"07 September 2011" Archive

Provision made to incentivise performance of workers cannot be disallowed u/s 43B(c)

Deputy Commissioner of Income Tax Vs. Sri Shanmugavel Mills Ltd. (Madras High Court)

DCIT Vs M/s Sri Shanmugavel Mills Ltd (Madras High Court)- The facts of the case, thus show that the provisions made was not tax payment of bonus but payment, as part of the wages and as an incentive for the performance of the workers. ...

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Depreciation on cooling chambers of the cold storage is allowable at the rate of 25%

Shyam Enteprises Vs Commissioner of Income Tax (Allahabad High Court)

Shyam Enteprises Vs CIT (Allahabad High Court)-Amendment in S. 43 (3) w.e.f. 1.4.2004 does not make any change in the definition of the word 'plant', which remains an inclusive definition. It includes buildings or furniture and fittings, which are other than, and are not integrally connected with the plant. The building, which does not ha...

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Once the CIT grants approval for registration of the trust u/s 12A, the AO not required to re-examine the the object and purpose of the trust

Commissioner of Income Tax- I Vs Saurashtra Kutch Stock Exchange Ltd. (Gujarat High Court)

CIT Vs Saurashtra Kutch Stock Exchange Ltd. (High Court of Gujarat at Ahmedabad ) -Section 11 of the Act envisages exemption of certain income of the trust registered under Section 12A of the Act. This itself may require certain scrutiny and applicability of the exemption at the hands of the Assessing Officer. Despite registration under S...

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Whether expenses incurred on replacement of body of dumpers is revenue in nature ?

Commissioner of Income Tax- I Vs Manoj B Mansukhani (Gujarat High Court)

CIT Vs Manoj B Mansukhani (Gujarat High Court)- Whether where the assessee submits all the details to prove the expenses correctly, no dis-allowance can be made merely on the basis that stamp duty authority stating that the vouchers were stamped subsequently?...

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Immovable properties used primarily for business purpose cannot be taxed under the Wealth Tax Act

Commissioner of Income Tax Vs Gujarat State Petroleum Corporation Ltd.(Gujarat High Court)

CIT Vs Gujarat State Petroleum Corporation Ltd. (Ahmedabad High Court)- In the instant case, the assessee-company has let out only a very small portion (i.e. less than 10%) of its office premises to the Directorate of Petroleum. Department of Energy and Petrochemicals and that too under directions from the Government. ...

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Word ‘erroneous’ in section 263 includes failure to make an enquiry by the AO

Rain Commodities Ltd. Vs. Dy. CIT (ITAT Hyderabad)

Rain Commodities Ltd. Vs. Dy. CIT (ITAT Hyderabad)- Prejudicial to the interest of revenue appearing in section 263 is conjunction with the expression ‘erroneous’ and that every loss of revenue as a consequence of an order of the assessing officer cannot prejudice to the interest of Revenue. In case, where the assessing officer adopts...

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FM Stresses on Financial Inclusion; Says Banks Need to Keep A Strong Vigil on their Asset Quality

The Union Finance Minister Shri Pranab Mukherjee has said that the Central Government firmly believes that financial inclusion is a necessary condition for inclusive growth. He said that the Public Sector Banks (PSBs) have to play an important role in financial inclusion in our country given the distribution platform they enjoy and experi...

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Posted Under: Income Tax |

External Commercial Borrowings – RBI simplifies procedure

RBI/2011 -12/169 A. P. (DIR Series) Circular No. 11 (07/09/2011)

As a measure of simplification of the existing procedures, it has been decided to delegate powers to the designated AD Category-I banks to approve the request from the ECB borrowers with respect to change in the recognized lender when the original lender is an international bank or a multilateral financial institution (such as IFC, ADB, C...

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Deferred Payment Protocols between Government of India and erstwhile USSR

RBI/2011-12/168 A.P. (DIR Series) Circular No. 10 (07/09/2011)

Deferred Payment Protocols dated April 30, 1981 and December 23, 1985Attention of Authorised Dealer Category-I (AD Category-I) banks is invited to A.P. (DIR Series) Circular No.41 dated February 11, 2011, wherein the Rupee value of the special currency basket was indicated as Rs. 64.7004 effective from January 31, 2011.....

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Notification No. 70 (RE -2010)/2009-2014, Dated: 07/09/2011

Notification No. 70 (RE -2010)/2009-2014 (07/09/2011)

Minimum Export Price (MEP) of all varieties of onions including Bangalore Rose Onions and Krishnapuram Onions will be US$ 475 per Metric Ton F.O.B. It was US$ 300 per Metric Ton for general category onion as notified on 24.08.2011 and US$ 400 per MT F.O.B. for Bangalore Rose Onions and Krishnapuram onions as notified on 12.08.2011. Notifi...

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