"07 August 2011" Archive

US Employment…….. Dow Jones Bubble

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 i...

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Posted Under: Finance |

When assessee mistakenly offers to tax interest income and also pays tax on such income, assessee should make rectification and /or waiver petition

Housing and Urban Dev Corp Ltd. Vs JCIT (Supreme Court of India)

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 applicat...

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When the assessee does not get exclusive right over the technical knowhow and the trade mark, the royalty paid is revenue expenditure

CIT Vs G4S Securities System (India) Private Limited (Delhi High Court)

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 t...

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Benefit of s 43B(a) cannot be denied to the assessee on the ground that the excise duty was paid in advance in accordance with the mercantile system of accounting

Paharpur Cooling Towers Ltd. Vs CIT (Calcutta High Court)

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 ...

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Activity of converting boulders into grit/stone chips/powder amounts to production and the assessee is entitled to a deduction under s 80-IB

CIT Vs Mallikarjun Geo resources Associates (Uttarakhand High Court)

CIT Vs Mallikarjun Geo resources Associates (Uttarakhand High Court)- The word “production” takes in all the by-products, intermediate products and residual products, which emerge in the course of manufacture of goods....

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Income Tax Department to share PAN database with NATGRID

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 ...

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Posted Under: Finance |

FM – Confident to Achieve Appreciable Growth Despite Negative Sentiments Across the World;

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 alread...

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Posted Under: Finance |

No Tax On Supply Profits Despite Permanent Establishment in India – AAR

Re. LS Cable Limited Vs DIT (AAR)

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 arisi...

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e-Filing for AY 10-11 – Quick Statistics (as on 31st July 2011)

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 [&hel...

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Posted Under: Finance |

Government considering proposal to extend EPF to all companies with over 10 employees

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....

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Posted Under: Finance |

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