Reduction of share in the firm of existing partners, on admission of new partners, not taxable as capital gains Posted: 09 Jun 2012 09:00 PM PDT The Karnataka HC has held that the reduction in the share of partners after the reconstitution of partnership firms does not amount to a taxable transfer. Further, it reaffirmed that, tax planning within the frame work of law is permitted.The principles laid down in this decision can also be... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
 | | Sale of development rights taxable in the year of transfer though consideration is received in subsequent years Posted: 09 Jun 2012 08:16 PM PDT The taxpayer instead of developing the land, transferred the development rights in respect of part of the land to a separate construction company.As per the agreement, the taxpayer jointly with the trust was required to convey the land to the proposed buyers. Instead of developing land, the... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
 | | No Disallowance of expense under S. 40(a)(i) for payment of Expense to American Resident without deduction of Tax Posted: 09 Jun 2012 07:39 PM PDT Provisions of section 40(a)(i) as it existed prior to it's amendment by Finance Act, 2003, with "effect from 1-4-2004 provided for disallowance of payment made to a non-resident only where tax is not deducted at source' on such payment at source. A similar payment to a resident does not result in... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
 | | Withdrawal of Exemption under Customs Act does not make assessee non-charitable Posted: 09 Jun 2012 07:28 PM PDT As regards allegation of Withdrawal of exemption from Import Duty, it has been submitted that import of medical equipment had taken place in 1990 and does not pertain to the period under discussion. The duty exemption was withdrawn citing certain noncompliance, assessee has filed appeal before... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
 | | Now, pay income tax dues at banks Posted: 09 Jun 2012 07:22 PM PDT In order to avoid the last-minute rush for customers paying their income-tax dues, the Reserve Bank on Friday said tax payers may use select branches of some public and private sector banks to remit their dues in advance. Some of the branches of State Bank of India, State Bank of Travancore, State... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
 | | Company Law Board & SARFAESI proceedings? Posted: 09 Jun 2012 07:49 AM PDT Company Law Board exercises very important functions under section 397/398 of the Companies Act, 1956 providing relief to the shareholders against 'oppression and mis-management' in the Company. When a group of shareholders are oppressed in any company or the company is mis-managed causing loss to... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
 | | A subsidiary created for Indian business is PE of foreign parent Posted: 09 Jun 2012 07:38 AM PDT Paragraph 8 of Article 5 of the DTAC provides that where an agent of an independent status to whom paragraph 9 does not apply, is acting in a Contracting State on behalf of an enterprise of the other contracting state, that enterprise shall be deemed to have a permanent establishment,... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
 | | External Commercial Borrowings (ECB) For Civil Aviation Sector Posted: 09 Jun 2012 01:34 AM PDT The Civil Aviation sector includes Airports, Scheduled and Non-Scheduled domestic passenger airlines, Helicopter services/Seaplane services, Ground Handling Services, Maintenance and Repair organizations; Flying training institutes; and Technical training institutions. [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
 | | Reverse Charge – Practical Issues, Invoice & Cenvat Posted: 09 Jun 2012 01:29 AM PDT Service tax legislation has been amended vigorously by Finance Act, 2012. One such amendment relates to the increase in number of services that shall be subject to reverse charge mechanism. The intention behind such restructuring is that it has been noticed that a number of registrants collect the... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
 | | PMO writes to Anna Hazare addressing the issues raised by him Posted: 08 Jun 2012 10:41 PM PDT The Government has tabled a strong Lokpal Bill in Parliament which has features that are more progressive than in any Bill tabled before. This Bill has been prepared after extensive discussions with you and your colleagues and all suggestions that were considered to be feasible have been... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
 | | In the absence of any violation noted by RBI regarding activities of a liaison office, it does not constitute a PE in India Posted: 08 Jun 2012 10:22 PM PDT India does not subscribe to the OECD model; hence, the commentary may have only persuasive value. However, it is needed to examine whether the India office was carrying on any essential and significant part of the activity in the scheme of business of the assessee. The Tribunal concurred with the... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
 | | Various Amendments in Maharashtra Value Added Tax Rules, 2005 Posted: 08 Jun 2012 07:57 AM PDT No. VAT 1512/ CR 61/ Taxation-1. – Whereas the Government of Maharashtra is satisfied that circumstances exist which render it necessary to take immediate action further to amend the Maharashtra Value Added Tax Rules, 2005 and to dispense with the condition of previous publication thereof under the...
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