"12 June 2011" Archive

Once the Transfer Pricing Officer accepted arm’s length price of royalty payments, the Assessing Officer could not examine the reasonableness of the said expenditure for disallowance

CIT Vs. Oracle India Pvt. Ltd. (Delhi High Court)

Delhi High Court in the case of CIT v. Oracle India Pvt. Ltd. (ITA No. 383 of 2009, 987 of 2010, 1242 of 2010 and 1247 of 2010) held that once the Transfer Pricing Officer (TPO) has accepted a royalty payment to be at arm’s length, the Assessing Officer (AO) could not disallow the expenditure by applying Section 37 of the Income–tax A...

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Transfer of intangible assets with right to carry on business is taxable as capital gains and not as business income

CIT Vs. M/s Mediworld Publications Pvt. Ltd (Delhi High Court)

Delhi High Court in the case of CIT v. M/s Mediworld Publications Pvt. Ltd ( ITA no 549 of 2011) held that transfer of intangible assets with right to carry on business was taxable as capital gains and not as business income....

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Expression ‘liable to tax’ used in the India-UAE tax treaty does not necessarily imply that person should actually be liable to tax in UAE

ITO Vs. Mahavirchand Mehta

ITAT Mumbai has in the case of ITO v. Mahavirchand Mehta [2011] 11 taxmann.com 194 (Mum) held that the expression ‘liable to tax’ as used in Article 4(l) of India-UAE tax treaty (the tax treaty) does not mean that the person should actually be liable to tax in that contracting state by virtue of an existing legal provision. It will al...

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Posted Under: Income Tax |

ICAI to question SBI on excess provisions in March quarter

Taking a strong note of State Bank of India's huge profit erosion for March quarter due to higher provisions, accounting regulator ICAI on Friday said it would send a letter asking the country's largest lender to explain the reasons for higher provisions for bad loans....

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Posted Under: Income Tax |

RBI best positioned to maintain financial stability but needs autonomy- Subbarao

Financial stability is the toughest task for autonomy-less central banker who gets torn between governmental priorities and regulatory overlap, making them look like the mythological Greek character Sisyphus who endlessly rolls up a boulder uphill, only to see it slide back. India had set up the Financial Stability and Development Council...

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Posted Under: Income Tax |

Innovative mobile payment system required-ASSOCHAM

Associated Chambers of Commerce (ASSOCHAM) today said innovative mobile payment system which has mass appeal is required for non-cash payment modes. ,The need of the hour is to develop an innovative mobile payment system which is customised to the Indian ecosystem requirements and has a mass appeal,' ASSOCHAM Communications Convergence Co...

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Posted Under: Income Tax |

Company Law Provisions Requiring attention of Statutory Auditors

Section Description of the matter 2(14A) Dividend includes interim dividend. *2(29A) Net worth means total of paid up capital and free reserves after deducting provisions or expenses as may be prescribed. Free reserves includes reserves out of the profits and share premium account but does not include revaluation and amalgamation reserves...

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Posted Under: Income Tax |

High interest rates hurting growth of economy, RBI needs to fix problem- Basu

Concerned over the impact of high interest rate on consumer demand, Chief Economic Advisor ( CEA) Kaushik Basu on Friday said the RBI will need to have a re-look at the monetary tightening policy. 'RBI will have to balance its monetary policy tightening in view of growing concerns, particularly in consumer goods front, where higher intere...

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Posted Under: Income Tax |

Real Estate Regulation Bill, 2011 to protect home buyers from fly-by-night developers soon

The much-awaited Real Estate Regulation Bill, 2011, which seeks to protect home-buyers from fly-by-night developers, is under process of consultation by various ministries. 'The draft Bill is almost being finalised. We have sent the Bill to Law Ministry for their approval and subsequently we will sending it to other ministries for approva...

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Posted Under: Income Tax |

Mines Amendment Bill, 2011- Committee invites Suggestion

Hon’ble Speaker, Lok Sabha has referred ‘The Mines (Amendment) Bill, 2011’ as introduced in Rajya Sabha to the Standing Committee on Labour for examination and Report. Considering the wider implications of the proposed amendment and the deeper concern of safety and security of mine workers, the Standing Committee on Labour under the...

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Posted Under: Income Tax |

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