"05 January 2011" Archive

TPO entitled to substitute ‘CUP’ for ‘TNMM’ to determine arms’ length price. For generic drugs, CUP is appropriate method despite quality differences

[Serdia Pharmaceuticals (India) Pvt. Ltd. Vs. ACIT (ITA Nos: 2469/Mum/06, 3032/Mum/07 and 2531/Mum/08)

CUP method is the ‘most appropriate method’ to determine the arm’s length price in the cases of generic drug manufacturers so long as comparables are available and while innovators of drugs are allowed monopolistic pricing during the period when patents are in force so as to recoup the R & D costs, once the patent period expire...

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ICAI- IFRS not must for agricultural companies

The Institute of Chartered Accountants of India (ICAI) has said that the agriculture companies might not have to converge fully with international financial reporting standards (IFRS) and a part of their convergence process would be deferred by anoth...

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Posted Under: Income Tax | ,

SC to waive Rs 25 Crore fee on Vodafone’s deposit

Supreme Court today said it would waive the 1 per cent court fee on the Income Tax Department, on the Rs 2,500 crore deposited by the Vodafone International Holdings, if the government gives an undertaking that it would not make claim of unjust enrichment...

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Posted Under: Income Tax |

Writ petition filed before the issued of show cause notice to the petitioner in respect of the service tax liable to be paid by it is premature and liable to be dismissed

Container Tea & Commodities Vs Commissioner of Service Tax, Salem (Madras High Court)

Court finds it appropriate to direct the respondent to issue a show cause notice and to give an opportunity of hearing to the petitioner before deciding the issues arising for his consideration relating to the payment of service tax by the petitioner. It would be open to the petitioner to substantiate its claims, by producing the necessar...

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Banks to allow single ATM transaction for one PIN entry

Next time you go to a bank ATM, be ready to re-enter your PIN afresh for every transaction you wish to conduct, such as money withdrawal, balance enquiry and checking account details. In order to check misuse of ATM cards by unauthorised people, RBI ...

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Posted Under: Income Tax | ,

Even 3 day delay in Service Tax Refund claim cannot be condoned

M/s Andhra Ferro Alloys Ltd. Vs Commissioner Of Central Excise (CESTAT Bangalore)

In the instant case, the refund claim was filed on 2/1/2009. The learned Consultant's contention is that the marginal delay of 3 days should be condoned. Since there is a delay of three days, it is not within the power of the authorities to condone the delay in filing the refund claim, that too a time limit which is envisaged in the Notif...

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IT Dept seeks Rs 1.5 crore in tax from suspended IAS officer

The Income Tax Department has assessed the total taxable income of suspended IAS officer Rajesh Rajora, facing corruption charges, at Rs 5.21 crore and fixed a tax liability of Rs 1.5 crore against him. IT Department sources said that as per the asse...

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Posted Under: Income Tax |

Notional Interest on deposit not includible in “Annual Value” u/s 23(1)(a) & 23(1)(b)

The DCIT 10(1) Vs. Reclamation Realty India Pvt. Ltd. (ITAT Mumbai)

In Circular 204 dated 24.7.1976, the CBDT has accepted that u/s 23(1)(a) the “sum for which the property might reasonably be expected to let from year to year” is the municipal valuation of the property. The same view that the Municipal valuation is the annual value u/s 23(1)(a) has been taken in CIT vs. Prabhabati Bansali 141 ITR 419...

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Section 80-IB of the Income-tax Act, 1961 – Corrigendum to Notification No. S.O. 1898(E), dated 3-8-2010

Notification No. 2/2011 - Income Tax 05/01/2011

Notification No. 2/2011 - Income Tax In the notification of the Government of India in the Ministry of Finance, Department of Revenue, (Central Board of Direct Taxes) number S.O. 1898(E), dated the 3rd August, 2010, published in the Gazette of India, Extraordinary, Part-II, section 3, sub-section (ii), dated the 3rd August, 2010, in para...

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Section 80-IB – Scheme for slum redevelopment prepared by Maharashtra Government

Notification No. 01/2011- Income Tax 05/01/2011

Notification No. 01/2011- Income Tax In exercise of the powers conferred by clauses (a) and (b) of sub-section (10) of section 80-IB of the Income-tax Act, 1961 (43 of 1961), the Board hereby notifies, the Scheme for slum redevelopment prepared by the Maharashtra Government under sub-section (2) of section 37 of the Maharashtra Regional T...

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