Jun 13, 2009

SUMMARY OF CASE LAW The provision of gratuity is an ascertained liability and the same falls outside scope of the provisions of clause (c) of the Explanation 1 to section 115JB of the Income-tax...

The Commissioner of Income-tax cannot assume jurisdiction where the existence of two views is obvious

CASE LAW DETAILS Decided by: ITAT, "B-1" BENCH : MUMBAI, In The case of:Neelam Mercantile Pvt. Ltd. v.ITO, AppealNo. ITA No. 194/Mum/2008, Decided on: April 17, 2009 RELEVENT PARAGRAPH 7. The...

Allowability of expenses claimed by PSU on direct operations/grants

SUMMARY OF CASE LAW The grants and payment of royalty claimed under the head "expenses on direct operations/ grants" are not allowable under section 37(1), but they are allowable under section...

Applicability of section 194C of IT Act qua film financing arrangement containing provision of recovery of advances/loans with interest

SUMMARY OF CASE LAW Provisions of section 194C do not apply to the film financing arrangement of the kind in question. CASE LAW DETAILS Decided by: ITAT, `B' BENCH: MUMABI, In The case of: Muktha...

News Broadcasters Association demanded exemptions from service tax

News Broadcasters Association has demanded exemptions in service tax, fringe benefit tax and hike in government advertisement rates as part of its pre-budget proposals.. The proposals have been...

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