Supreme Court upholding the order of the Delhi High Court, denied reduction from book profit, for the purpose of Section 115JB (Section) of the Indian Tax Law, of the amount withdrawn from revaluation reserve. This is for the reason that such reserve was not added back to the net profit in the year of creation of revaluation reserve (year of creation), in terms of the requirement of the Section.
The object of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 is to regulate Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest and for matters connected
The words ‘belonging to’ have to be read along with the Explanation of section 4 and under this Explanation the expression ‘transfer’ includes any agreement or arrangement. The assessee, in the instant case, was allotted the land by the State Government. It constructed sheds thereupon and rented out the same and derived income therefrom. The sheds were, therefore, under the domain and control of the assessee. Even if legal ownership had not passed to the assessee, the property in question belonged to it. The assessee was deriving rental income and collecting the same which itself showed that it was the assessee to whom the property belonged.
It was held that the payment of National roaming charges is not rent for the use of telecom equipments in accordance with Section 194-I of the Income-tax Act, 1961 (the Act) and accordingly not liable for deduction of tax at source.
On October 1, 2008, the Ministry of Labour and Employment, Government of India (“MLE”) made it compulsory for International Workers to contribute to Indian social security by notifying the Employees’ Provident Funds (Third Amendment) Scheme 2008 and
It was held that clause (iii) of Explanation 1 to section 115JB of the Income-tax Act, 1961 (“the Act”) cannot be said to be discriminatory and hence unconstitutional. This clause relates to set-off of unabsorbed business loss or unabsorbed depreciation, whichever is lower. The HC also held that the approach of reading down a provision by modifying the language of a statute to achieve the intention of the legislature, cannot apply to such a provision.
In partial modification of paragraph 2(iii) of the above mentioned circular, we advise that banks are permitted to change the benchmark and methodology used in the computation of Base Rate for a further period of six months i.e. upto June 30, 2011. DBOD.No.Dir.BC.73/13.03.00/2010-11, Date :- January 6, 2011
The income-tax department’s hands are tied by the law even if it wants to go after Ottavio Quattrocchi, following the observations of the Income Tax Appellate Tribunal (ITAT). Sections 148 and 149 of the Income Tax Act prevent authorities from reopening assessment in any case that goes beyond six years.
Corporate Affairs Minister Salman Khurshid today said the April 2011 deadline for the transition of Indian accounting standards to international norm IFRS will be met and all issues, especially those related to tax implications, have been resolved.
SEZ : Amendment to the Instruction No. 69 containing guidelines to regulate functioning of plastics/Used clothing units in SEZs INSTRUCTION NO. 74, DATED 31-12-2010 I am directed to refer to Instruction No. 69 dated 4th November, 2010 of this Department on the subject mentioned above. It has been decided to amend para 2(iii) of the […]
