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Dishonour of cheques : Section 141 of NI Act, 1881 does not make all the Directors liable for offenc... - Corporate Laws

Tuesday, 02 Mar 2010 19:10

Dishonour of cheques : Section 141 of NI Act, 1881 does not make all the Directors liable for offence
By National Small Industries Corp. Ltd. v. Harmeet Singh Paintal [Criminal Appeal Nos. 320 - 337 of 2010] [2010] 3 taxmann.com 1 (SC)

Amounts falling under Section 44BB of I.T. Act have been excluded from the purview of the royalty d... - Direct Tax Laws

Wednesday, 10 Mar 2010 12:40

Amounts falling under Section 44BB of I.T. Act have been excluded from the purview of the royalty definition
By Wavefield Inseis ASA, In re [A.A.R. No.844 of 2009] [2010] 3 taxmann.com 21 (AAR - NEW DELHI)

Indo-US Treaty: Orientation towards business and inculcation of entrepreneurial outlook does not rea... - Direct Tax Laws

Wednesday, 10 Mar 2010 12:39

Indo-US Treaty: Orientation towards business and inculcation of entrepreneurial outlook does not really amount to “making available” technical knowledge, experience or skills of experts of an American IC2 Institute
By Federation of Indian Chambers of Commerce and Industry (FICCI), In re [A.A.R. No.812 of 2009] [2010] 3 taxmann.com 20 (AAR - NEW DELHI)

Indo-UK DTAA: Receipt in nature of referral fee for rendering referral services by applicant-British... - Direct Tax Laws

Wednesday, 10 Mar 2010 12:37

Indo-UK DTAA: Receipt in nature of referral fee for rendering referral services by applicant-British Company from Indian based recruitment company cannot be subjected to tax as business profits in view of provisions of Treaty
By Real Resourcing Ltd., In re [A. A.R. No. 828/2009] [2010] 3 taxmann.com 19 (AAR - NEW DELHI)

Interest on loan taken for repayment of earlier loan taken for business purposes is not allowable u/... - Direct Tax Laws

Monday, 08 Mar 2010 19:06

Interest on loan taken for repayment of earlier loan taken for business purposes is not allowable u/s 24(1)(vi)
By K. S. Kamalakannan v. ACIT [ITA No. 588/Mds/2009] [2010] 3 taxmann.com 18 (CHENNAI - ITAT)

Depreciation : Requirement of second proviso to rule 5(1A) of IT Rules is satisfied if option is exe... - Direct Tax Laws

Monday, 08 Mar 2010 19:00

Depreciation : Requirement of second proviso to rule 5(1A) of IT Rules is satisfied if option is exercised before expiry of due date of filing of return of income u/s 139(1) of IT Act, 1961
By K. K. S. K. Leather Processors (P.) Ltd. v. ITO [ITA No. 826 & 827/Mds./2009] [2010] 3 taxmann.com 17 (CHENNAI - ITAT)

Indo-US Treaty : Profits attributable to transaction of cargo, mail, etc. by aircrafts owned, charte... - Direct Tax Laws

Monday, 08 Mar 2010 18:58

Indo-US Treaty : Profits attributable to transaction of cargo, mail, etc. by aircrafts owned, chartered or leased by assessee cannot be taxed in India
By ADIT (Int’l Taxation) v. Federal Express Corporation, USA [ITA Nos. 4452, 4453 & 9482/2004] [2010] 3 taxmann.com 16 (MUM. - ITAT)

Demand raised by AO in assessment does not get vacated only on filing of application before Settleme... - Direct Tax Laws

Saturday, 06 Mar 2010 11:43

Demand raised by AO in assessment does not get vacated only on filing of application before Settlement Commission
By ACIT v. Leonie M. Almeida [IT (SS) No. 256/M/2006] [2010] 3 taxmann.com 15 (MUM. - ITAT)

Credit to expenditure on improvement, while determining capital gains u/s 50C, can be given when the... - Direct Tax Laws

Saturday, 06 Mar 2010 11:24

Credit to expenditure on improvement, while determining capital gains u/s 50C, can be given when there is evidence
By Ramendra Vikram Singh v. ITO [ITA Nos. 76 to 79/Luc/08] [2010] 3 taxmann.com 13 (LUCKNOW - ITAT)

When notice is served through Courier extra caution is required; caution has to be necessarily in th... - Direct Tax Laws

