"10 March 2011" Archive

Circular on monetary limits for filing Income Tax appeals does not apply to pending appeals

CIT Vs. M/s Varindera Construction Co (Delhi High Court)

Circular dated 15.5.2008 laying down monetary limit controls the filing of the appeals and not their hearing. Appeals filed as per applicable limit at the time of filing cannot be governed by circular applicable at the time of hearing. The object of the Circular u/s 268A is only to govern monetary limit for filing of the appeals. There is...

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Lawyers to Accept fees only by Cheque and in case of Cash have to issue proper receipt

NA 01/01/1970

If the Bar Council of India has its way, all advocates in the country will soon have to accept fees only by cheque. And if the payment is to be made in cash, proper receipts must be furnished to the client and a register of the same will be required to be maintained by advocates. ...

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Posted Under: Income Tax |

In case of under-assessment or a mistaken order, A.O. can rectify the mistake u/s 154 or make a reassessment u/s 147

CIT Vs. M/s India Sea Foods (Kerala High Court)

CIT vs. M/s India Sea Foods (Kerala High Court) If an assessment happens to be an under-assessment or a mistaken order, the course open to the AO is either to rectify the mistake u/s 154 or to make a reassessment u/s 147. While, it is correct, as held in EID Parry 216 ITR 489 (Mad), that the AO has to choose between the two and cannot ini...

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Taxability Of Loan Waiver depends on whether loan was used for capital or revenue purposes

Logitronics Pvt. Ltd. Vs. CIT & Anr. (Delhi High Court)

Whether the waiver of a loan is taxable as income or not depends on the purpose for which the loan was taken. If the loan was taken for acquiring a capital asset, the waiver thereof would not amount to any income exigible to tax u/s 28(iv) or 41(1). On the other hand, if the loan was taken for a trading purpose and was treated as such fro...

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Service Tax Becomes an Inflationary Tax

Service tax has been levied on two newly carved services viz, air conditioned restaurants with license to serve alcoholic beverages and hotel accommodation. The restaurants may or may not be serving alcoholic beverages but it must be air conditioned and possess license to serve liquour. The restaurant need not be centrally air conditione...

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Posted Under: Income Tax |

Assessee covered by DTAA will be eligible for credit of State taxes u/s 91 despite DTAA not providing for the same

Tata Sons Limited Vs. Deputy Commissioner of Income Tax Court (ITAT Mumbai)

Section 91 of the Income Tax Act, 1961 allows credit for Federal & State taxes, the DTAA allows credit only for Federal taxes. The result is that the Section 91 is more beneficial to the assessee & by virtue of Section 90(2) it must prevail over the DTAA. Though Section 91 applies only to a case where there is no DTAA, a literal interpret...

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Exemptions and deductions available to Indian enterprises would also be granted to the US enterprises if they are carrying on the same activities

Shri Rajeev Sureshbhai Gajwani Vs. Asst. CIT ( ITAT Ahmedabad)

Rajeev Sureshbhai Gajwani Vs. ACIT - Article 26(2) means that taxation of a PE of a USA resident shall not be less favorable than the taxation of a resident enterprise carrying on the same activities. The result is that the exemptions and deductions available to Indian enterprises would also be granted to the US enterprises if they are ca...

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Quantity restriction of 720 million Kg on export of cotton yarn during 2010-11

Notification No. 31(RE-2010)/2009-14 10/03/2011

The export of cotton yarn (Tariff Codes 5205, 5206 & 5207) was allowed under licence. Now, issue of export licences for cotton yarn will be subject to a limit of 720 million Kgs during the fiscal year 2010-11 (i.e. upto 31.03.2011)....

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Property tycoons under Income tax department scanner

Suspecting the use of black money to finance deals in the country's booming real estate sector, the Income Tax Department is keeping close tabs on the sources of funding for developers' lucrative projects. "The focus of the Income Tax Department is real estate developers as the department has received many complaints of the involvement of...

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Posted Under: Income Tax |

CBI registers three cases against Seven Customs Officials and conducts searches at various places

The Central Bureau of Investigation have registered three separate cases against seven officials in the rank of Superintendent and Inspectors of Customs posted at various places in Gujarat and Authorized Signatory & two other employees of Ahmedabad based Freight Forwarder Company in an alleged bribe network....

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Posted Under: Income Tax |

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