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Jul 13, 2009



FBT abolished and Perquisites earlier covered under FBT become taxable in the hand of Employees

Currently, certain prescribed fringe benefits provided by an employer to his employees are liable to FBT in the hands of the employer. Such fringe benefits are not included within the scope of 'perquisites' as defined in section 17. As FBT will now...

Taxability of receipts from transfer of marketing rights and non-compete fee

SUMMARY OF CASE LAW Where an amount is received by the assessee towards its income generating assets, then iat is a capital receipt; on the other hand, if the receipt is towards the loss of income and not the source of income, then it is of...

If partner used club membership taken in his own name for business purpose then Club subscription paid by firm is allowable

SUMMARY OF CASE LAW Once commercial angle of the expenditure is established as contemplated by section 37(1) of the Income-tax Act, there is no difference in the corporate membership or a membership of working partner in a club for the purpose of...

Scholarship/ stipend received by a student for pursuing higher studies cannot be treated as salary

SUMMARY OF CASE LAW Sections 15, 16 and 17 of the Income-tax Act, 1961 nowhere includes scholarship/ stipend which have been mentioned in section 10(16) of the Act; therefore, it can be said that the stipend/scholarship has been specifically....

Applicability of section 194C of IT Act, 1961 on contract for sale of goods

SUMMARY OF CASE LAW The contracts for the sale of goods will not be covered within the ambit of section 194C. CASE LAW DETAILS Decided by: ITAT, MUMBAI BENCHES `E', MUMBAI, In The case of: Shemaroo Video Pvt.Ltd.v.ITO, Appeal No.: ITA NOS....

Validity of order passed u/s 154 of IT Act, 1961 when demand notice served after limitation period

SUMMARY OF CASE LAW The order of amendment under section 156 would mean an order in writing and calculation of tax on the basis of such order; if the amendment and calculation of tax is made within the period of limitation as provided in...

Key Features of LLP Act & Taxation of Limited Liability Partnership

Key Limited Liability Partnership Act 2008 and Limited Liability Partnership Rules, 2009 • The Limited Liability Partnership (LLP) Bill 2008 was passed by the Parliament on December 12, 2008 and legislated vide notification of the Act in the...

With Regards, 
CA Sandeep Kanoi 

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