Saturday, 06 Mar 2010 11:23

When notice is served through Courier extra caution is required; caution has to be necessarily in the form of proper identification of the person upon whom the notice is service
By ACIT v. Ashiana Automobiles Pvt. Ltd. [ITA Nos. 176 & 177 (Pat.)/2008] [2010] 3 taxmann.com 12 (PAT. - ITAT)

Transfer Pricing: TNM method requires comparison of net profit margins and not operating margins of ... - Direct Tax Laws

Saturday, 06 Mar 2010 11:22

Transfer Pricing: TNM method requires comparison of net profit margins and not operating margins of enterprises
By Addl. CIT v. Tej Diam [ITA No. 5034/Mum/2007] [2010] 3 taxmann.com 11 (MUM. - ITAT)

Applicant-Russian company is not liable to pay tax under provisions of the Income-tax Act read with ... - Direct Tax Laws

Thursday, 04 Mar 2010 19:02

Applicant-Russian company is not liable to pay tax under provisions of the Income-tax Act read with India – Russia DTAA in respect of amount received from NTPC for execution of offshore supply contract as all transactions took place outside India; materials were shipped outside India, title and property passed outside India and payment was received outside India
By Joint Stock Company Foreign Economic Association “Technopromexport”, In re [AAR No. 827 of 2009] [2010] 3 taxmann.com 10 (AAR - NEW DELHI)

Demarcated space in warehouse of Independent Service Provider (ISP) constitutes fixed place of busin... - Direct Tax Laws

Thursday, 04 Mar 2010 19:01

Demarcated space in warehouse of Independent Service Provider (ISP) constitutes fixed place of business within meaning of Article 5.1 of Indo-Singapore DTAA
By Seagate Singapore International Headquarters Pvt. Ltd., In re [AAR No. 831/2009] [2010] 3 taxmann.com 9 (AAR - NEW DELHI)

Right of carry forward u/s 74(1) in respect of long term capital loss is not hit by provisions of se... - Direct Tax Laws

Thursday, 04 Mar 2010 18:55

Right of carry forward u/s 74(1) in respect of long term capital loss is not hit by provisions of section 70(3)
By G. K. Ramamurthy v. JCIT [ITA No. 1367/Mum/ 2009] [2010] 3 taxmann.com 8 (MUM. - ITAT)

Profit derived from contract works does not qualify for relief u/s 80-IB - Direct Tax Laws

Thursday, 04 Mar 2010 18:54

Profit derived from contract works does not qualify for relief u/s 80-IB
By Maruti Tubes (P.) Ltd. v. DCIT [ITA No. 500/Hyd/2009] [2010] 3 taxmann.com 7 (HYD. - ITAT)

Section 50C has no application for arriving at value of benefit u/s 2(24)(iv) - Direct Tax Laws

Thursday, 04 Mar 2010 18:53

Section 50C has no application for arriving at value of benefit u/s 2(24)(iv)
By Ashok W. Phansalkar v. ITO [ITA No. 6373/Mum/2007] [2010] 3 taxmann.com 6 (MUM. - ITAT)

Section 35 refers to ‘capital expenditure’ and does not require any further requirement - Direct Tax Laws

Thursday, 04 Mar 2010 18:52

Section 35 refers to ‘capital expenditure’ and does not require any further requirement
By Ayushakti Ayurved Pvt. Ltd. v. ACIT [ITA No. 6541/M/20008] [2010] 3 taxmann.com 5 (MUM. - ITAT)

Once assessee is carrying on a speculation business and profits and gains have arisen from that busi... - Direct Tax Laws

Thursday, 04 Mar 2010 18:51

Once assessee is carrying on a speculation business and profits and gains have arisen from that business during course of assessment year, the assessee is entitled to set off losses carried forward from a speculation business arising out of a previous assessment year
By CIT v. Lokmat Newspapers Pvt. Ltd. [ITA (L) No. 3005 of 2009] [2010] 3 taxmann.com 4 (BOM.)

