"06 May 2010" Archive

ITR 1, ITR 2, ITR 3, ITR 4, ITR 5, ITR 6, ITR 7, ITR 8 in Excel Word PDF – AY 2010-11

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Tax benefit could not be denied to business restructuring in compliance of Income Tax Provisions

In a decision that will help corporates restructure businesses, the Chennai bench of Income-tax Appellate Tribunal (ITAT) has held that tax benefit could not be denied to business restructuring, if the exercise fulfills all the conditions mentioned under the Income-Tax Act....

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Posted Under: Income Tax |

Residential flat prices will go up by 4% on Service Tax and Vat

Prices of residential flats are likely to go up by 4% in a couple of months, notwithstanding the recent relaxation in the service tax. The latest Union Budget had imposed a 3% service tax on builders, while the state would impose VAT of 1% on a flat’s price....

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Posted Under: Income Tax |

Thane I-T Commissioner Aniruddh Rai applied for anticipatory bail in Rs 1.80 crore bribery case

Additional I-T commissioner Sumitra Banerji and her husband Subrato, who were arrested in a Rs 1.80 crore bribery case registered by CBI three weeks ago, will spend some more time in jail, as their bail plea was rejected on Wednesday....

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Posted Under: Income Tax |

Person in control of Company is vicariously liable for an offence committed by a company under SEBI Act; he need not necessarily be a Director of that company

Vishnu Prakash Bajpai Vs SEBI (Delhi High Court)

This is a petition under Section 482 of the Code of Criminal Procedure, for quashing criminal complaint filed by the respondent against the petitioner under Sections 24(1) and 27 of the Securities and Exchange Board of India Act, 1992. Quash...

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Income earned by NRI from his employment in USA can not be taxed in India

In re. Anurag Chaudhary (AAR Delhi)

In the light of the foregoing, the question is answered in the negative. To elaborate, the applicant being a non-resident during the previous year 2008-09, the income earned by him from his employment in USA can not be taxed under Income-tax Act, 1961....

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RoC expected to initiate legal proceeding against Subhiksha officials for Violation of Companies Act Provisions

The corporate affairs ministry is tightening the noose around retail companies — a sector which has been left largely untracked due to the absence of a designated sectoral regulator....

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Posted Under: Income Tax |

Department has to analyse process of "duplication" of software undertaken by assessee to determine nature of royalty payment

CIT Vs Mastek Ltd. (Supreme Court of India)

These two civil appeals are filed by the Department against the order dated 2nd September, 2008, of the Gujarat High Court refusing to formulate, inter alia, the following question of law: "Whether the Income Tax Appellate Tribunal, in the facts and circumstances of this case, was right in confirming the order passed by the Commissione...

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Refund or CENVAT credit on input services allowed only if services are consumed in output service

Kbace Tech Pvt. Ltd. Vs CCE/ CST (CESTAT Bangalore)

Recently in the case of Kbace Tech Pvt. Ltd. v. CCE/CST CESTAT ruled that the refund or CENVAT credit on input services is allowed only if the services are consumed in the output service. It is held that the Board’s Circular No. 120/01/2010-ST, dated 19-1-10 does not have the effect of amending the statute and cannot be seen as author...

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For computing book profit Companies need to prepare their profit and loss account in accordance with Parts II and III of Schedule VI to Companies Act, 1956

Dynamic Orthopaedics Pvt. Ltd. Vs CIT (Supreme Court of India)

A short question which arises for determination in this civil appeal is - whether the Income Tax Appellate Tribunal was, on the facts and circumstances of this case, justified in upholding the order of the Commissioner of Income Tax (Appeals) directing the Assessing Officer to allow the claim of depreciation as per the Income Tax Rules, 1...

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December 2022