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Jul 13, 2009

UPDATES FROM TAX GURU 14/07/2009

UPDATES FROM TAX GURU



Notice u/s. 148(1) of IT Act when a valid return was pending assessment



SUMMARY OF CASE LAW Merely because the Assessing Officer is prohibited from issuing notice under section 143(2) after twelve months of filing of the return, it does not mean that proceedings commenced with filing of a return, are pending before...


Deduction u/s 80-IB of IT Act in respect of housing project and its allowability



SUMMARY OF CASE LAW The concept of housing project does not mean that there should be the group of the buildings and only then same is called as "Housing Project" CASE LAW DETAILS Decided by: ITAT, MUMBAI BENCH, `F' :....


Valuation of residential accommodation provided by PSU to its employees



SUMMARY OF CASE LAW Section 17(2)(ii) of the Income-tax Act, 1961, as it stood prior to amendment in 2007, did not contain any `deeming clause' to deem rent paid less than 10 per cent or 7.5 per cent as a concession; in the absence of...


PWC may be blacklisted in India



The Institute of Chartered Accountants of India could likely consider recommending blacklisting of Price Waterhouse, which would bar the global audit firm from carrying out auditing in India. As the institute can only recommend, its decision can be...


Amendment Proposed in union budget 2009-10 in rules related to refund of custom duty on imported goods found to be defective



The Finance Bill proposes introduction of Section 26A in the Customs Act, 1962, so as to comply with the standards under the International Convention on the Simplification and Harmonisation of Customs Procedure (Revised Kyoto Convention). It seeks...


Retrospective Recovery of custom duty and interest from exporters proposed in budget by amending DFIA notifications



The proposal for retrospective amendment of the DFIA notification (no. 40/2006-Cus. dated 1.5.2006) intends to recover duty and interest from exporters who had stayed within the law and obtained certain benefits, which the government very well knew...

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With Regards, 
CA Sandeep Kanoi 
Website: http://www.taxguru.in/ 
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UPDATES FROM TAXGURU