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On consideration of the reports of disturbance of general life caused due to floods and heavy rains, 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 2010-11 from 30-09-2010 to 15th October 2010. Accordingly the due date for Tax Audit report u/s 44AB of the Income Tax Act is also extended to 15th October 2010.
The plea of alternative remedy cannot be accepted as question involved in the present case is of lack of jurisdiction on admitted facts. In the present case, the petitioner furnished all the information and raised a dispute of taxability relying upon the judgment in Kone Elevators (India) Ltds case (supra). In such a situation there could be no question of attempt at tax evasion. Invocation of jurisdiction to impose penalty at the Information Collection Centre was not called for.
In this connection, we advise that the above mentioned restriction on grant of bank advances for financing promoters’ contribution towards equity capital would also extend to bank finance to activities related to such acquisitions like payment of non compete fee, etc.
he Annual Supplement to the Foreign Trade Policy (hereinafter referred to as the FTP), 2009-2014 and the Handbook of Procedures (Vol.I) (hereinafter referred to as the Handbook) have been notified by the DGFT vide notification No. 1(RE-2010) / 2009-2014 dated
The SC has reversed the view of the Bombay High Court which had held that the term business or commercial rightsand licence are referable to a class of intellectual property rights such as know-how, patents, copyrights, trademarks etc. The SC has held that the business or commercial rights need not be similar to a licence or franchise or other classes of intellectual property rights to be considered as an intangible asset.
Certain specified expenditure such as non-compete fee, business reorganization expenses, etc. shall be allowed on a deferred basis over a period of 6 years. However, expenditure incurred by a resident on any operations relating to prospecting for any
The Court, by referring the case back to the assessing officer, appears to have accepted the contention that only services rendered by humans can be regarded as a technical service. The ruling has particular significance for the technology sector where similar interpretation issues on taxability of technical services are common. Further as held by the Court, in such cases technical evidence would be required for establishing that there was no human intervention involved in the process.
Where an undertaking existed in the same place, form and substance and did carry on the same business before and after the change in legal character of the form of organization, the taxpayer is eligible for deduction.
Unless the conduct of the party suggests that it had a mala fide intent, generally as a normal rule, delay should be condoned. An attempt should always be made to allow the matter to be contested on merits, rather than to conclude it merely on the basis of technicalities.
Union Finance Minister Pranab Mukherjee today launched a new pension scheme for workers in the unorganised sector who do not have access to the social security net. “I launched the scheme today to coincide with the 78th birthday of Prime Minister Man
