"17 August 2010" Archive

Tax Authority can not treat the Taxpayer as a conduit when there is commercial justification for the Taxpayer’s existence

Satellite Television Asia Region Advertising Sales BV (Taxpayer) [2010- T11-58-ITAT-MUML-INTL]: Mumbai Income Tax Appellate Tribunal:- The Tax Authority sought to disregard the existence of the Taxpayer and taxed the income in the hands of the Taxpayer's Hong Kong-based shareholder company. However, the ITAT ruled in favor of the Taxpayer...

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Posted Under: Income Tax |

IFRS: Impacts of the new revenue recognition proposals

Issue:-In late June 2010 the International Accounting Standards Board and US Financial Accounting Standards Board issued proposed changes to the recognition of revenue. The proposals aim to increase the consistency and comparability between the way revenue is recognised by entities, regardless of the industry they operate in....

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Posted Under: Income Tax |

Royalty paid by Non-resident to another Non-resident is not taxable if not related to and borne by PE in India

Set Satellite Vs The Addl Director of Income Tax (ITAT Mumbai)

MSM Satellite Singapore Pte Ltd (SET), a tax resident of Singapore, is engaged in the business of acquiring television programs, motion pictures and sports events. It exhibits the same on its television channels from Singapore....

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Opinion of DVO cannot be relied upon in absence of other corroborative evidence

CIT Vs. Naveen Gera (Delhi High Court)

We are also in agreement with the submission made by Mr. Piyush Kaushik that it is settled law that in the absence of any incriminating evidence that anything has been paid over and above than the stated amount, the primary burden of proof is on the Revenue to show that there has been an under-statement or concealment of income. It is onl...

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Do CAG report leaks defense secrets?

Take, for instance, India’s solitary 50-year-old aircraft carrier INS Viraat. A careful reading of the latest CAG report makes it clear Viraat may just be a paper tiger, left as it is with only eight upgraded Sea Harrier jump-jets to operate from its deck. Similarly, take India’s rapidly-shrinking underwater combat arm. As frequently ...

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Posted Under: Income Tax |

Concealing facts before arbitrator is fraud

The Supreme Court stated last week that concealment of facts from an arbitrator is an act of fraud and new facts which have a bearing on the award should be allowed to be brought before him. The court stated so while allowing the appeal of US-based Venture Global Engineering against the ruling of the Andhra Pradesh high court in its dispu...

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Posted Under: Income Tax |

Requirement to mention the firm registration number allotted by ICAI in all reports issued, including certificates, by members of the ICAI

Attention of the members is invited to the announcement regarding requirement relating to mentioning the firm registration number in the audit reports and resolution passed by the company for appointment of statutory auditors, published on page 1312 of the February 2010 issue of the Journal....

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Posted Under: Income Tax | ,

Mahindra Satyam can retain tax amount from settlement amount payable to Upiad

The Supreme Court of New York has asked Upaid Systems Ltd to cooperate with IDBI Bank, the Escrow Agent, and allow it to withhold any applicable taxes from the $70-million settlement amount. This might result in savings of taxes for the scam-hit company....

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Posted Under: Income Tax |

Service tax on commercial training and coaching – Whether ‘donation' is ‘consideration'

Circular No. 127/9/2010-ST 16/08/2010

A representation has been received seeking clarification whether donations and grants-in-aid received from different sources by a charitable Foundation imparting free livelihood training to the poor and marginalized youth, will be treated as ‘consideration' received for such training and subjected to service tax under ‘commercial trai...

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Appointment of Auditors of Government Owned Companies

The Government has said statutory auditors for Government Companies are appointed by the Comptroller & Auditor General of India (C&AG) in exercise of the powers conferred under section 619(2) of the Companies Act, 1956 as amended vide Companies (Amendment) Act, 2000....

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Posted Under: Income Tax |

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