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It is to be noted here that the claim made by the assessee under section 158-A will not however preclude the Assessing Officer from making an order disposing of the relevant case without awaiting the final decision on the question of law in other case. When the decision on the question of law becomes final, it shall be applied to the relevant case and the Assessing Officer and the appellate authority shall amend the order earlier passed, if necessary in view of the final decision on the question of law in the other case.
The above decision stipulates that levying of interest for default in payment of advance tax was inescapable. Accordingly, provisions of section 234B/234C are applicable also to companies which are required to pay tax on book profits.
The above ruling lays down that restriction under section 80-IA(9) affects the allowability of total deduction from the profits of the eligible undertaking/unit and not the computation of deduction under various provisions under heading „C? of Chapte
The above decision lays down that the amount written back by a bank from provision for bad and doubtful debts which has not been allowed in the earlier years as a deduction cannot be taxed as income in the year of write back.
The above ruling provides that tax holiday under section 10A would be available to a foreign office, i.e. a branch carrying on-site software development only if it is a liaison office. An independent branch carrying out full -fledged marketing operat
The principles regarding taxability of income from offshore supplies under a turnkey contract undertaken by a foreign company in India have been laid down by the Supreme Court in Ishikawajma-Harima Heavy Industries Ltd. The above decision of the Delh
The above decision lays down the position that an installation or a structure could become a PE only if it was actually used for exploration or exploitation of natural resources for a period of more than 120 days. The time from its positioning at the
Hon’ble Gujarat High Court (HC) held that the application made by the taxpayer before the DRP seeking its consent to approach the Assessing Officer (AO), requesting him to finalise the draft assessment order passed under Section 144C(1) of the Income-tax Act, 1961 so as to enable it to file an appeal before the CIT(A), does not tantamount to withdrawal of the DRP application. The HC further held that the case ought to have been considered on merit even in case the DRP was of the opinion that it did not have the requisite powers under the provisions of the Act to entertain the application of the taxpayer.
It has now been decided that the FFMCs and the ADs Category-II [which are not Regional Rural Banks (RRBs), Local Area Banks (LABs), Urban Co-operative Banks (UCBs) and Non-Banking Financial Companies (NBFCs)], having a minimum net worth of Rs. 5 crore, may participate in the designated currency futures and currency options on exchanges recognized by the Securities and Exchange Board of India (SEBI) as clients only for the purpose of hedging their underlying foreign exchange exposures.
As announced today in the Third Quarter Review of Monetary Policy 2010-11, it has been decided to increase the repo rate under the liquidity adjustment facility (LAF) by 25 basis points from 6.25 per cent to 6.50 per cent and the reverse repo rate by 25 basis points from 5.25 per cent to 5.50 per cent with immediate effect.
