"October, 2010" Archive - Page 28

Creation of NCLT and NCAT with power & jurisdiction of High Court not unconstitutional

Union of India Vs. R. Gandhi (Supreme Court of India)

These appeals arise from the order dated 30.3.2004 of the Madras High Court in WP No. 2198/2003 filed by the President of Madras Bar Association (MBA for short) challenging the constitutional validity of Chapters 1B and 1C of the Companies Act, 1956(`Act' for short) inserted by Companies (Second Amendment) Act 2002 (`Amendment Act' for sh...

Read More

If the funds of the business are parked for safe keeping or with a view to earn interest income de-hors the business activity, the interest resulting there from cannot assume the character of business income but it would fall under the head "income from other sources"

Lovlesh Jain Vs. ACIT (ITAT Delhi)

The moot question that arises for our consideration in the present case is whether, on the facts of the present case, the interest earned by the assessee on fixed deposit is assessable as profit of the business of undertaking for the purpose of computing the deduction available to the undertaking under section 10A of the Act. ...

Read More

It is not any and every material, howsoever, vague and indefinite or distant, remote or far-fetched, which would warrant formation of belief relating to escapement of income of assessment

ITO Vs. Lakshya Exim Pvt. Ltd. (ITAT Delhi)

Section 147 authorizes and permits the Assessing Officer to assess or reassess income chargeable to tax if he has reason to believe that income for assessment year has escaped assessment. It is also well settled that words reason to believe used in section 147 of the Act are stronger than the words is satisfied. ...

Read More

Compensation from former employer for not carrying on business is not profits in lieu of salary

The Commissioner of Income Tax Vs A K Khosla (Madras High Court)

The appellant/revenue has filed the above Tax Case Appeal against the order of the Income Tax Appellate Tribunal, 'A' Bench, Chennai, dated 27.04.2007 in ITA.No.1862/Mds/2004. 2. When the appeal came up for admission on 09.03.2010, this Court admitted the same on the following substantial questions of law:...

Read More

Breach of contract would not constitute ingredients of a complaint under sections 397,398, 402 & 403 of Companies Act, 1956

In cable Net (Andhra) Ltd. Vs. AP Aksh Broadband Ltd. (Supreme Court of India)

The Petitioners herein filed Company Petition No.69 of 2006 before the Additional Principal Bench of the Company Law Board at Chennai under Sections 397, 398, 402 and 403 of the Companies Act, 1956, alleging mismanagement and oppression by the majority shareholders of the first respondent Company. Various reliefs, including reconstitution...

Read More

When Commissioner as Revisional Authority u/s.263 seeks to exercise his jurisdiction on matters which did not form subject of order of reassessment, period of limitation would begin to run from original order of assessment

Ashoka Buildcon Ltd. Vs. ACIT (Bombay High Court)

The challenge in this proceeding is to a notice issued by the Commissioner of Income Tax-I, Nashik on 30 April, 2009 seeking to exercise the revisional jurisdiction under Section 263 of the Income Tax Act, 1961....

Read More

Assessment order which gives effect to a binding precedent cannot be regarded as being erroneous or prejudicial to interests of Revenue

Prudential Assurance Company Ltd. Vs. DIT (Int'l Taxation) (Bombay High Court)

The dispute in this case relates to assessment years 2004-2005 and 2005-2006. On 30 April 2001, the Authority for Advance Rulings (AAR) constituted under Section 245 of the Income Tax Act, 1961 held that the purchase and sale of shares by the petitioner was in the ordinary course of its business and the income which resulted from this...

Read More

Compensation including interest on cancellation of contract not taxable in absence of PE

Gold crest Exports Vs. ITO (ITAT Mumbai)

Compensation including interest on cancellation of contract not taxable in the absence of Permanent Establishment of the non-resident in India under India-UK tax treaty...

Read More

Save Tax – Invest in Long Term Infrastructure Bonds (Section 80CCF)

In the Union Budget 2010, Finance Minister, Pranab Mukherjee proposed a new section 80CCF under the Income Tax Act of 1961. From financial year 2010-11, section 80CCF would provide an additional tax deduction, over and above the existing 80C deductio...

Read More
Posted Under: Company Law |

Save tax up to Rs. 6000- Invest in Long Term Infrastructure Bond

Infrastructure Development Finance Company (IDFC), an integrated infrastructure finance company, has launched infrastructure bonds, giving a tax deduction of up to Rs 20,000 under Section 80CCF. The tax deduction will be above Rs 1,00,000 under Secti...

Read More
Posted Under: Company Law |

Search Posts by Date

July 2021
M T W T F S S
 1234
567891011
12131415161718
19202122232425
262728293031