The CBDT has notified new Income Tax Forms for F.Y. 2008-09 & A.Y. 2009-10 vide notification No. 32/2009 ( Income Tax 9th Amendments) Rules, 2009. New ITR Forms Form ITR 1, Form ITR 2, Form ITR...
Background The Central Board of Direct Taxes ("CBDT") has issued notifications amending the rules in relation to compliance procedures as follows: • Forms for furnishing information to the...
A recent notification issued by the Central Board of Direct Taxes (CDBT), the apex body on direct tax matters, is likely to widen the tax base by bringing in even small service providers. That is...
Apex accounting body ICAI has raised objections to the recommendations of the Rakesh Mohan Committee on more autonomy to the Accounting Standards Board, an arm of the regulator, saying that the panel...
The legal consultants Handoo and Handoo have become the first Limited Liability Partnership firm of India, a new form of business structure where the partners' liability is limited to the....
CIT vs. Eli Lilly (Supreme Court) TDS on foreign salary is reqd even though assessee is not the payer Where the assessee-employer obtained expatriate-employees from a foreign company and the...
SUMMARY OF CASE LAW The relationship of the capital expenditure on scientific research has to be in connection with the assessee's business and not the business of the other assessees; the...
SUMMARY OF CASE LAW If an Assessee forms an industrial unit by new plant and machineries and for running that new unit if some plants and machineries are taken on a hire, the said new unit cannot...
SUMMARY OF CASE LAW Mere non-acceptance of explanation offered by the assessee cannot form a basis for the satisfaction of ITO to the effect that the assessee has concealed particular of his...
SUMMARY OF ADVANCE RULING In the case of a capital asset falling within the ambit of clause (b) of section 55(2), acquired before 1-4-1981, the cost of acquisition can be taken as fair market value...
SUMMARY OF CASE LAW The services rendered and the work undertaken by the applicant-Australia n company in terms of the Agreement for Basic Engineering and Procurement services fall within the...
SUMMARY OF CASE LAW: -Where the Assessing Officer computed the different total income than the total income declared by the assessee, the same would not amount to furnishing of inaccurate...
SUMMARY OF CASE LAW Section 142A is attracted, inter alia, where the assessee is found to have made investment outside the books of account or where any such investment made by him is not fully...
SUMMARY OF CASE LAW The provision as stipulated under Explanation to section 73 talk of the income under specified heads; the income under each head has to be computed only after considering the...
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CASE LAW DETAILS Decided by:. ITAT, LUCKNOW BENCH `A' LUCKNOW In The case of: Smt. Sonu Agarwal v. ITO Appeal No. : ITA No. 698/Luc/08 Decided on: January 23, 2009 SUMMARY OF CASE LAW Love...
CASE LAW DETAILS Decided by:. ITAT, MUMBAI BENCH `C' MUMBAI In The case of: ITO v. Pushya Properties (P..) Ltd. Appeal No. : ITA No. 2906/m/08 Decided on: March 6, 2009 SUMMARY OF CASE...
CASE LAW DETAILS Decided by: HIGH COURT OF BOMBAY. In The case of: Cartini India Ltd. v. Addl. CIT Appeal No. : Writ Petition No. 2468 of 2008 Decided on: March 25, 2009 SUMMARY OF CASE LAW Once the...
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