"12 January 2011" Archive

I-T raid seizes Rs 9 cr from Lodha premises- CNBC-TV18

Income tax (I-T) raid operation on Lodha group has concluded reports CNBC-TV18 quoting sources. Beginning on 10 January, the taxmen conducted search at around 40 premises of Lodha Group. It is learnt that around Rs 200 crore of alleged disclosure...

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Posted Under: Income Tax |

Section 14A law laid down in Minda Investments cannot be followed as in the later decisions similar matters have been restored to the file of the AO

Continental Carriers Pvt. Ltd Vs. ACIT (ITAT Delhi)

The plea of the assessee based on Minda Investments Ltd that the disallowance should be deleted cannot be accepted as in the later decisions similar matters have been restored to the file of the AO and according to rule of precedence, later decision passed by similar strength of the Bench has to be followed in preference to the earlier de...

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Even in Turnkey Contract, off-shore supply profits not taxable if transfer of title to purchaser takes place abroad

Director of Income Tax Vs LG Cable Ltd. (Delhi High Court)

The profits from the offshore supply contract held to be not liable to tax in India on the ground that the transfer of title in the goods had passed outside India....

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Circular No. 132/1/2011 – ST dated 12-01-2011

Notification No.19/2009 – Service Tax (07/07/2009)

Circular No. 132/1 / 2011 – ST F.No.354/69/2010-TRU Government of India Ministry of Finance Department of Revenue Tax Research Unit North Block, New Delhi January 12th, 2011 To Chief Commissioners of Central Excise and Service Tax (All), Director General (Service Tax), Director General (Central Excise Intelligence), Director General...

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Govt to set up expert body to check tax leakages

An expert group with the mandate of suggesting measures to plug revenue leakages under existing tax laws will be constituted by March, 2011, the Income Tax Department has said. Constitution of the expert group to be done before the end ...

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Posted Under: Income Tax |

Section 80-IA(9) cannot be interpreted to mean that s. 80-IA deduction has to be reduced for computing deduction U/s. 80HHC – Bombay HC

Associated Capsules Private Limited Vs Dy. Commissioner of Income Tax (Bombay High Court)

We hold that Section 80IA(9) does not affect the computability of deduction under various provisions under heading ‘C’ of Chapter VI­A, but it affects the allowability of deductions computed under various provisions under heading ‘C’ of Chapter VI­A, so that the aggregate deduction under Section 80IA and other provisions under h...

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Income Tax offices soon in several foreign countries, tax havens

The government may soon be able to obtain classified financial data from tax-haven countries and some foreign shores as it plans to set up new overseas Income Tax offices in countries like the US, the UK and Cyprus to liaise with local tax authoritie...

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Posted Under: Income Tax |

Citibank fraud- ED seeks FIR, may file money laundering case

(12/01/2011)

The Enforcement Directorate has sought a copy of the FIR filed by the police on the Rs 400 crore Citibank fraud with a view to lodge a separate case of money laundering against the perpetrators of the scam. Official sources said the directorate has ...

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Posted Under: Income Tax |

CBI registers PE to probe role of banks in 2G scam

The CBI has registered a preliminary enquiry (PE) to probe the role of certain public sector banks, including the State Bank of India, for providing loans to certain companies who were allocated the 2G Spectrum in 2007-08 including Uninor and STel....

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Posted Under: Income Tax |

SC waives Rs 25 crore fee on Vodafone's deposit for tax dept

The Supreme Court today waived one per cent court fee on the Income Tax Department , on the Rs 2,500 crore deposited by the Vodafone International Holdings , after the government gave an undertaking that it would not make claim of unjust enrichments....

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Posted Under: Income Tax |