"02 September 2011" Archive

India enters DTAA with Taipei u/s 90A of the Income Tax Act, 1961

Notification No. 48/2011 - Income Tax (02/09/2011)

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...

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Even if ‘Representative Assessee’, no liability for unconnected income – Delhi HC

General Electric Company Vs Deputy Director Of Income Tax (Delhi High Court)

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- a...

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Circular On Monetary Limits For Filing Appeals Applicable Prospectively not for earlier Appeals- CBDT

Letter No. DIT (L&R) –I/SLP/393/2011/4589 (02/09/2011)

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. ...

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Whether the adjudicating authority entitled to load royalty/licence fee payment on to the price of the imported goods, viz, the shuttle(s) by taking its peak price?

WEP Peripherals Ltd. Vs Commissioner of Customs (Supreme Court of India)

WEP Peripherals Ltd Vs. Commissioner of Customs, Chennai (Supreme Court)- The only question which arises for determination in this civil appeal is whether the adjudicating authority was entitled to load the royalty/licence fee payment on to the price of the imported goods, viz, the shuttle(s) by taking its peak price. In the present case...

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IT notice to Arvind Kejriwal a routine affair – Govt ; Team Anna crticises move

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 thei...

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Posted Under: Income Tax |

Agricultural Productivity and Credit- Issues and Way Forward

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 becom...

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Posted Under: Income Tax |

Modification of SION B-149 under Electronics Product Group

Public Notice No. 76/(RE-2010)2009-2014 (02/09/2011)

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....

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Whether Compensation received for termination of the joint venture is capital or Revenue receipt?

ITO Vs M/s Mechanalysis (India) Ltd. (ITAT Mumbai)

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, ...

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Reassessment not permissible if reasons recorded are merely change of opinion

B. J. Services Company Middle East Ltd. and others Vs. DDIT (Uttarakhand High Court)

B. J. Services Company Middle East Ltd. and others Vs. DDIT (Uttarakhand High Court)- The combined effect of the provisions of Section 44BB, 44DA and 115A of the Act will not have a bearing to the cases in hand in as much as the Explanatory Note to the Finance Bill, 2010 clearly indicates that the amendments proposed in Section 44BB and 4...

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Limitation period does not apply to withholding tax proceedings – Punjab & Haryana HC

Commissioner of Income Tax (TDS) Vs M/s H.M.T. Ltd. (Punjab & Haryana High Court)

Commissioner of Income Tax (TDS) Vs M/s H.M.T. Ltd. (Punjab & Haryana High Court)- There is no specific provision prescribing any limitation for passing the order under Sections 201(1) and 201(1A) of the Act. ...

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