Jet Air (P) Ltd. Vs CIT (ITAT Mumbai)- The matter was remitted to the CIT(A) for disposal afresh since the CIT(A) had dismissed the assessee’s appeal without adjudicating upon the question as to whether the law to s 248, as amended with effect from 1 June 2007, was applicable or not merely on the ground that it had never approached the AO for a certificate under s 195(2) for the remittance of the amount without the deduction of tax.
Status Home and Enclaves (P) Ltd. Vs CIT (Calcutta High Court)- Whether the Tribunal was justified in law in withdrawing the relief granted by the Commissioner of Income Tax (Appeals) merely because the Development Agreement was not produced before the Assessing Officer when the said agreement was duly submitted before the considered by the Commissioner of Income Tax (Appeals) and no objection in that regard was raised by the Department either in the ground of appeal or in course of argument nor the Tribunal require production of the agreement?
While India celebrated it 64th independence day early this month, independent India still struggles for freedom in more than many ways. It is indeed time for one and all to introspect in retrospect and prospect as to what we have achieved and what we ought to be, as an individual , as society and as a nation, particularly in backdrop of the famous speech – ‘Tryst with Destiny’ of our first Prime Minister on 15th August 1947. Social values, national character and mutual respect on one hand and selfish wealth accumulation, mass and massive corruption and gross mis governance are the two extremes of the divide and we ought to travel from one end to other.
Circular NO. 2/2011 [F.NO. 385/25/2010-IT(B)], DATED 27-4-2011 of Central Board of Direct Taxes (CBDT) on refund procedure for excess tax deducted at source (TDS) on payments to residents.The new Circular is applicable for refunds pertaining to the period up to 31 March 2010. The procedure for refunds for the period from 1 April 2010 is governed by a specific provision in the Indian Tax Laws dealing with centralized processing of quarterly TDS statements. The refund for the period after 1 April 2010 will be granted based on data furnished in the statements, subject to rectification of apparent inconsistencies, without the requirement of a separate claim for refund.
International Business Machines Corp v Comm of Taxation (Federal Court of Australia)- SLA grants to IBMA such IP rights as are necessary for distribution of the relevant products by IBMA. It is not a distribution agreement which confers distribution rights independently of the grant of IP rights. The detail of the SLA concerns the definition of IP and IP rights. There is no such detail with respect to distribution rights. In the language of Article 12(4) of the Treaty, the Payments are either ‘consideration for… the right to use any copyright, patent, design or model, plan, secret formula or process, trademark or other like property or right’ within the meaning of Article 1 2(4)(a)(i) or, to the extent that the Payments do not fall within Article 1 2(4)(a)(i), the Payments are for either ‘technical… or commercial knowledge or information’ supplied by IBM (Article 12(4)(b)(i)) or for ‘the supply of any assistance of an ancillary and subsidiary nature’ to enable the application of the rights referred to in Article 1 2(4)(a)(i) or the knowledge/information referred to in Article 1 2(4)(b)(i) (Article 1 2(4)(b)(ii)). The rights/content granted by the SLA are, in each case, rights/content of a kind contemplated by Article 12(4).
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ACIT Vs Anchor Health and Beauty Care Pvt Ltd (ITAT Mumbai)- Accreditation does not allow the accredited product to use, or have a right to use, a trademark, nor any information concerning industrial, commercial or scientific experience – or, for that purpose, use or right to use of anything falling in any other category of clause (a).
Under section 10(23AAA) of the Act, income of a fund set up by the employer for the welfare of employees (being members of such fund) in respect of the following notified purposes (subject to satisfaction of certain conditions) are exempt. Cash benefits to a member of the fund – on superannuation, or
The Prime Minister, Dr Manmohan Singh, has written to Shri Anna Hazare, informing him of the resolution adopted by both Houses of Parliament today. For the full text of the letter, click here.
National Task Force on CARR and CAR constituted by the Council, in its 1st Meeting held on 25th August 2011, has established a “Technical Cell” at ICWAI, to go into all the queries and seek clarifications from the Cost Audit Branch (CAB), Ministry of Corporate Affairs and provide the same on receipt of official clarification from CAB by way of updated FAQs through the Institute website.
