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Join our free webinar on July 7 at 5 PM for insights into 10 recent High Court income tax judgments favoring assessees. Expert analysis by CA Dipak Dama.
Another round cooked number were presented to keep the face of DOWJONES above 12000 marks. Obama administration has again and will try in future to keep the face of Wall Street to be promising when in real terms it has no words to make any promise. The community of financial analyst should try to avoid and cut US economy from the map of investments and prospects or any type of clue which will guide the world market. Since cooked numbers will only give birth to bubble of speculation, where the future becomes quite dark.
Housing and Urban Dev Corp Ltd. Vs JCIT (Supreme Court of India)- On submission of counsel that assessee intend to make application before CBDT, the SC permitted assessee to make a representation to the CBDT, within fifteen days under s 119(2) either for the waiver of interest or to condone the delay in filing the rectification application under s 154 on account of a mistake, the interest income was offered to tax and the tax was also paid on it.
CIT vs G4S Securities System (India) Private Limited (Delhi High Court)- Payment of royalty by the assessee on a year-to-year basis on the net sales in lieu of technical know-how assistance and the trademark would not amount to capital expenditure and will amount to revenue expenditure. The ownership rights of the trademark and know-how throughout were vested with G4F and on the expiration or termination of the agreement, the assessee was to return all G4F know-how obtained by it under the agreement. The payment of royalty was also to be on a year-to-year basis on the net sales of the assessee and at no point of time was the assessee entitled to become the exclusive owner of the technical know-how and the trademark. Hence, the expenditure incurred by the assessee as royalty is revenue expenditure and is, therefore, relatable under s 37(1) of the Act.
Paharpur Cooling Towers Ltd Vs CIT (High Court of Calcutta) – It was never the intention of the legislature to deprive an assessee of the benefit of deduction of tax, duty etc. actually paid by him during the previous year, although in advance, according to the method of accounting followed by him. If we accept the reasoning given by the Tribunal, an advance payer of tax, duty etc. payable in accordance with the method of accounting followed by him will not be entitled to get the benefit even in the next year when liability to pay would accrue in accordance with the method of accounting followed by him because the benefit of Section 43B is given on the basis of actual payment made in the previous year.
The Income Tax department has decided to share it’s PAN card database with the NATGRID — a network aimed to initiate robust information sharing amongst law enforcement agencies to tackle terror threats at home and abroad. The department, after getting approval from the Central Board of Direct Taxes (CBDT), has however, stopped short of sharing the ‘sensitive’ and ‘highly sensitive’ database of taxpayers and entities related to financial transactions and investigations.
The Union Finance Minister Shri Pranab Mukherjee said that we would continue to achieve appreciable growth despite negative sentiments across the world. He mentioned about these sentiments in the developed nations which affected our markets on last Friday. But the Finance Minister Shri Mukherjee said that we witnessed some recovery already and this is testimony to our capacity for resilience. Shri Mukherjee said that our growth story is intact and the fundamentals are strong. He said that he is sure that our markets have the capacity to withstand the negative sentiments affecting the external world. The Finance Minister Shri Mukherjee said that we have taken several measures to make our markets attractive, robust and vibrant and would continue to do so making it an attractive investment destination for the foreign capital. The Finance Minister said that as global investors look for opportunities across the world, India’s attraction as an investment destination would continue to grow.
LS Cable Limited vs. DIT – Nothing in law prevents the parties to enter into a contract which provides for sale of material for a specified consideration, although they were meant to be utilized in the fabrication and installation of a complete plant. Regarding the revenue’s plea that as the applicant has a PE in India, the income arising should be taxed in India, it stated that the existence of PE would be for the purpose of carrying out the contract for onshore supplies and services etc. but such a PE would have no role to play in offshore supplies. Even if a PE is involved in carrying on some incidental activities such as clearance from the port and transportation, it cannot be said that the PE is in connection with the offshore supplies. We accordingly hold that the applicant is not liable to tax in respect of offshore supplies as per the Act.
e-Filing for AY 10-11: Quick Statistics (as on 31st July 2011) QUICK HIGHLIGHTS OF E-FILING IN F.Y. 2011-12 (UPTO 31/7/2011) COMPARATIVE GROWTH OF E-FILING IN CURRENT YEAR FORM WISE RECEIPT OF E-RETURNS UPTO 31st JULY S.N. FORM NAME F.Y. 10-11 F.Y. 2011-12 % GROWTH IN F.Y. 11-12 1 ITR-1 10,92,448 25,63,608 134.67% 2 ITR-2 3,85,634 […]
The government is considering a proposal to extend Employees Provident Fund Scheme to all companies with over 10 employees, the Parliament was informed today. The proposal is under examination and consideration of the government, Labour and Employment Minister Mallikarjun Kharge said in a written reply.
The long pending issue of opening of multi-brand retail to foreign investment moved one more step, with the top secretaries forwarding 10 recommendations to the commerce and industry ministry on Friday. We have formally received the minutes of the Committee of Secretaries (CoS) meeting held on July 22 and appropriate decision will be taken soon, an official on the condition of anonymity said. The ministry is examining it and would take the proposal before the Cabinet soon, the official added.
