LEGAL & FINANCIAL UPDATES 25.05.2009

UPDATES FROM TAX GURU IT dept. imposed penalty on DLF for understatement of income, auditors role in question Advance Ruling on nature of receipts derived by an Australian company from ONGC AAR on tax liability of a partnership firm to be formed in Canada by a Canadian company for executing its PSCs in India To claim deduction under section 80P the status of the co-operative society shall be a primary society Determination of residential status of Assessee not resident in India in 9 out of 10 previous years Year of taxability on transfer of lease hold rights of immovable property Interest to Partners is allowable even if there is no book profit IT dept. imposed penalty on DLF for understatement of income, auditors role in question Posted: 24 May 2009 06:58 AM PDT NEW DELHI: The I-T authorities have slapped a tax liability of Rs 300-400 crore on realty leader DLF over what they called understatement of income and fund diversion by the company. The liability... Advance Ruling on nature of receipts derived by an Australian company from ONGC Posted: 24 May 2009 02:15 AM PDT ADVANCE RULING  DETAILS Decided by: THE AUTHORITY FOR ADVANCE RULINGS (INCOME TAX) NEW DELHI, Advance Ruling Asked by: Worley Parsons Services Pty. Ltd., In re,  Advance Ruling  No. : A.A.R. NO.... AAR on tax liability of a partnership firm to be formed in Canada by a Canadian company for executing its PSCs in India Posted: 24 May 2009 02:04 AM PDT SUMMARY OF ADVANCE RULINGS The proposed partnership firm to be formed by the Canadian company can be assessed as a firm under the Income-tax Act, 1961 provided the requirements of section 184 are... To claim deduction under section 80P the status of the co-operative society shall be a primary society Posted: 24 May 2009 01:44 AM PDT SUMMARY OF CASE LAW Though the Courts have held that the provisions of exemption applicable to the co-operative societies must be construed liberally; but, that does not mean that the interpretation... Determination of residential status of Assessee not resident in India in 9 out of 10 previous years Posted: 24 May 2009 01:38 AM PDT SUMMARY OF CASE LAW Where the individual is resident in the previous year, but was not a resident in India in 9 out of 10 previous years preceding the year or was in India for a total period of 730... Year of taxability on transfer of lease hold rights of immovable property Posted: 24 May 2009 12:40 AM PDT SUMMARY OF CASE LAW Where the transaction relating to transfer of lease hold rights of immovable property between the assessee and its group company was complete in the year 2001-02 itself in terms... Interest to Partners is allowable even if there is no book profit Posted: 24 May 2009 12:33 AM PDT SUMMARY OF CASE LAW If the rate of interest payable to partners to their capital balances is within the prescribed percentage, then such amount of interest is allowable as deduction from the...   With Regards,  Sandeep Kanoi  Website: http://www.taxguru. in/  Get LEGAL & FINANCIAL UPDATES FROM TAX GURU delivered by email

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