Notification No. 35/2010-Income Tax In exercise of the powers conferred by sub-sections (1) and (2) section 120 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following amendments in the notification of the Government of India,
Notification No. 34/2010-Income Tax In pursuance of clause (xii) of sub-section (2) of section 80C of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby specifies the Jeevan Akshay-VI Plan of the Life Insurance Corporation of India, as filed by that Corporation with the Insurance Regulatory and Development Authority, as the annuity plan of the Life Insurance Corporation of India for the purposes
In exercise of the powers conferred under Paragraph 2.4 of the Foreign Trade Policy, 2004-09 and Paragraph 1.1 of the Handbook of Procedures (Vol.1), the Director General of Foreign Trade hereby makes the following amendments in the Handbook of Procedures, Vol.2, 2009 -2014, as amended from time to time.
Subject: (i) New Office address of Regional Authority Vadodara. (ii) Amendment in Public Notice No. 55 dated 9.4.2010.
In exercise of powers conferred under section 5 of the Foreign Trade (Development and Regulation) Act, 1992 read with paragraph 2.1 of the Foreign Trade Policy, 2009-14, the Central Government hereby makes the following amendments in Schedule –1 of the ITC(HS) Classifications of Export and Import Items.
Recently, the Chennai bench of Income-tax Appellate Tribunal, in the case of ACIT v. TVS Motors Co. Ltd. [2010] 36 DTR 89 (Chennai) held that, a composite scheme of arrangement cannot be denied the tax benefits if all the conditions for amalgamation under the Income-tax Act, 1961 (the Act) are fulfilled.
The Central Board of Direct Taxes (‘CBDT’) on 23 March 2010 issued instructions on the matter whether losses on account of foreign exchange derivative transactions can be allowed against the taxable income of an assessee under the Income-tax Act, 1961 (‘the Act’). These instructions have been issued in wake of recent growth in the volume of foreign exchange derivative transactions entered into by the corporate sector in India combined with the volatility in the foreign exchange market in the last financial year.
Recently Bombay high court in the case of The Prudential Assurance Company Ltd. (Taxpayer) [AIT-2010-170-HC] on the binding nature of a ruling pronounced by the Authority for Advance Rulings (AAR), reiterated the relevant provisions of the Indian Tax Laws (ITL) and held that an AAR ruling is binding on a taxpayer and the Tax Authority, in relation to the transaction in respect of which the AAR ruling was sought.
In a recent ruling Delhi High Court in the case of Apollo Tyres Ltd. [2010-TIOL-279-HC-DEL-IT] considered the issue whether the Taxpayer, having an in-house R&D facility ‘recognized’ by the Department of Scientific and Industrial Research (DSIR), would be eligible for weighted deduction from a date prior to making application to DSIR for approval under Section 35(2AB)(Section) of the Indian Tax Law (ITL).
Recently Supreme Court in the case of Vijaya Bank (Taxpayer) [2010-TIOL-31-SC-IT] on the issue of whether a credit entry in individual debtor’s account is a prerequisite for allowing the amount as a deduction for write off as bad debts in terms of Section 36(1)(vii) (Section) of the Indian Tax Law (ITL). The Taxpayer had reduced the amount debited to the Profit and Loss Account (P&L) from the Loans and Advances/Debtors Account (Debtors A/c) on the assets side of the Balance Sheet.
