Follow Us :

Archive: 20 July 2011

Posts in 20 July 2011

Where assessee paid tax by way of TDS in respect of interest paid to a bank which never accrued to said bank, such tax paid was to be refunded to assessee

July 20, 2011 3256 Views 0 comment Print

Present writ petition has been filed by the petitioner-assessee under Articles 226 and 227 of the Constitution of India praying for the following reliefs.

Loss making companies cannot be rejected as comparables simplicitor on ground of losses but can be excluded on other comparability aspects

July 20, 2011 2669 Views 0 comment Print

Yum Restaurants India Pvt. Ltd. v. ACIT (ITAT Delhi) -Since the taxpayer had applied filters in its TP report to reject persistent loss makers, the Tribunal questioned the basis of the taxpayer’s contention that other loss making comparables should not be rejected. Merely because a company is incurring losses, it would not lose its status as a comparable. Declaration of loss is an incidental of business which is at par with the profit.

If a deduction under s 80-IA has been taken, a deduction under s 80HHC is not admissible

July 20, 2011 564 Views 0 comment Print

ITA No.174 of 2011 has been preferred by the assessee under section 260A of the Income Tax Act, 1961 against the order of ITAT Delhi “C” Bench in ITA No. 2656/Delhi/2008 dated 10.7.2009 for the assessment year 2002-03 raising following substantial questions of law

Arm’s length price in case of interest on extended credit period granted to an Associated Enterprise shall be determined on the basis of USD LIBOR and not on any other currency denominated loan rate

July 20, 2011 1090 Views 0 comment Print

Tech Mahindra Limited v. DCIT (ITAT Mumbai ) -ITAT held that the arm’s length price in case of interest on extended credit period allowed to an Associated Enterprise (AE) based in USA shall be determined on the basis of USD London Inter Bank Offer Rate (LIBOR) instead of applying the rate of interest pertaining to EURO denominated loan charged to AE based in Germany since the AE was based in USA.

EPFO to seek legal view on nationwide implementation of HC order not allowing splitting of wages for calculation of PF

July 20, 2011 2868 Views 0 comment Print

Retirement fund manager EPFO will seek the legal opinion on implementation of the order of the MP High Court throughout the country under which employers and employees will be required to increase their contributions to the provident fund. ‘We will seek legal opinion and also the opinion of Ministry of Law and Justice Ministry, through Labour Ministry, on the MP High Court order throughout the country,’ Central Provident Fund Commissioner Samirendra Chatterjee said.

Discussion Paper – FDI Policy-Rationale and Relevance of CAPS

July 20, 2011 739 Views 0 comment Print

Rationale of Equity Caps -The FDI equity caps in a sector essentially reflect the levels of control that a foreign direct Investor is permitted to exercise in a company operating within that sector. The FDI policy incorporates equity caps at broadly four levels- 26%, 49%, 51% and 74%[2]. These caps reflect the ownership/ control levels in a company, under the Companies Act, 1956. Thus, for example, any equity holding greater than 25% gives a right to block a ‘special resolution’. 49% equity represents a level just short of ownership. 51% signifies ownership and a right to pass all ordinary resolutions. 74% equity cap on FDI means that the Indian equity holders, acting in unison, can block a special resolution.

Search Post by Date
July 2011
M T W T F S S
 123
45678910
11121314151617
18192021222324
25262728293031