| In case of gifted Assets, indexation benefit is available from the year of acquisition of the previous owner Posted: 29 Dec 2009 06:27 PM PST This article summarizes a recent ruling of the Special Bench (SB) of the Mumbai Income Tax Appellate Tribunal (ITAT) [ITA No. 7315/Mum/2007] in the case of DCIT vs. Manjula Shah (Taxpayer) which held that, in the case of gifted capital asset,... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Admissibility of deduction from book profit of 'reduction in revaluation reserve' under MAT provisions Posted: 29 Dec 2009 06:03 PM PST This ruling provides guidance that withdrawal from a revaluation reserve is permitted to be reduced from the book profit, computed under the MAT provisions, only in a case where the book profit was increased by the amount of revaluation reserve in... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| High court upheld the levy of higher rate of tax on superior kerosene oil (white kerosene oil) Posted: 29 Dec 2009 05:43 PM PST Levy of sales tax on a higher percentage on 'superior kerosene oil' (SKO) (also called white kerosene oil) and also levy of resale tax and surcharge on it by Tamil Nadu Government have been upheld by the Madras High Court. The attack by dealers that... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Managers cannot be termed workmen: the Bombay High Court Posted: 29 Dec 2009 05:37 PM PST Managers cannot be termed workmen, the Bombay High Court has held, in a significant verdict that throws light on a vexed issue on who constitutes a workman in the post-liberalisation era. Observing that Industrial law must keep pace with times, the... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Perquisite Valuation rules not considered the inflation and old exempt amount limit been kept Posted: 29 Dec 2009 05:27 PM PST The fringe benefit tax (FBT) was strongly opposed by India Inc, but there is no doubt that it was beneficial to the employees — they did not have to directly bear the tax on many perquisites. The repeal of FBT meant uncertainty on taxation of perks.... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| ICAI will relax articleship norms for Government Auditors Posted: 29 Dec 2009 05:16 PM PST Accounting regulator, the Institute of Chartered Accountants of India (ICAI) has decided to allow officials of the Indian Audits and Accounts Service (IA&AS)—the stream of civil servants who audit state-run companies—acquire the chartered... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Supreme Court stayed ruling requiring deduction for TDS on payment for software purchase to non-residents Posted: 29 Dec 2009 05:04 PM PST The Supreme Court has stayed the Karnataka High Court ruling that asked technology firms to deduct tax on all payments made to non-residents on software purchases.A Bench headed by Justice S H Kapdia stayed the Karnataka High Court judgement on a... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| CBDT devised scheme for improving quality of assessments Posted: 29 Dec 2009 04:41 PM PST At the beginning of each calendar year i.e. in the month of January, the Range Head in consultation with the concerned Assessing Officer would identify at least 5 pending time-barring assessment cases in respect of each Assessing Officer of his... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Bombay high court will give preference to petitioner who attained the age of 60 years and above Posted: 29 Dec 2009 04:38 PM PST A little-known circular issued by the Bombay high court promises to bring respite to senior citizens, who have been caught in the web of litigations. The HC has decided that preference should be given to cases where either of the parties involved in... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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