| New unit must have separate and independent identity if set up by a company which is already running an industrial unit to claim benefit u/s. section 80-1B(2)(i) Posted: 17 Jul 2009 07:00 PM PDT 
SUMMARY OF CASE LAW The concept of reconstruction of business as contemplated by section 80-1B(2)(i) would not be attracted when a company which is already running one industrial unit sets up another industrial unit; the new industrial unit would.... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]  |
| Income cannot be assessed as "income from house property just because income is attached to immovable property Posted: 17 Jul 2009 06:55 PM PDT 
SUMMARY OF CASE LAW Merely because income is attached to immovable property, it cannot be the sole factor for assessment of such income as "income from house property. CASE LAW DETAILS Decided by: ITAT, DELHI BENCHES `F': NEW DELHI, In... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]  |
| Rectification of order passed by tribunal under section 254(2) of IT Act, 1961 Posted: 17 Jul 2009 06:53 PM PDT 
SUMMARY OF CASE LAW If the Tribunal has consciously come to the conclusion that no income accrues in India and in respect of which elaborate reasons are given, if the applicant does not agree with the reasoning, it cannot be said that any mistake... [[ This is a content summary only.. Visit my website for full links, other content, and more! ]]  |
| Mere enquiry about any loan/gift does not tantamount to detection of concealment of income u/s. 271(1)(c) of IT Act, 1961 Posted: 17 Jul 2009 06:43 PM PDT 
SUMMARY OF CASE LAW Mere omission of the surrendered income from the return of an item of receipt does neither amount to concealment nor furnishing of inaccurate particulars of income; mere asking of a question or simply raising of an enquiry... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]  |
| Status of the Local Authority cannot be denied for the reason that members of the assessee-Mandi Parishad not elected Posted: 17 Jul 2009 06:40 PM PDT 
SUMMARY OF CASE LAW Just because the members of the assessee-Mandi Parishad not elected, the status of the "Local Authority" cannot be denied to it when all other tests laid down by the Supreme Court regarding a local authority in... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]  |
| Mumbai ITAT Bench not functioning from 20.07.09 to 24.07.09 Posted: 17 Jul 2009 10:21 AM PDT 
The following Benches will not function during the period from 20.07.09 to 24.07.09"A1, B1, E1, H, L, & WT"The cases hanve been adjourned to respective dates - See seprate notice.Sd/-(M.A. Bakshi)Vice-PresidentDate : 16.07.2009 [[ This is a content summary only. Visit my website for full links, other content, and more! ]]  |
| Small business been given Tax breather in Union Budget 2009 Posted: 17 Jul 2009 10:18 AM PDT 
The small business community is usually a discontented lot when it comes to budget announcements by the government. This time though was a little different. The UPA government took significant measures in Budget 2009 to simplify the direct tax code... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]  |
| Union Budget 2009 covered Gifts and deemed Gifts of Properties under tax net Posted: 17 Jul 2009 09:50 AM PDT 
Under the existing provisions, in a nutshell, gifts received by individuals and HUFs, only as sum of money from non relatives in excess of Rs.50000/- per annum are taxable. Gifts on the occasion of marriage or under a will are also outside the tax... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]  |
| No separate empanelment for NABARD Posted: 17 Jul 2009 09:41 AM PDT 
As everybody is already aware, National Bank for Agriculture and Rural Development (NABARD) takes panel from the Institute of Chartered Accountants of India for the empanelment of Statutory Auditors of Regional Rural Banks. (RRBs). In this context,... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]  |
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