"25 December 2010" Archive

Sale of a depreciable asset in respect of which depreciation was allowed to assessee should always be treated as short term capital gains by virtue of operations of sections 50, 50A and 50B

CIT Vs Sakthi Metl Depot (Kerala High Court)

The facts leading to the controversy are the following. The respondent-assessee is a firm which was engaged in business with principal place of business at Kochi and a Branch at Mumbai. The assessee purchased a flat at a cost of Rs. 95,000/ in Mumbai for business purposes in the financial year ending on 31.31974....

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It is not necessary that for claiming deduction on account of foreign travel expenses, there has to be some business activity of assessee in foreign countries

Scindia Investments Pvt. Ltd. Vs ACIT (ITAT Mumbai)

The assessee in the present case is an investment company which filed its return of income for the year under consideration on 29.10.04 declaring total income of Rs. 5,03,38,480/-. The said return filed by the assessee was selected for scrutiny assessment and in the assessment completed vide an order dated 29.9.2006 passed u/s 143(3), the...

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Mere occupancy right under leave & licence agreement not sufficient to attract Explanation 1 of section 32(1)

United Motors (India) Ltd. Vs ITO (ITAT Mumbai)

The words other right of occupancy appearing in the Explanation 1 of section 32(1) should be construed ejusdem generis with the word lease and if that is so, the right of occupancy should be of such a nature that the assessee should possess an interest in the property and the occupancy must be referable to that interest...

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Promotion of real estate venture by Airlines in air is taxable as Business Auxiliary Service

Jetlite (India) Ltd. Vs CCE (CESTAT Delhi)

The appellant came up in appeal against Order-in-Original dated 27.7.2009 passed by learned Commissioner relating to the period July 2003 to January 2007, giving rise to following consequences...

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It is mandatory for assessee, to follow one of prescribed methods and demonstrate that international transactions, entered into by it, with an associated enterprise, are at Arms Length Price

DCIT Vs Starlite (ITAT Mumbai)

During the year, the assessee has shown export sale of polished diamonds and claimed deduction u/s. 80HHC. The assessee also filed an Audit Report in the Form No. 3CEB. The Assessing Officer referred the case to the Transfer Pricing Officer (TPO) for determination of Arms Length Price (ALP) u/s. 92CA(3)....

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Section 115JB is not designed to be applicable to a foreign company, who has no presence or PE in India

In re The Timken Company (AAR Delhi)

As the applicant does not have any physical presence in India in the form of an office or branch or a PE, the provisions of section 115JB are not applicable on the sale of shares of a listed company by the applicant, which has suffered securities transaction tax and accordingly, tax exempt under section 10(38)...

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Indo-Singapore DTAA – Mere existence of a PE in India cannot lead to a conclusion that royalties arise in India

SET Satellite Singapore Pte. Ltd. Vs Addl. DIT (Intl. Taxation) (ITAT Mumbai)

The facts of the case are that the assessee is a Singapore based company engaged in the business of acquiring television programs, motion pictures and sports events and exhibiting the same on its television channels from Singapore. The assessee is a tax resident of Singapore in terms of Article 4 of the India Singapore Tax Treaty....

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IIFCL to guarantee infrastructure companies bond issues under new offering

On the proposed Rs 1,200-crore tax-free infra bonds issue, he said, within the next three days they will hit the market with an ad for this. By January, the first tranche of Rs 400 crore will hit the streets. It will raise the remaining Rs 800 crore ...

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Posted Under: Income Tax |

Cong leader demands Income Tax scrutiny of companies’ signing MOU with Gujrat government

The leader of Opposition in the state Assembly, Shaktisinh Gohil, has demanded that the Income Tax department should find out if the companies signing memoranda of understanding (MoUs) with the state government at the Vibrant Gujarat Global Investors...

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Posted Under: Income Tax |

I-T Search- l Engineering Company admits to concealing Rs 200 crore

The owners of Patel Engineering Limited, a listed company, admitted to the concealment of income of Rs 200 crore during searches conducted by the income tax (I-T) authorities. The company is mainly into construction of bridges, dams and highways. I-T authorities had searched 25 premises of the company and its owners in Mumbai, Hyderabad, ...

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Posted Under: Income Tax |

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