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Archive: 23 January 2012

Posts in 23 January 2012

Analysis of SC judgment in the case of Vodafone International Holdings B.V. Vs. UOI

January 23, 2012 7328 Views 0 comment Print

Vodafone International Holdings B.V. (VIHB), a Dutch based Vodafone entity, acquired a controlling stake in Hutchison Essar Limited [(HEL), now known as Vodafone Essar Limited VEL)], an Indian company, from Cayman Islands based Hutchison Telecommunications International Limited (HTIL) by acquiring shares of CGP Investment (CGP), a Cayman Islands company [which belonged to (HTIL)] in February 2007. CGP held various Mauritian companies, which in turn held a majority stake in HEL.

Income arising from sale of shares to be taxed as ‘Long term capital gain’ and not as ‘Income from other sources’

January 23, 2012 1195 Views 0 comment Print

Smt. Amita Agarwal v. ACIT (ITAT Agra) -Assessee filed her return wherein income arising from sale of shares was shown as ‘Long-term Capital gain’ – Assessing Officer, however, brought said amount to tax under head ‘Income from other sources’ – On appeal before Tribunal, Judicial Member, allowed assessee’s claim in light of overwhelming evidences produced by her to prove genuineness of transaction – Accountant Member, however, in view of order passed in case of Baijnath Agarwal v. Asstt. CIT [2010] 40 SOT 475 (Agra)(TM) took a different view

Same income cannot be taxed twice

January 23, 2012 10630 Views 0 comment Print

If Act authorizes a designated authority to collect tax for State, the same Act always permits the said authority to rectify any proceedings, which has resulted in double taxation. When the income of Rs. 4,28,750 has been assessed for the assessment year 2008-09, the assessment of the same amount for the impugned assessment year 2007-08 is a mistake apparent from the records. The assessing authority could have corrected it and if not, the Commissioner (Appeals) could have given a direction to rectify such a mistake apparent from the records. There is no great question of law involved in this.

ICAI enters into an arrangement with TAXMANN to provide the contents of its website only at Rs.3500/- to the members of ICAI

January 23, 2012 7787 Views 0 comment Print

As an ongoing attempt to enable the members to keep pace with the latest developments in direct taxes, the Direct Taxes Committee of ICAI has entered into an arrangement with Taxmann, a reputed and a well known publisher, wherein Taxmann has agreed to provide all materials that are published and made available by it as a part of its standard practice and procedure on its website at a subsidized price of Rs. 3500/- p.a. vis-a- vis its market value which is Rs.7500/-. With this, the Committee has tried to make available, in a timely manner, relevant educational resources at a subsidized cost to the members, which in turn would enable them to discharge their functions in an effective manner.

Overview of Capital Gains

January 23, 2012 6246 Views 0 comment Print

Profits or gains arising from the transfer of a capital asset during the previous year are taxable as Capital Gains under section 45(1) of the Income Tax Act. The taxability of capital gains is in the year of transfer of the capital asset.

CBI Files Chargesheet against Addl. Commissioner Income Tax, ACIT and a Businessman in A Bribery Case Of Rs. Two Crore

January 23, 2012 3216 Views 0 comment Print

The Central Bureau of Investigation Mumbai has filed a chargesheet against an Additional Commissioner of Income Tax (an IRS Officer of 1992 Batch); her husband (a Chemical Engineer & a businessman of Mumbai) and an Asst. Commissioner of Income Tax in a bribery case of Rs.Two crores.

Overview of Income from House Property

January 23, 2012 9420 Views 0 comment Print

Under the Income Tax Act what is taxed under the head ‘Income from House Property’ is the inherent capacity of the property to earn income called the Annual Value of the property. The above is taxed in the hands of the owner of the property.

HC upholds decision to levy service tax on flat, shop construction

January 23, 2012 4319 Views 0 comment Print

In a decision that might have an impact on realty prices, the Bombay High Court has upheld the decision of the Union government to levy service tax on construction of flats and shops. A division bench held by Justice DY Chandrachud and Justice Amjad Sayed on Friday upheld the decision of the Centre to levy service tax, saying it was legal and constitutional.

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