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Jul 21, 2009

UPDATES FROM TAX GURU 22.07.2009

UPDATES FROM TAX GURU



Press Note on taxation of limited liability partnerships



TAXATION OF LIMITED LIABILITY PARTNERSHIPS  {PRESS NOTE, DATED 10-7-2009)LLP is a new corporate form that enables professional expertise and entrepreneurial initiative to combine, organize and operate in an innovative and efficient manner. In India,...


Personal verification of PAN applications by visiting the applicant



NSDL has put a notice on his website mentioning that they will verify Identity and address of a certain percentage of PAN applications although they haven't mentioned much detail about the mode of visit, timing, within how much day of application,...


CIC decided, CA student to get copy of answer sheet under RTI Act



Name of the Appellant: Ms. Vikita Vishanji Soni , Name of the Public Authority: The Institute of Chartered Accountants of India , Decision No.4167/IC(A)/2009 , F. No.CIC/MA/A/2009/000474 , Dated, the 13th July, 2009 , Delivered by : Central...

Reopening of Completed assessment, onus lies mainly on department to confront assessee with evidence



SUMMARY OF CASE LAW In a case of reopening of a completed assessment, undoubtedly, the onus lies heavy on the department and it is the bounden duty of the department under the law to confront the assessee with the evidence to be used against the...


Reassessment on ground of allowance of excess deduction on incentives of DEPB U/s. 80HHC



SUMMARY OF CASE LAW Even in a case where the assessment has been completed under section 143(3) of Income-tax Act, the assessment can be reopened within four years if the conditions under Explanation 2(c) to section 147 have been satisfied. CASE...


Expenses reimbursed cannot be excluded from the amount defined in section 44BB(2)



SUMMARY OF CASE LAW The catering charges and fuel expenses reimbursed cannot be excluded from the `amount' defined in sub-section (2) of section 44BB for computing profits and gains in connection with the business of exploration, etc., of...


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