Whether in computing the deduction under section 80-IA(8), for the purpose of determining the inter divisional notional transfer price, the market price of the power generated should be taken as the price of power purchased from independent power sup
A survey sponsored by the Reserve Bank has revised the country’s economic growth projections for the current fiscal to 8.7 per cent, from 8.5 per cent earlier. Forecasters have revised their real GDP growth rate forecasts upwards to 8.7 per cent in 2010-11, from 8.5 per cent in the last survey.
The Tribunal observed that a contribution to approved superannuation fund is deductible in principle as long as the quantum of the said contribution does not exceed the prescribed limits specified in Rule 87 and 88 of the Income-tax Rules. The limi
The air travellers and courier service companies are under the scanner of air intelligence unit (AIU) of the Income Tax (I-T) department, which is trying to get to the black money trail in India. The AIUs conducted a series of search operations at va
Shri U.K. Sinha, (IAS: 1976: Bihar, voluntarily retired in 2008) presently Chairman and Managing Director, UTI AMC, has been appointed as the Chairman, Securities and Exchange Board of India (SEBI), initially for a period of three years with effect f
Centralized Processing Center (CPC), Bangalore has begun processing of returns for AY 2010-11. As on 31/1/2011 it has processed over 31.3 lakh e-filed returns of AY 2010-11 in ITRs 1, 2, 3, 4 and issued refunds in over 8.3 lakh cases. The processing
Frontier Offshore Exploration (India) Limited v. DCIT This decision strengthens the position that special provisions supersede the general provision of the Act for the purpose of withholding tax. It also acknowledges the view that the assessee may withhold tax by suo moto applying the special regime under the provisions of section 44BB.
It is settled law that the dutiability of the final products or inputs, the benefit of cenvat credit in respect of inputs and input services is made available, provided the assessee has necessary documentary evidence and necessary evidence to show utilisation of such input services and in this case, there is no finding that input services were not utilised in providing output services, for which service tax has been paid.
In continuation to this Ministry’s earlier circular no. 6/2010 dated 03.12.2010 on the subject cited above, it has been decided to extend the Scheme for another three months i.e. upto 30 th April, 2011.
9. This Court in the Tax Appeal No.1367 of 2009 has taken the view that on a conjoint reading of sections 76 and 80 of the Act, it is not possible to envisage a discretion as being vested in the authority to levy a penalty below the minimum prescribed limit. If the authority imposing the penalty is not entitled to levy below the minimum prescrib
