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Tax on concessional rent accommodation – CBDT notifies amendment to Rule 3

  18 Dec 2007   0 comment
VALUATION of perquisites has always been a bone of contention. To overcome many of such irritants, the Finance Minister in the Finance Act, 2007 had inserted a deeming provision to define concession in the matter of rent for the purpose of determining the perquisite value. It has also reduced the rate of valuation of perquisite in the nat...
Posted Under: Income Tax |

sec 80HHC – deductions when there is a loss – word ‘or’ has been used intentionally and it cannot be substituted with ‘and’ – ITAT

  18 Dec 2007   0 comment
THE main point raised in this appeal is against the reduction in the claim of deduction u/s. 80HHC. The facts are that the return of income was filed claiming deduction u/s. 80HHC at Rs. 7,38,416/-. During the course of assessment proceedings the Assessing Officer noted that there was a net profit of Rs. 14,54,272/- on total export turnov...
Posted Under: Income Tax |

Scrap sales would be included in total turnover for purpose of calculating deduction u/s 80HHC – ITAT

  18 Dec 2007   0 comment
Disallowance of travel by employees: the assessee had calculated the disallowance under Rule 6D with total number of travels undertaken by each employee during the year. This means that the disallowance was worked after setting off disallowables on one trip against the deficit in another trip in respect of each employee. However, the Asse...
Posted Under: Income Tax |

Depreciation not allowable till clearance by Customs – SC

  24 Nov 2007   0 comment
Nothwithstanding the fact that the imported Rolls Royce car gathered dust at the Customs godown for nine long years due to non-clearance, the importer would still not be entitled to any depreciation, the Supreme Court has held. ...
Posted Under: Income Tax |

DTAA – CIT vs. P.V.A.L. Kulandagan Chettiar (Supreme Court)

  23 Nov 2007   0 comment
CIT vs. P.V.A.L. Kulandagan Chettiar (Supreme Court) -The review petition filed by the department against the judgement reported in CIT P.V.A.L Kulandagan Chettiar (2004) 267 ITR 654 (SC) {reg applicability of DTAA} has been dismissed....
Posted Under: Income Tax |

80HHC -Hero Exports vs. CIT (Supreme Court)

  23 Nov 2007   0 comment
Hero Exports vs. CIT (Supreme Court) -Though section 80HHC does not provide so, an assessee is entitled, in computing the indirect cost of goods exported, to claim deduction at 10% as indirect expenses incurred for earning export incentives, misc income and brokerage etc. The deduction is allowed on estimate basis and as per the underlyin...
Posted Under: Income Tax |

Latest Advance Ruling may impact billion-dollar Vodafone takeover case

  22 Nov 2007   0 comment
Latest Advance Ruling may impact billion-dollar Vodafone takeover case; Capital gains - Transfer of shares between two non-resident entities abroad - Since situs of income is located here, it is taxable in India. TAXING capital gains has always been a tricky subject for the Revenue. If it ever involved two non-resident entities, it always...
Posted Under: Income Tax |

Mere addition agreed to by assessees during course of Survey u/s 133A would not empower Assessing Officer to levy penalty : Madras HC

  22 Nov 2007   0 comment
THE assessees were the Directors of M/s Hotel AMS Pvt. Ltd., Kondalapatti, Salem. During the course of survey conducted on 16.11.1999 under Section 133A of the Income Tax Act, it was noticed that the company had constructed the hotel with the share capital funds said to have been floated by the Directors. On enquiry with the assessees, th...
Posted Under: Income Tax |

Provision for NPA debited to P & L account as per RBI Act, not eligible for deduction under I-T Act

  22 Nov 2007   1 comment
Whether, a Provision for Non Performing Assets ('NPA') debited to profit and loss account and claimed as a deduction in accordance with the prudential norms issued by the RBI in exercise of powers conferred on it under section 45JA of the RBI Act, 1934, called the Non Banking Financial Companies Prudential Norms (Reserve Bank) Directions,...
Posted Under: Income Tax |

Period of preservation of accounts or for which books are required to be maintained

  03 Nov 2007   0 comment
Companies Act, 1956 -· A company is required to maintain its books of account and vouchers for a period of 8 years immediately preceding the current year. · A s. 25 company is required to maintain its books of account and vouchers for a period of not less than 4 years. · The books and papers of the Amalgamated/Transferor Company must b...
Posted Under: Income Tax |

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