"06 October 2011" Archive

AAR-Liability to pay excise duty in respect of operations performed on battery cells for their clearance as battery bank

Re. M/s Delta Power Solutions India Pvt. Ltd. (AAR Delhi)

In Re Delta Power Solutions India Pvt. Ltd. (AAR)- In the present case there is no transformation that brings about a fundamental change in the character and use of the goods. The name remains the same (i.e. accumulator, although an assembly of batteries is called a battery bank), the character and usage remain the same (i.e. provide dire...

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Assessee can avail 80-IA deduction in respect of notional profit on account of power generation from its own captive power plant and utilised by itself – Madras HC

Tamil Nadu Petro Products Ltd. Vs. Asstt. CIT (Madras High Court) Tax Case (Appeal) No. Section 896, 899 and 900 of 2009

Tamilnadu Petro Products Ltd. Vs. Asstt. CIT (Madras High Court)- Section 80-IA and in particular sub-cl. (iv) of the said section which provides for the benefit even in respect of electricity generation plant established by the assessee and the income derived from such enterprise of the assessee, it will have to be held that the assessee...

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Whether the different periods of the contracts are to be aggregated to reckon the threshold of 183 days under clause 5.3 of the DTAA with Singapore to determine PE?

Re. Tiong Woon Project & Contracting Pte.Limited

In Re Tiong Woon Project & Contracting Pte. Limited Vs. ADIT (International Taxation), Chennai (AAR)- Whether the different periods of the contracts are to be aggregated to reckon the threshold of 183 days under Article 5.3 of the DTAA in a fiscal year in a case where the projects are not carried out for the same principal. We notice that...

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Observations in auditor’s report may not constitute a valid ground for rejection of books of accounts u/s. 145(3) of the Act unless the observations of the auditor have a bearing on correctness of books of accounts

Italian Thai Development Vs ADIT (ITAT Delhi)

Italian Thai Development Vs ADIT (ITAT Delhi)- The taxpayer has been computing its estimated revenue as per AS-7 issued by Institute of Chartered Accountants of India since AY 2003-04 on wards and the AO has not objected to this method in the prior years. Therefore, as per the principle of consistency, the same cannot be rejected in the y...

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Whether the benefit of deduction under Section 10A can be extended to inter-state sales made to another industrial unit in a SEZ, payment in respect of which is received in Indian rupees?

Commissioner of Income Tax, Cochin Vs Electronic Controls & Discharge Systems (P) Ltd (Kerala High Court)

Commissioner of Income Tax, Cochin Vs Electronic Controls & Discharge Systems (P) Ltd [2011] 13 Taxmann.com 193 (Kerala High Court)- Benefit of deduction under Section 10A is not available in respect of sales made to a unit in Special Economic Zone even though such sales are considered as ‘deemed exports’ under the provisions of the S...

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All you want to know about mutual Funds

What are Tax Saving Schemes? These schemes offer tax rebates to the investors under specific provisions of the Income Tax Act, 1961 as the Government offers tax incentives for investment in specified avenues. e.g. Equity Linked Savings Schemes (ELSS). Pension schemes launched by the mutual funds also offer tax benefits. These schemes are ...

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Posted Under: Income Tax | ,

Tax Benefits / Consequences to Mutual Fund Unit holders

Income received, otherwise than on transfer (subject to the exemption of long-term capital gains provided for in section 10(38) of the Act, discussed elsewhere in this Statement), in respect of units of a mutual fund would be exempt from tax under Section 10(35) of the Act....

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Posted Under: Income Tax | ,

Reduction of equity share capital not subject to capital gains – ITAT Mumbai

Bennett Coleman & Co. Ltd Vs ACIT (ITAT Mumbai)

Bennett Coleman & Co. Ltd vs. ACIT (ITAT Mumbai Special Bench) - Whether the CIT(A) was justified in declaring long term capital loss of Rs.22,21,85,693/- on account of reduction in paid up equity share capital - the loss arising on account of reduction in share capital cannot be subjected to provisions of sec.45 r.w.s. 48 and, according...

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AAR- Software is copyright; Even if ‘copyrighted article’, License fee taxable as ‘royalty’

Re: Millennium IT Software Ltd (AAR Delhi)

In Re Millennium IT Software Ltd (AAR)- In the present case, not merely the use is licensed but the licensee is given the right to copy it and use it wherever it is needed by it for its business. The right given for a consideration to copy the copyrighted software and use it for its own purposes by ICEL whenever and wherever needed by it,...

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ICAI releases Case laws relevant for November, 2011 CA Examinations

Direct Tax Case laws relevant for November, 2011 CA Examinations, Indirect Tax Case laws relevant for November, 2011 CA Examinations, Additional Case laws relevant for November, 2011 CA Examinations ...

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Posted Under: Income Tax |

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