"05 October 2012" Archive - Page 2

Loss due to Recession in Software Industry after 9/11 incident cannot be ignored in computing ALP

Infobahn Technologies Ltd. Vs Deputy Commissioner of Income-tax (ITAT Hyderabad)

The learned DR strongly defending the order passed by the CIT (A) submitted that the assessee has deliberately made excess payment to its AE with an intention to reduce its profit. The learned DR submitted that the CIT (A) after considering all aspects has correctly determined the ALP....

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S. 14A Expenses incurred in relation to the income which does not form part of ‘business profits’ cannot be allowed as deduction

State Bank of Mauritius Ltd. Vs Deputy Director of Income-tax, (International Taxation) - 2(1) (ITAT Mumbai)

Learned AR argued that tax free securities were held by the assessee as stock-in-trade and hence the provisions of section 14A cannot apply to disallow any expenditure notwithstanding the fact that the interest income is exempt. ...

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Whether benefit u/s. 72A could be granting by BIFR while granting scheme of amalgamation

Government of India (Deptt. of Revenue), Director General of Income-tax Vs Orient Vegetax Pro Ltd. (Delhi High Court)

Under Section 72 of the Income Tax Act, to give to the amalgamated company the benefit of the loss or, as the case may be, allowance for depreciation of the amalgamating company for the previous year in which the amalgamation was effected for the purposes of the Income Tax Act, the Central Government must, upon the recommendation of the s...

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S. 10A Exemption for subsequent year cannot be withdrawn, unless deduction for 1st year is withdrawn

Commissioner of Income-tax-2 Vs Western Outdoor Interactive (P.) Ltd. (Bombay High Court)

Where a benefit of deduction is available for a particular number of years on satisfaction of certain conditions under the provisions of the Income Tax Act, then unless relief granted for the first assessment year in which the claim was made and accepted is withdrawn or set aside, the Income Tax officer cannot withdraw the relief for subs...

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Prior to 01.06.2007 rent of duty-free shop in airport not taxable under Airport Services

Flemingo Duty Shops (P.) Ltd. Vs Union of India (Delhi High Court)

AAI had let out/given on licence or lease certain premises to the petitioners therein for the purpose of running a counter or for parking and the Service Tax Department, invoking Section 65 (105) (zzm) of the Finance Act, 1994 was claiming service tax on the rental/licence fee which was being paid by the petitioners therein to the AAI. It...

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How to Calculate TDS on Salary – AY 2013-14 / FY 2012-13

Circular No. 8/2012-Income Tax 05/10/2012

Circular no. 8/2012-Income Tax The present Circular contains the rates of deduction of income-tax from the payment of income chargeable under the head Salaries during the financial year 2012-13 and explains certain related provisions of the Income-tax Act, 1961 (hereinafter the Act) and Income-tax Rules, 1962 (hereinafter the Rules). The...

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Amendment of the Companies (Central Governments) General Rules & Forms (6th Amendment Rules,2012) for Form 23AC / 23ACA

Notification No. G.S.R. 750(E) 05/10/2012

G.S.R (E) In the notification of the Government of India, Ministry of Corporate Affairs published in the Gazette of India vide G.S.R (E) dated 21st September, 2012 relating to amendment of the Companies (Central Governments) General Rules and Forms (6th Amendments Rules, 2012) for Forms 23AC and 23ACA, in page number 7, in table number C ...

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Companies Bill, 2011- Cabinet approves Amendments – Salient features + Download

The Companies Bill, 2011, on its enactment, would allow the country to have a modern legislation for growth and regulation of corporate sector in India. The existing statute for regulation of companies in the country, viz. the Companies Act, 1956 had been under consideration for quite long for comprehensive revision in view of the changin...

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Posted Under: Income Tax | ,

Master Circular on Preparation of Financial Statements of General Insurance Business

Circular No. IRDA/F&L/CIR/F&A/231/10/2012 05/10/2012

The Authority in order to streamline the preparation of the financial statements of General Insurance Business, have been issuing various Circular/Guidelines. In order to enable the Insurers to have a one stop document of all such directions issued, this Master Circular has been prepared. This Master Circular essentially consolidates all ...

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ICAI – Zone-shifting of candidates for November – 2012 CA Exams

Due to paucity of accommodation in some Zones opted by the candidates in the cities of Chennai, Indore and Mumbai some of the candidates have been allotted examinations centres in the zone other than the zone opted in the said cities. In view of this, it is not possible to accede to the requests of the candidates for transfer to an examin...

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Posted Under: Income Tax |

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