"09 October 2010" Archive

Commissioner of Income Tax versus Denso India Pvt. Ltd (Delhi High Court)

The Commissioner of Income Tax Vs Denso India Pvt. Ltd. (Delhi High Court)

ITAT was justified in law in holding that the amount of Rs. 63,46,000 paid by the assessee for acquiring technical know-how was allowable as revenue expenditure? The Tribunal was justified in its opinion that the payment made in question was allowable as revenue expenditure and not as capital expenditure allowable for deprecation under Se...

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Service Tax Second Amendment Rules 2010

Notification No. 50/2010-Service Tax 08/10/2010

Service Tax Second Amendment Rules 2010 – Exempts persons marketing the lottery tickets other than the distributors or selling agents appointed or authorised by the lottery organising State. NOTIFICATION NO 50/2010-Service Tax, Dated : October 8, 2010 In exercise of the powers conferred by section 93 of the Finance Act, 1994 (32 of ...

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Exemption from taxable service of marketing of lottery u/s 94 of Finance Act, 1994

Notification No. 49/2010-Service Tax 08/10/2010

NOTIFICATION NO 49/2010-Service Tax, Dated: October 8, 2010 In exercise of the powers conferred by sub-sections (1) and (2) of section 94 of the Finance Act, 1994 (32 of 1994) (hereinafter referred to as the said Act) , the Central Government hereby makes the following rules further to amend the Service Tax Rules, 1994, namely […]...

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Classification of “CD ROM” containing images or drawings and designs of engineering goods

L.M.L. Ltd. Vs. Commissioner of Customs (Supreme Court of India)

It is further important to note the observation of the Hon'ble Supreme Court on the distinction between software, being a set of instructions allowing physical hardware to perform instructions and Data, which is information that does not perform any...

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Draft Listing Agreement for Securitized Debt Instruments

Securities and Exchange Board of India (SEBI) had notified the Regulations for Public Offer and Listing of Securitized Debt Instruments on May 26, 2008. The Regulations, inter alia, specified initial disclosure requirements for offer documents for pu...

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Posted Under: Income Tax | ,

Foreign Contribution (Regulation) Act, 2010 (No. 42 of 2010)

No. 42 of 2010 26/09/2010

Provided that the Central Government may entertain the representation after the expiry of the said period of thirty days, if it is satisfied that the organisation was prevented by sufficient cause from making the representation within thirty days....

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Tax evasion charges against Philips, TVS Motor- Central Excise Department

The Central Excise Department today said its has slapped a show-cause notice on Philips Electronics for allegedly evading excise duty to the tune of Rs 22 crore. Central Excise Commissioner (Chandigarh) H K Thakur also said two-wheeler major TVS Moto...

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Posted Under: Income Tax |

CBI arrests SBI employee for Rs 5.24 crore fraud

The CBI has arrested a State Bank of India (SBI) employee for allegedly cheating hundreds of illiterate or semi-literate customers who opened their savings accounts in the bank and misappropriating Rs five crore in the process....

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Posted Under: Income Tax |

Inoperative Provident fund accounts? Settle account before 31st March to get Interest

Provident fund subscribers who have inoperative accounts from their earlier jobs will not lose interest if they file an application for withdrawal of accumulated funds or transfer to an operative account before March 1, 2011 even if the settlement ha...

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Posted Under: Income Tax |

A Member who has taken a view should not be party to a Special Bench

M/s CLC & Sons Pvt. Ltd. Vs Asst. Commissioner of Income Tax (ITAT Delhi)

A 3 Member Special Bench was constituted to decide whether the assessee was entitled to claim depreciation u/s 32 on intangible assets termed ‘Goodwill’. At the hearing, the assessee raised a preliminary objection that as the Judicial Member on the Special Bench has already taken a view about allowability of depreciation on goodwill i...

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