of any international transaction

CA Computer Associates Pvt. Ltd. Vs. DCIT (ITAT Mumbai)

The assessee has filed these appeals challenging the respective orders of Learned CIT (A)-VI Mumbai for the assessment years 2002-03 and 2003-04. As the issue as well as facts are identical hence both these appeals are disposed off by this common order....

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Mixing of ready mixed concrete is manufacturing activity and additional depreciation is allowable on machinery used for mixing

YFC Projects Pvt. Ltd. Vs. DCIT (ITAT Delhi)

The assessee has been carrying out this activity in an organized manner with the help of heavy machinery and computer. Its activity is not as simply as mixing of sand, cement etc. by a labourer on the right side. ...

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Onus of proving prove identity of creditor, his creditworthiness and genuineness of transactions is on Assessee

Surender Kumar Vs ITO (ITAT Delhi)

Under sec.68, when an amount is found to be credited in the books of the assessee, he has to prove the identity of creditor, his creditworthiness and genuineness of transactions. No doubt, the source of income is there with the creditors but it does not conclusively prove that the amount has come from that source....

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Finding of fact does not call for interference in an appeal under section 260A – HC Bombay

CIT Vs. Gopal Purohit (Bombay High Court)

) Whether, on the facts and circumstances of the case and in law, the Hon'ble ITAT was justified in treating the income from sale of 7,59,003 shares for Rs. 5,00,12,879/­ as an income from short term capital gain and sale of 3,88,797 shares for rs . 6,65,02,340/­ as long term capital gain as against the ...

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30 US banks already collapsed this year, more expected to collapse in coming weeks

The American banking sector continues to grapple with failures and on an average, ten banks are closing down every month. This year, 30 banks have already collapsed and the numbers are expected to rise in the coming weeks. A staggering 184 banks have folded up since the bankruptcy of the then Wall Street major Lehman Brothers in September...

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Posted Under: Income Tax |

Entangled growth of oil companies investments

When oil prices went for an upward hike the whole of India took off the extra pay with a mixed reaction. Mixed reaction since 1) Indian citizens have become very much close to the Indian economic fiscal condition and 2) The increase in tax slab for the all class of citizen made them feel that they will have some more savings in their hand...

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Posted Under: Income Tax |

Allowability of deduction u/s 80IA on Interest earned by industrial undertaking on late payment received from customers

CIT Vs. Bharat Rasayan Ltd. (Delhi High Court)

Thus, according to the Gujarat High Court, when interest is paid on delayed payment, it can be treated as higher sale price which is converse situation to offering of cash discount because the transaction remains the same and there Is no distinction as to the source Looking from" this angle, the interest becomes part of the higher sale pr...

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Taxability of capital gains in one of contracting states is not necessary to avail treaty benefits in other contracting state

Meera Bhatia Vs. ITO (ITAT Mumbai)

By way of this appeal, the assessee appellant has called into question correctness of order dated 7th February 2006, passed by the learned CIT (A) for the assessment year 2000-091, holding that the assessee is liable to pay tax on short term capital gains on sale of shares....

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Applicability of service tax on service taken for execution of a specific work under category of manpower recruitment or supply agency

S. S. Associates Vs. CCE (CESTAT Bangalore)

In the case of supply of manpower individuals are contractually employed by the manpower recruitment or supply agency. The agency agrees for use for the services of an individual, employed by him to another person for a consideration....

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