We have considered the rival submissions and perused the material on record. In our considered view, the claim of the revenue that notices were sent through Courier and the Courier had served it within a week on the assessee is not sustainable because the revenue has to produce the copy of the acknowledgement in token of service of the notice.
The transportation of passengers, mails or cargo etc. by the assessee in the international traffic by the aircraft as owner/ charterer/ lessee would fall within the scope of Article 8 of the Indo-US Tax Treaty and therefore, profits attributed to the same cannot be taxed in India; further, the profits from inland transportation directly connected with such transportation would also not be taxable in India.
At least seven people were injured when a major fire broke out in the Income Tax Office (ITO) in New Delhi on Friday, Apr 2.According to officials, the blaze broke out in the fourth floor of the D-shape building at 11.15 am when some labourers were engaged in wood work.
Cuttack bench of the Income-tax Appellate Tribunal (the Tribunal) in the case of R.R. Caryying Corpn. v. ACIT [2009] 126 TTJ 240 (Cuttack) held that only the embedded portion of the profits is to be considered as taxable and not the entire amount in the case of discrepancies between the sales or receipt amount as per books of accounts and the amount shown in TDS certificate, for taxability purpose.
Recently, the Delhi High Court in the case of ACIT v. Nestor Pharmaceuticals Limited [2010-TIOL-124-HC-DEL-IT] on the issue of whether the year in which trial production starts can be considered as initial Assessment Year (AY) for claiming benefit under section 80-IA of the Income-tax Act, 1961 (the Act) after relying on various judicial precedents held that the initial year is the year in which the commercial production starts and not trial production.
Recently, the Mumbai bench of the Income-tax Appellate Tribunal (the Tribunal) in the case of DDIT v. Siemens Aktiengesellschaft (ITA no. 6133/Mum/2002, ITA No. 7589/Mum/2003) held that the withdrawal of circular no. Circular no. 23 dated 23 July 1969 and Circular no. 786 dated 7 February 2000 by Central Board of Direct Taxes (CBDT) is effective from 22 October 2009 as made applicable vide Circular no. 7 dated 22 October 2009.
The government has given two more years to banks and NBFCs to align their accounting practices with the international financial reporting standards (IFRS). The core group of the ministry of corporate affairs extended the deadline to April 2013 at a meeting on March 29.
Market regulator Securities and Exchange Board of India has directed stock exchanges to post all their regulatory orders and arbitration awards on websites from this fiscal to ensure greater transparency for investors. The exchanges have also been asked to post all such orders since April 1, 2007, on their websites within 30 days.
THE INSTITUTE of Chartered Accountants of India (ICAI) has so far made no headway in the proceed against the auditors for their alleged involvement in the Satyam scam.The disciplinary meeting was held on March 31,2010.
MORE than a dozen foreign entities, which invest in shares of Indian companies using the Mauritius route, are planning to move the Authority for Advance Rulings (AAR) for clarity on the issue of tax liability in India. AAR is a quasi judicial body on tax disputes that involve overseas companies.
