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Archive: 17 July 2011

Posts in 17 July 2011

Free YouTube Live on The global landscape –  from market’s to trade

May 24, 2024 45 Views 0 comment Print

Join us for an insightful and dynamic YouTube Live session on “The global landscape –  from market’s to trade.” with renowned financial analyst Ankit Baid, MBA Finance. The presentation explores shifting of the global economic landscape, focusing on the decline of US dominance and the rise of China. It examines the potential decrease in global […]

Live Course on Appeal, Pleading & Drafting under GST by CA Sachin Jain

May 15, 2024 7389 Views 0 comment Print

oin us for an immersive live course led by renowned expert CA Sachin Jain, as we delve into the intricacies of appeal, pleading, and drafting under GST.

Lease rentals earned by a developer of Software Technology Park should be treated as business income

July 17, 2011 1604 Views 0 comment Print

DCIT v. Golflink Software Park P Ltd. (ITAT Bangalore) – The taxpayer was not only letting out its building for rent, but also carried on a complex commercial activity of setting up a software technology park in which various amenities and fit-outs have been provided. The Tribunal relied on the Supreme Court’s decision of CIT v. National Storage Pvt Ltd [1967] 66 ITR 596 (SC).

Essential to prove involvement in physical activities of erection and commissioning of power project to be taxed under special provisions

July 17, 2011 306 Views 0 comment Print

Voith Siemens Hydro Kraftwerkstechnik GMBH & Co KG Vs. DDIT (ITAT Delhi)- The Tribunal observed that even though in the contract between the taxpayer and OHPC, the term supervision has been given a specific meaning, the conduct of the taxpayer was not supported by any evidence to demonstrate that it had done any thing other than „supervision‟ as understood in its general meaning.

India Enters into Social Security Agreement with the French Republic

July 17, 2011 546 Views 0 comment Print

The Government of India has entered into an Agreement on Social Security with the French Republic. Following the principles of reciprocity this agreement is intended to benefit the employees and employers of both India as well as France. The Agreement has come into force w.e.f. 1s` July, 2011.

Supply of spares used in prospecting for, or extraction or production of mineral oils in turnkey contract – whether eligible for presumptive taxation

July 17, 2011 672 Views 0 comment Print

G&T Resources (Europe) Ltd. v. DDIT (ITAT Delhi)- The receipts for supply of spare parts used in prospecting for, or extraction or production of mineral oils in the turnkey contract are eligible for presumptive taxation under section 44BB of the Income Tax Act, 1961. It may be noted on the facts of the present case, the supply of spare parts was indivisible part of the entire repair/ revamp contract.

Sharp Business Systems (India) Ltd. vs. DCIT (ITAT Delhi)

July 17, 2011 1679 Views 0 comment Print

M/s Sharp Business Systems (India) Ltd. vs. DCIT (ITT Delhi)- The Tribunal held that payment made to ward off competition, under a covenant of non-compete, was to get established in the market and to acquire the market as per the facts of the case. The payment made was of a capital nature but could not be considered as an asset.

Assessee not entitled to waiver of interest under s 234B and 234C on account of the non-adjustment of seized cash by the department against the tax liability

July 17, 2011 3163 Views 0 comment Print

Manharbhai Muljibhai Kakadia Vs UoI (Gujrat HC at Ahemdabad) Whether the assessee is entitled to waiver of interest u/s 234B & 234C relying on the circular dated 23.05.2006 in which waiver is given on account of non-adjustment of seized cash by the department against the tax liability though at the time of making of application of waiver such circular was superseded by circular dated 26.06.2006 in which no such waiver was permitted. – Assessee’s appeal dismissed.

S. 271FA Penalty justified for delayed filing of AIR return without reasonable explanation

July 17, 2011 697 Views 0 comment Print

It is noticed that the respondent issued a notice to the petitioner under section 271FA on February 23, 2010, requiring him to attend his office on March 11, 2010, and show cause as to why the penalty under section 271FA should not have been imposed upon him for failure to file the annual information returns within the prescribed time.

Companies showing abnormal number of shareholders in e-Form 20B as per MCA data

July 17, 2011 636 Views 0 comment Print

It appears that the signatories of e-form 20B of above companies including certifying practicing professionals have not verified the figures of number of shareholders from the records of the company. It can also be inferred that by putting figure of only 1 (one shareholder) in a listed company, the practicing professionals have not discharged their duties prudently and are liable for professional misconduct. The signatory Directors and company secretaries of these companies are also liable for furnishing wrong information in the Form.

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