"23 September 2010" Archive

Jammu & Kashmir -Due date for filing ITR extended to 30/11/2010

The Central Board of Direct Taxes (CBDT) has extended the due date of filing of returns of income for the Assessment Year 2010-11 for all categories of cases in the State of Jammu & Kashmir to 30th November 2010. The decision was taken by the CBDT in exercise of powers conferred under section 119 of […]...

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Posted Under: Income Tax |

I-T Returns Filing Date Extended to 30th November in J&K

Press Information Bureau Government of India Ministry of Finance 23-September-2010 The Central Board of Direct Taxes (CBDT) has extended the due date of filing of returns of income for the Assessment Year 2010-11 for all categories of cases in the State of Jammu & Kashmir to 30th November 2010. The decision was taken by the […]...

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Order [F. No. 225/72/2010/IT(A-II)], dated 23-9-2010

Income Tax Order [F. NO. 225/72/2010/IT(A-II)] 23/09/2010

On consideration of the reports of disturbance of general life caused due to the law and order problem in the State of Jammu and Kashmir, the Central Board of Direct Taxes, in exercise of powers conferred under section 119 of the Income-tax Act, 1961, hereby extends the due date of filing of returns of income for the assessment year 2010-...

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Conversion of free shipping bills to export promotion scheme shipping bills and conversion of shipping bills from one scheme to another

Circular No. 36/2010-Custom Duty 23/09/2010

I am directed to invite attention to the Board’s circular No.4/2004-Cus dated 16.01.2004 which debars conversion of free shipping bills to Advance License/DFRC/DEPB shipping bills and allows conversion of shipping bills from one export promotion scheme to ...

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‘Brand’ eligible for depreciation

KEC International Ltd. Vs. Addl. CIT (ITAT Mumbai)

In this case the ITAT has held that the agreements entered into by the assessee, viewed together in their entirety, pertain to a single transaction of purchase of assets. Accordingly, the amount paid for non-compete fees was considered to be for acquisition of a business and capital in nature. The ITAT has also observed that each case wou...

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Conversion of units of UTI into UTI tax free bonds would not be treated as transfer

ACIT Vs. ABC Bearing Ltd. (ITAT Mumbai)

An important proposition reiterated by this ruling is that conversion of UTI units into Tax free bonds would not be treated as transfer for the purpose of section 45 of the ITA. This principle laid down by the Tribunal is important as similar logic could apply to „conversion? of other forms of instruments, e.g. conversion of preference ...

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Direct Taxes Code Bill, 2010- Provisions affecting Mergers and Acquisitions

The draft Direct Taxes Code along with a Discussion Paper was released on 12 August 2009 for public comments to simplify direct tax legislation in India. Subsequently, comments were solicited from the public and examined by the Government. A Revised Discussion Paper was issued to respond to the major concerns and comments of stakeholders ...

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Posted Under: Income Tax |

Order passed by the Tax Officer after applying the AAR ruling in petitioner’s own case cannot be revised by the Commissioner based on some other AAR

Russel Properties Pvt Ltd. Vs. A. Choudhury, ACIT (Calcutta High Court)

Prudential Assurance Company Limited (‘the Petitioner’ or ‘the Company’), a sub-account duly registered with the Securities and Exchange Board of India (‘SEBI’) filed a writ petition (Writ petition no.866 of 2010 ) with the Bombay High Court against the show-cause notice issued under section 263 of the Income Tax Act, 1961 is...

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Determination of Fair Market Value of the Property Other Than Immovable Property

Section 56 of the Income Tax Act, 1961 provides for taxability of income which is not chargeable to income-tax under any of the heads specified in section 14, items A to E thereof. It provides for such income to be chargeable under the residuary head...

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Posted Under: Income Tax |

Mere leasing of dredger (equipment) does not give rise to a permanent establishment

DDIT Vs. Nederlandsche Overzee Baggermaatschappiji BV. (ITAT Mumbai)

Income-tax Appellate Tribunal , in the case of DDIT v. Nederlandsche Overzee Baggermaatschappiji BV. has analysed whether the lease of a dredger would be considered a bare boat charter or a wet lease. After analysis of the facts of the case, it held that the lease was a bare boat lease, and that a dry lease of equipment does not result in...

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