Section 43A read with Explanation 3 thereto would apply to roll over premium charges paid by an asse... - Direct Tax Laws

Wednesday, 03 Mar 2010 11:59

Section 43A read with Explanation 3 thereto would apply to roll over premium charges paid by an assessee in respect of foreign exchange forward contracts
By ACIT v. Elecon Engineering Co. Ltd. [CIVIL APPEAL NOS. 2057 TO 2065 OF 2010] [2010] 3 taxmann.com 2 (SC)

For purpose of section 36(1)(vii) post 1-4-1989, it is enough if bad debt is written off as irrecove... - Direct Tax Laws

Friday, 26 Feb 2010 16:29

For purpose of section 36(1)(vii) post 1-4-1989, it is enough if bad debt is written off as irrecoverable in accounts of assessee
By T. R. F. Ltd. v. CIT [Civil Appeal Nos. 5292 & 5293 of 2003] [2010] 1 taxmann.com 106 (SC)

No capital gains tax is leviable on transfer of shares held by the applicant in an Indian Group Comp... - Direct Tax Laws

Thursday, 25 Feb 2010 12:00

No capital gains tax is leviable on transfer of shares held by the applicant in an Indian Group Company in favour of its subsidiary in Cyprus without stipulating any consideration therefor, as a part of reorganization of business of the Group
By Amiantit International Holding Ltd., In re [A.A.R. No. 817/2009] [2010] 1 taxmann.com 105 (AAR - NEW DELHI)

An assessee does not have to develop the entire port in order to qualify for a deduction u/s 80-IA - Direct Tax Laws

Wednesday, 24 Feb 2010 18:57

An assessee does not have to develop the entire port in order to qualify for a deduction u/s 80-IA
By CIT v. ABG Heavy Industries Ltd. [ITA No. 1687,2121,2291,2663 of 2009 and 416 of 2010] [2010] 1 taxmann.com 104 (BOM.)

Reasons which are recorded by AO for reopening an assessment are the only reasons which can be consi... - Direct Tax Laws

Wednesday, 24 Feb 2010 18:53

Reasons which are recorded by AO for reopening an assessment are the only reasons which can be considered when formation of belief is impugned
By Prashant S. Joshi v. Income-tax Officer [WP No. 2287 of 2009 With WP No. 59 of 2010] [2010] 1 taxmann.com 103 (BOM.)

Loss making industrial undertaking would not come into the picture at all for purpose of computing d... - Direct Tax Laws

Wednesday, 24 Feb 2010 18:52

Loss making industrial undertaking would not come into the picture at all for purpose of computing deduction u/s 80-I
By CIT v. Sona Koyo Steering Systems Ltd. [ITA No. 1279/2008 and 194,416,761 and 788 of 2009] [2010] 1 taxmann.com 102 (DELHI)

Value of house under construction including investment on construction is not liable to wealth-tax - Direct Tax Laws

Wednesday, 24 Feb 2010 18:50

Value of house under construction including investment on construction is not liable to wealth-tax
By CIT v. Smt. Neena Jain [WTA No. 17 to 20 of 2008] [2010] 1 taxmann.com 101 (PUNJ. & HAR.)

Reference in Article 13(3)(c) of Indo-Canada DTAA is to “any copyright” and it is not a reference to... - Direct Tax Laws

Wednesday, 24 Feb 2010 12:35

Reference in Article 13(3)(c) of Indo-Canada DTAA is to “any copyright” and it is not a reference to “any right” for purpose of terming a payment as ‘royalty’
By Director of Income-tax v. Sahara India Financial Corpn. Ltd. [ITA No. 1064/2007] [2010] 1 taxmann.com 100 (NEW DELHI)

Commission paid for sale of SIM card, pre-paid or post-paid, is commission as envisaged under secti... - Direct Tax Laws

Wednesday, 24 Feb 2010 12:32

Commission paid for sale of SIM card, pre-paid or post-paid, is commission as envisaged under section 194H
By CIT v. Idea Cellular Ltd. [ITA No. 146 of 2009 With ITA No. 784 of 2009] [2010] 1 taxmann.com 99 (DELHI)

Provisions of section 11B of SEBI Act, being procedural in nature, can be applied retrospectively - Securities Laws

Wednesday, 03 Mar 2010 12:37

Provisions of section 11B of SEBI Act, being procedural in nature, can be applied retrospectively
By SEBI v. Ajay Agarwal [CIVIL APPEAL NO. 1697 OF 2005] [2010] 3 taxmann.com 3 (SC)

There is no provision in Central Excise Rules or even administrative instruction which require Tribu... - Service Tax

Saturday, 06 Mar 2010 11:26

There is no provision in Central Excise Rules or even administrative instruction which require Tribunal to record reasons while imposing penalty or for modification thereof
By CCE & C v. S. M. VIJ [Tax Appeal Nos. 221 to 223 of 2009] [2010] 3 taxmann.com 14 (GUJ.)