SC allows clubbing of two establishments as one for the purposes of the PF as there was unity of ownership, management, control, finance, labour and functional integrity Posted: 06 Oct 2011 07:24 PM PDT L.N. Gadodia & Sons & ANR. Vs. Regional Provident Fund Commissioner (SC)- When two establishments are run by the same family under a common management with common work force and with financial integrity, they are expected to be treated as... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| Directors not vicariously liable for crime of company – Supreme Court Posted: 06 Oct 2011 07:14 PM PDT M/s. Thermax Ltd. & Ors. Vs. K.M. Johny & Ors. (Supreme Court)- Though civil law recognizes the principle of 'vicarious liability' of directors of companies, the concept is not acknowledged in criminal law, the Supreme Court stated while... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| Govt. cannot change purpose of acquired land – SC Posted: 06 Oct 2011 06:43 PM PDT Royal Orchid Hotels Ltd. and another Vs. G. Jayarama Reddy and others (SC) Land acquired by Government or its instrumentalities for a specific public purpose cannot be changed and transferred to private individuals or corporate bodies, the Supreme... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| Innocent purchaser cannot be disallowed Input Tax Credit (ITC) for non payment of tax by seller-Landmark Judgement by P&H HC Posted: 06 Oct 2011 06:19 PM PDT The Common issue involved in these writ petitions was with regard to denial of Input Tax Credit by the Assessing Authority on the ground that the dealers from whom the petitioners have purchased goods, have not deposited full tax in the State... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| AAR – Liability to pay excise duty in respect of operations performed on battery cells for their clearance as battery bank Posted: 06 Oct 2011 10:31 AM PDT In Re Delta Power Solutions India Pvt. Ltd. (AAR) – In the present case there is no transformation that brings about a fundamental change in the character and use of the goods. The name remains the same (i.e. accumulator, although an assembly... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| Assessee can avail 80-IA deduction in respect of notional profit on account of power generation from its own captive power plant and utilised by itself – Madras HC Posted: 06 Oct 2011 10:22 AM PDT Tamilnadu Petro Products Ltd. v. Asstt. CIT (Madras High Court) - Section 80-IA and in particular sub-cl. (iv) of the said section which provides for the benefit even in respect of electricity generation plant established by the assessee and the... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| Whether the different periods of the contracts are to be aggregated to reckon the threshold of 183 days under clause 5.3 of the DTAA with Singapore to determine PE? Posted: 06 Oct 2011 10:11 AM PDT In Re Tiong Woon Project & Contracting Pte. Limited Vs. ADIT (International Taxation), Chennai (AAR) - Whether the different periods of the contracts are to be aggregated to reckon the threshold of 183 days under Article 5.3 of the DTAA in a... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| Observations in auditor's report may not constitute a valid ground for rejection of books of accounts u/s. 145(3) of the Act unless the observations of the auditor have a bearing on correctness of books of accounts Posted: 06 Oct 2011 09:51 AM PDT Italian Thai Development. vs. ADIT (ITAT Delhi)- The taxpayer has been computing its estimated revenue as per AS-7 issued by Institute of Chartered Accountants of India since AY 2003-04 onwards and the AO has not objected to this method in the prior... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| Whether the benefit of deduction under Section 10A can be extended to inter-state sales made to another industrial unit in a SEZ, payment in respect of which is received in Indian rupees? Posted: 06 Oct 2011 09:44 AM PDT CIT v. Electronic Controls & Discharge Systems (P) Ltd (Kerala High Court) - Benefit of deduction under Section 10A is not available in respect of sales made to a unit in Special Economic Zone even though such sales are considered as 'deemed... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| Register and Track your PAN Card Related Complain online and Track Status Posted: 06 Oct 2011 07:51 AM PDT Register and Track your PAN Card Related Complain online and Track Status - Income Tax Department has started a website namely Sparsh India to help Assessee to Register their complain related to PAN Card applied through NSDL or UTIISL and they can... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| How to surrender extra / Additional PAN Online / Manually? Posted: 06 Oct 2011 07:23 AM PDT An assessee may have been allotted multiple PAN Card. The multiple PAN card may have been allotted to the Assessee for many reasons i.e. He may have applied multiple times for allotment of PAN and every time he has been allotted a PAN card or may... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| All you want to know about mutual Funds Posted: 06 Oct 2011 06:48 AM PDT What are Tax Saving Schemes? These schemes offer tax rebates to the investors under specific provisions of the Income Tax Act, 1961 as the Government offers tax incentives for investment in specified avenues. e.g. Equity Linked Savings Schemes... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| Tax Benefits / Consequences to Mutual Fund Unit holders Posted: 06 Oct 2011 06:41 AM PDT Income received, otherwise than on transfer (subject to the exemption of long-term capital gains provided for in section 10(38) of the Act, discussed elsewhere in this Statement), in respect of units of a mutual fund would be exempt from tax under... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| Reduction of equity share capital not subject to capital gains – ITAT Mumbai Posted: 06 Oct 2011 04:18 AM PDT Bennett Coleman & Co. Ltd vs. ACIT (ITAT Mumbai Special Bench) - Whether the CIT(A) was justified in declaring long term capital loss of Rs.22,21,85,693/- on account of reduction in paid up equity share capital - the loss arising on account of... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| AAR Dissents From Its Own View On Taxing Software and ruled Software is copyright; Even if "copyrighted article", License fee taxable as "royalty" Posted: 06 Oct 2011 12:07 AM PDT In Re Millennium IT Software Ltd (AAR) - In the present case, not merely the use is licensed but the licensee is given the right to copy it and use it wherever it is needed by it for its business. The right given for a consideration to copy the... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| ICAI releases Case laws relevant for November, 2011 CA Examinations Posted: 06 Oct 2011 12:00 AM PDT Direct Tax Case laws relevant for November, 2011 CA Examinations, Indirect Tax Case laws relevant for November, 2011 CA Examinations, Additional Case laws relevant for November, 2011 CA Examinations [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| Download Supplimentary study Material for May 2012 and November 2012 exams of CA IPCC, PCC, Final (New Course) Posted: 05 Oct 2011 11:47 PM PDT Integrated Professional Competence Course [IPCC] and Professional Competence Course [PCC] Supplementary Study Paper – 2011 [Relevant for May 2012 and November 2012 examinations] Supplementary Study Paper – 2010 [Relevant for May 2011 and... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| Section 275(1)(a) of the Act does not nullify the availability to the AO of the period of limitation of six months from the end of the month when the order of the ITAT is received by the Assessing Officer Posted: 05 Oct 2011 11:35 PM PDT CIT vs. Mohair Investment & Trading Co (Delhi High Court)- From a plain reading of the relevant Sections it is clear that the period of six months provided for imposition of penalty under Section 275(1)(a) starts running after the successive... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| SARFAESI proceedings – rights of the Borrowers – related complications? Posted: 05 Oct 2011 10:21 PM PDT Many argue that the provisions of SARFAESI Act, 2002 are draconian in nature. Borrowers do often refer to their good relations with the Bank for a considerable time and they express angst at the Bank's action under the provisions of the SARFAESI... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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