income tax act 1961 - Page 20

Section 14A submission accepted by AO can not be sent back to AO for reconsideration by tribunal

Topstar Mercantile Pvt. Ltd Vs. ACIT (Bombay High Court)

The Bombay High Court ruled that once the taxpayer’s submissions with respect to section 14A was accepted by a tax officer, the Tribunal cannot send back the same matter for the tax officer’s re¬consideration. Recently, the Bombay High Court in the case of Topstar Mercantile Pvt. Ltd v. ACIT (2009-TIOL-458-HC-MUM-IT) has held that t...

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Revised rules for valuation of perquisites for F.Y. 2009-10 & amp; onwards

Notification No. 94/2009 - Income Tax (18/12/2009)

Notification No. 94/2009 - Income Tax For the purpose of computing the income chargeable under the head Salaries, the value of perquisites provided by the employer directly or indirectly to the assessee (hereinafter referred to as employee) or to any member of his household by reason of his employment shall be determined in accordance wi...

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Short term capital losses subject to STT can be set off against Short term capital gains not subject to STT

First State Investments (Hongkong) Ltd. [A/C First State Asia Innovation & Technology Fund] Vs. ADIT (ITAT Delhi)

The Finance Act, 2004 introduced section 111A in the Income-tax Act, 1961 (the Act) prescribing a tax rate of 10 percent on Short Term Capital Gains (STCG) arising from sale of shares on or after 1 October 2004 on a stock exchange which are subject to Securities Transaction Tax (STT)....

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Payments made by telecasting companies to satellite companies for telecommunication or broadcasting constitutes royalty

M/s New Skies Satellite NV Vs. Asst. D.I.T. (ITAT Delhi)

Conflicting decisions of the Income-tax Appellate Tribunal (the Tribunal) concerning similar payments in the case of Asia Satellite Telecommunications Co. Ltd. v. DCIT [2003] 85 ITD 478 (Delhi ITAT) and DCIT v. Pan AmSat International Systems Inc. [2006] 9 SOT 100 (Delhi ITAT) led to the constitution of the Special Bench of the Delhi Trib...

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Allowability of difference between market price & issue price of ESOP

Ranbaxy Laboratories Ltd. Vs DIT (ITAT Delhi)

Recently, the Delhi Bench of the Income-tax Appellate Tribunal (the Tribunal) in the case of Ranbaxy Laboratories Ltd. has held that the difference between the market price and the issue price of the shares offered to employees under the Employee Stock Option Scheme (ESOP) is not an allowable expenditure since the loss incurred due to iss...

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Conversion of DTA unit to STPI unit – eligible for deduction under Section 10A

Income Tax Officer Vs. M/s Iqura Technologies Pvt Ltd (ITAT Bangalore)

The agitation by the revenue is that the assessee company was not entitled to deduction under section 10A as the CIT (A) failed to appreciate the fact that the assessee had commenced manufacture, production of software prior to its registration as STPI and the STPI authorities had granted approval...

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Capital gain tax on Transfer of redevelopment rights?

As per the Development Control Regulations of the Municipal Corporation of Greater Bombay, 1991 (‘DCR’), in the case of redevelopment of existing buildings, an additional FSI is granted tothe land owner. The additional FSI can be utilised in the following manner:...

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Posted Under: Income Tax |

Expenditure related to exempt income to be disallowed even if assessee has not earned any tax-free income

Cheminvest Ltd. (ITAT Delhi)

Special Bench of the Income Tax Appellate Tribunal, New Delhi in the case of Cheminvest Ltd. (ITA Nos.87Del//2008, 4788/Del/2007 and 233/Ahd/ 2006) holds that expenditure relating to exempt income to be disallowed even if assessee has not earned any tax-free income....

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Tax paid by employer on behalf of employee is a non-monetary perquisite subject to single grossing up

Triton Holdings Ltd. Vs Dy. Director of Income Tax, Deharadun (ITAT Delhi)

The Income-tax Appellate Tribunal, Delhi in the case of Triton Holdings Ltd. vs Dy. Director of Income Tax, Deharadun (ITA Nos. 2541 to 2559/Del/2009) held that the tax paid by employer on the behalf of employees should be considered as a non-monetary perquisite in the hands of the employees for the purpose of claiming an exemption under ...

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Penalty should not be imposed if full disclosure of the facts of the case made by the Assessee

DCIT Vs Vertex Customer Services (India) Pvt. Ltd. (ITAT Delhi)

The Delhi Bench of the Income - tax Appellate Tribunal (Delhi Tribunal), in the case of Vertex Customer Services (India) Pvt. Ltd. (the taxpayer) held that exclusion of provision of doubtful debts from the operating expenses being a debatable issue and considering full disclosure made by the taxpayer; the taxpayer could not be held liable...

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