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TAXING rent from house property has always been a taxing issue for the Income Tax Department. In the latest case the Revenue wanted to tax notional interest income on refundable interest-free deposit made by the tenant with the landlord u/s 28(iv) but the High Court has dismissed the same as the relevant Section 23(1)(a) does not contemplate taxing such income. The HC also observed that in a taxing statute it would be unsafe for the Court to go beyond the letter of the law and try to read into the provision more than what is already provided for.
THE Notification No. 264/2007 dated October 23, 2007 issued by the CBDT, specifying the Income-tax (12 th Amendment) Rules, 2007 seems to have brought in a lot of welcome clarity in terms of the methodology to be adopted for the determination of the Fair Market Value of ESOPs issued by Indian Companies, listed or unlisted. However, the question of levy of FBT, in respect of ESOP schemes given by foreign / overseas companies to employees working in their Indian Subsidiaries, seems to have gone unanswered.
The approved organization shall maintain a separate statement of donations received and amounts applied for scientific research and a copy of such statement duly certified by the auditor shall accompany the report of audit referred to above.
The approved organization shall maintain a separate statement of donations received and amounts applied for scientific research and a copy of such statement duly certified by the auditor shall accompany the report of audit referred to above.
Sub-section (2) of Section 254 of the Income-Tax Act,providing for rectification of orders by the Income Tax Appellate Tribunal (ITAT), reads thus: “The Appellate Tribunal may, at any time within four years from the date of the order, with a view to rectifying any mistake apparent from the record, amend any order passed by it under sub-section (1), and shall make such amendment if the mistake is brought to its notice by the assessee or the assessing officer.
Under the Act, if an order is made by an Assessing Officer other than the one entitled to exercise jurisdiction, it may account merely to irregular exercise or assumption of jurisdiction. Under section 124 of the Income-tax Act, 1961, where the Assessing Officer has been vested ith jurisdiction over any area, within the limits of such area, he would have jurisdiction in respect of any person carrying on a business or profession, if the place at which he carries on his business or profession is situated within the area.
The Supreme Court directed tax payers all over the country to file Income Tax returns under the prescribed new ITR forms for assessment year 2007-08 by February 29, 2008 – the new deadline set by the government. The direction was passed after Additional Solicitor General Mohan Parasaran informed the bench headed by Justice B N Agarwal that the Centre was issuing a notification today extending the time for filing returns till February 29, next year in relation to all categories of assessees.
The Income-Tax Appellate Tribunal has held that transfer pricing is not an exact science in which mathematical certainty is possible and some approximations cannot be ruled out. The case relates to transfer pricing of captive software development services rendered by an Indian subsidiary Mentor Graphics to its US-based overseas parent.
NO manufacture in a hotel – A hotel industry is in the nature of a service industry. Strictly speaking, there is no manufacture or production of any ‘article’ in this industry. Even the food items and beverages, which are prepared in a hotel are to cater to the further comfort and service of their guests and, therefore, are commonly known as ‘catering services’. So, it would be wholly fallacious to extend the meaning of the word ‘manufacture’ and production used in the section in context to such catering services in the hotel industry. The order of the Tribunal holding that the assessee is entitled for investment allowance on hotel building, is not correct.
Transaction relating to gift considered in regular assessment and nothing found during search or in post-search probe – transaction cannot be treated as undisclosed nor income from this transaction to be treated as undisclosed – ITAT