Notification No. 48/2011 – Income Tax Section 90A of The Income-Tax Act, 1961- Double Taxation Agreement – Adoption by Central Government of agreement between specified associations for double taxation relief – Specified territory and specified association – Taipei
General Electric Company Vs Deputy Director Of Income Tax (Delhi High Court)- Section 163 really provides only the machinery for giving effect to Sections 160 and 161, and the mere appointment of an agent under Section 163 would be of no consequence unless there is income in respect of which the agent can be held to be a representative- assessee under Section 160 and can be assessed as such under Section 161 of the Act.
As per Instruction No 3/2011 the revised monetary limit was applicable only for the appeals filed on or after 09/02/11 ie the date of issue of Instruction. As per para 11 of the Instruction, it was clarified that the appeals filed earlier would be governed by the old instructions operative at the time of filing.
Under attack from Team Anna and the Opposition for Income Tax office slapping a notice on activist Arvind Kejriwal to pay dues, government on Friday said it has no intention of being ‘revengeful’ and described the development as a ‘routine affair’. ‘It is unfair that allegations are made against government departments about their routine duties.
Larsen & Toubro Ltd Vs Union of India (Gujarat High Court)- The High Court examined in detail the provisions of the Maritime Zones of India Act, 1976 (MZA) and observed that Union of India had no sovereignty over the EEZ. The Union of India only had certain sovereign rights over the EEZ. The High Court […]
In the Indian context, the policy of self-sufficiency in food which led to Green Revolution had served the country well. The country currently has sufficient stocks of wheat and rice which are above buffer stock norms and food security reserve requirements. However, in the medium to long term, concern over food security is likely to become more intense. This is because land is scarce and its supply is limited. Further, sustained dependence on food imports is not an option that is viable in Indian context. Therefore, food safety net for the present and future population requires enhanced agricultural production and productivity. This is already attracting the attention of the Reserve Bank of India. Thus, this Seminar organized by CAB, Pune is very topical and the theme has great bearing on the future growth of India.
Public Notice No. 76 /(RE-2010)2009-2014 The unit of measurement of Sl No. 4 of import list of SION B-149 is at present Kft. Hereinafter unit of measurement of Sl No. 4 of import list of this SION will be corrected to read as Lbs instead of Kft.
ITO Vs M/s Mechanalysis (India) Ltd. (ITAT Mumbai)- Whether when the agency agreement between the assessee and the non-resident continues even after expiry but no royalty is paid during this period, compensation paid to the assessee after many years later for formal termination of the agreement is akin to loss of profit-making apparatus, and thus, is capital receipt?
Parle Biscuits Pvt. Ltd. Vs ACIT (ITAT Mumbai)- It is held that redemption of preference shares amounts to ‘transfer’ of a capital asset under the Income-tax Act and any loss on redemption thereon would thus be allowable as a capital loss.
As per the Notification, with effect from 1 October 2011, it is mandatory for all the taxpayer, (irrespective of their Service tax liability in the preceding year) to file the Service tax returns electronically. Accordingly, all returns filed on or after 1 October 2011 will be required to be filed electronically. These will not only cover returns due after 1 October 2011 but all returns or revised returns filed for the past periods as well.
