| Tax liability of company who have no PE in India and remunerate its Indian Agent on arm's length basis Posted: 14 Mar 2010 07:40 AM PDT This is assesses's appeal for the assessment year 2000-01 against the Id. CIT(A)'s order dated 27.1.2006 confirming the AO's action in holding that the assessee had a business connection in India u/s 9 of the Income Tax Act and that M/s. BBC... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Bad debts written off cannot be factor to determine ALP of any international transaction Posted: 14 Mar 2010 06:27 AM PDT The assessee has filed these appeals challenging the respective orders of Learned CIT (A)-VI Mumbai for the assessment years 2002-03 and 2003-04. As the issue as well as facts are identical hence both these appeals are disposed off by this common... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Mixing of ready mixed concrete is manufacturing activity and additional depreciation is allowable on machinery used for mixing Posted: 14 Mar 2010 06:19 AM PDT Mixing of ready mixed concrete (RMC) is a manufacturing activity and consequently, additional depreciation is allowable on machinery used for production of such RMC. [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Onus of proving prove identity of creditor, his creditworthiness and genuineness of transactions is on Assessee Posted: 14 Mar 2010 06:15 AM PDT Merely filing of affidavits of creditors and their revenue records (land holding) will not be sufficient to prove that the loans raised are genuine. [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Finding of fact does not call for interference in an appeal under section 260A: HC Bombay Posted: 14 Mar 2010 06:12 AM PDT ) Whether, on the facts and circumstances of the case and in law, the Hon'ble ITAT was justified in treating the income from sale of 7,59,003 shares for Rs. 5,00,12,879/ as an income from short term capital gain and sale of 3,88,797 shares for rs .... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| 30 US banks already collapsed this year, more expected to collapse in coming weeks Posted: 14 Mar 2010 05:56 AM PDT The American banking sector continues to grapple with failures and on an average, ten banks are closing down every month. This year, 30 banks have already collapsed and the numbers are expected to rise in the coming weeks. A staggering 184 banks... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Entangled growth of oil companies investments Posted: 14 Mar 2010 12:50 AM PST When oil prices went for an upward hike the whole of India took off the extra pay with a mixed reaction. Mixed reaction since 1) Indian citizens have become very much close to the Indian economic fiscal condition and 2) The increase in tax slab for... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Allowability of deduction u/s 80IA on Interest earned by industrial undertaking on late payment received from customers Posted: 14 Mar 2010 12:40 AM PST Thus, according to the Gujarat High Court, when interest is paid on delayed payment, it can be treated as higher sale price which is converse situation to offering of cash discount because the transaction remains the same and there Is no distinction... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Taxability of capital gains in one of contracting states is not necessary to avail treaty benefits in other contracting state Posted: 14 Mar 2010 12:26 AM PST By way of this appeal, the assessee appellant has called into question correctness of order dated 7th February 2006, passed by the learned CIT (A) for the assessment year 2000-091, holding that the assessee is liable to pay tax on short term capital... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Applicability of service tax on service taken for execution of a specific work under category of manpower recruitment or supply agency Posted: 14 Mar 2010 12:18 AM PST In the case of supply of manpower individuals are contractually employed by the manpower recruitment or supply agency. The agency agrees for use for the services of an individual, employed by him to another person for a consideration. [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| CAE Flight Training Institute (CFTI) is Liable to Service Tax: Authority for Advance Ruling Posted: 13 Mar 2010 11:49 PM PST CFTI cannot be considered as an institute or establishment which is specifically excluded from the definition of "commercial coaching and training centre" under section 65(27) of the Finance Act, 1994; it also cannot be considered as a "vocational... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Determination of PE when Research of product produced by Non-Resident Company situated in USA is done by its branch office in India Posted: 13 Mar 2010 11:37 PM PST Determination of PE where there exists a relation between a business of producing hybrid breeder seeds in USA by non-resident assessee-company which yield profits or gains and activity of providing result of research conducted by Branch Office in... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Power of the commissioner to revise under section 263 when the Assessing Officer took a possible view, while passing an order of assessment Posted: 13 Mar 2010 11:25 PM PST CIT revised the order u/s 263 to include the sum of Rs.1,75,32,600/- in the total income of the assessee under Sec.41(1) of the Income Tax Act on the ground that there had been a complete cessation of liability in regard to this amount in the... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| An Applicant cannot seek adjudication on merits at any time he wants, after having maintained steadfast silence throughout the earlier proceedings Posted: 13 Mar 2010 11:20 PM PST The applicant cannot seek adjudication on merits at any time he wants after having allowed the previous application to go by default. Further, it is not as if the applicant will be left without remedy to agitate the same issue before the Income-tax... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Distance of 2 kms from municipal limits of city for the purpose of section 2(14)(iii) has to be taken in terms of approach by road Posted: 13 Mar 2010 11:08 PM PST Distance of 2 kms. from municipal limits of city of Khanna for purpose of section 2(14)(iii) has to be taken in terms of approach by road and not as per straight line distance on a horizontal plane-If principle of measurement of distance is... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Interest on late payment from customers against supply of goods is eligible for deduction u/s 80-IA Posted: 13 Mar 2010 11:03 PM PST Gujarat High Court, when interest is paid on delayed payment, it can be treated as higher sale price which is converse situation to offering of cash discount because the transaction remains the same and there is no distinction $s to the source.... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Re-Assessment can not be initiated just because AO feels he failed to verify things properly during regular Assessment Posted: 13 Mar 2010 10:55 PM PST We feel that the Writ Petition', have to succeed because the contentions as raised on behalf of the counsel for the petitioner are well founded. The only reason which has been given seeking re-opening of the assessment for the years 1997-98 and... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Expenditure on consultancy for restructuring of company is allowable deduction u/s 37(1) of Income Tax Act, 1961 Posted: 13 Mar 2010 10:48 PM PST IN order to appreciate the controversy few facts may be noticed. The assessee-company is manufacturing colour picture tubes. In respect of the assessment year 2004-05 the assessee company incurred expenditure for the purpose of restructuring. The... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Debtor not entitled to withhold payment of amount due under a decree on pretext that it has to be deducted as TDS Posted: 13 Mar 2010 10:39 PM PST Parties have settled the dispute. A query, however, is raised by the Counsel appearing on behalf of defendants regarding deduction of TDS on the interest component of the decree. Apprehension is expressed by the learned Counsel appearing on behalf... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Six Cost Accounting standards Mandatory from 1st April 2010 Posted: 13 Mar 2010 08:35 PM PST Ten cost accounting standards have been formulated, six of them are mandatory, which will come into effect from April 1 and three more are likely to be added, according to Mr K. Narasimha Murthy, Director of IDBI and LIC Housing Finance. [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| New Companies Bill will equate CS with CEO and CFO of Company Posted: 13 Mar 2010 08:30 PM PST The new Companies Bill to be adopted by Parliament would simplify the law and equate company secretary (CS) with the chief executive (CEO) and chief financial officer (CFO) of a company, said Vinayak S Khanvalkar, president, Institute of Company... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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