The Tribunal held that income earned by the taxpayer on sale of factory building, plant and machinery although not taxable as “Profit and gains of business or profession” was in the nature of income of business though assessed as capital gains and he
Delhi High Court in the case of Asia Satellite Telecommunications Co. Ltd. v. DIT held that the payments made for using capacity in a transponder for uplinking/down linking data do not constitute ‘royalty’ under the provisions of the Income-tax Act, 1961 (the Act). The High Court held that the customers did not make payments for the use of any process or equipment, since control over the process or equipment was with the taxpayer and not with the customers.
Refund – export of services – relevant date – The Commissioner (Appeals) has held that in such a case the relevant date is the date when the payment of service (exported) is received by the assessee not the date when the service is provided. Against that order, Revenue is in appeal on the premise that the relevant date is the date of service tax paid as per Section 11B of Central Excise Act, 1944. – Held that: – it is very much clear in the case of export of service, the relevant date is the date when the payment of service exported has been received by the assessee.
In exercise of the powers conferred by clause (b) of sub-section (1) of section 642, read with sub-section (1B) of section 314 of the Companies Act, 1956, the Central Government hereby make the following rules, namely:— 1. Short title and commencement.— (1) These rules may be called Director’s Relatives (Office or Place of Profit) Rules, 2003. (2) They shall come into force on the date of their publication in the Official Gazette.
Many people have articulated about the possible ill-effects of the proposed introduction of IFRS in India but such dissenting voices are muffled in the said euphoric din by those who neither understand nor bother to understand the implications. IFRS
It is observed that the following Pre-Shipment Inspection (PSI) Agencies listed under Appendix – 5 of the Handbook of Procedures had issued wrong Preshipment-Inspection certificates. It has, therefore, been decided not to accept the PSI Certificates issued by these agencies.
In exercise of powers conferred under paragraph 2.4 of the Foreign Trade Policy, 2009-2014, the Director General of Foreign Trade hereby makes the following amendment inAppendix-5 (List of Inspection and Certification Agencies) of Handbook of Procedures Vol.I (Appendices and Aayat Niryat Forms) 2009-2014.
Chennai Bench of Income-tax Appellate Tribunal in the case of Frontier Offshore Exploration (India) Ltd. v DCIT ITA No. 200/Mds/2009, held that where payment to a non-resident is covered under the special regime of section 44BB, withholding of appropriate tax by the payer through the application of the special regime and without approaching the Assessing Officer will not lead to any violation of withholding tax provisions. Accordingly, expenses cannot be disallowed for short withholding of taxes.
When I was a student of law, I was privileged to see enthusiastic young students discussing many constitutional issues, peculiar cases and even discussing interesting issues of International Law. There was no doubt in my mind at that time that these
Considering the overwhelming response both from CA Firms and students and the result of IPCC/PCC exam which is expected to be declared on 5 th February, 2011, online placement portal has been reopened from 29th January,2011. Both eligible CA firms an
