In a recent ruling in case of Canoro Resources Limited1 (the taxpayer) the Authority for Advance Ruling (AAR) has held that The transfer pricing provisions shall override the general provisions provided for computing capital gains in the Income-tax Act, 1961 (the Act) in case of transfer of a capital asset by a partner to a firm by way of capital contribution in the firm.
Closely-held group companies that frequently borrow money from each other should make a mental note of a recent ruling by the income tax appellate tribunal (ITAT), a quasi-judicial tax authority. The tribunal has said that “deemed dividend cannot be taxed in the hands of non-shareholders. ” In order to avoid paying dividend distribution tax (DDT) of 17.5%, profit-making, closely-held (unlisted) companies
NOTIFICATIONS NO. DPSS.CO. (CHD) NO. 873 / 03.09.01/ 2008-09, DATED 24-11-2008 As you may be aware, during August 2006, a case was filed before National Consumer Disputes Redressal Commission, New Delhi (the Commission) under the Consumer Protection Act, 1986, inviting attention to the delays in cheque clearing and, specifically, to the issue of float in […]
F.No.C.3/6/2009-SEZ Government of India Ministry of Commerce and Industry Department of Commerce Udyog Bhawan, New Delhi Dated the 3rd June , 2009 INSTRUCTION NO. 13 Subject: Clarification on Lease of space on shift basis in IT/ITES SEZ & Disaster Management / Recovery Centre Reference has been received as to whether a Developer can lease space […]
E-Filing cares about your security!!! 1>E-Filing website is now running on SSL. SSL is an acronym for Secure Sockets Layer, a global standard security technology developed by Netscape in 1994. SSL is all about encryption. It creates an encrypted link between a web server and a web browser. The link ensures that all data passed […]
Learn about the changes in E-Filing of ITR for A.Y. 2009-10 and the new functionalities on the DIT e-Filing portal.
The government gave in-principle approval to DLF on Tuesday to withdraw four of its IT, ITES special economic zones, which the realty major did not want to build in the face of slowdown in the real estate business. However, the board of approval in the commerce ministry asked the DLF to return all the tax […]
The government is mulling levy of small cess on natural gas to fund construction of national gas highway network even as it plans to extend LPG reach to rural areas and launch smart cards for kerosene. Petroleum minister Murli Deora discussed the idea of levy of $0.20 per million British thermal unit as cess on […]
Provided that the benefit of this notification shall not be admissible unless the unit claiming the benefit of this notification pays an amount equivalent to the cenvat credit attributable to inputs and input services used in, or in relation to the manufacture of said goods:
Circular No. 890/10/2009-CX For the purposes of uniformity with respect to classification of ‘coconut oil’ packed in small containers and levy of excise duty, to issue the following instructions. Same issue was examined in the year 1995 but subsequently the Central Excise Tariff was amended w.e.f. 28.2.2005 and therefore, the issue has been re-examined.
