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Sep 15, 2009

UPDATES FROM TAX GURU 16.09.2009

UPDATES FROM TAX GURU



Intention of landlord material factor in deciding head of income derived by a landlord from hirers of his office space


SUMMARY OF CASE LAW Intention of the landlord is a material factor in deciding the issue as to whether charging of services to be provided in terms of the agreements with the tenants is business income or not; if it is found that main intention is...

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Future option income (F&O) can not be set off against speculation Loss

Posted: 15 Sep 2009 08:22 PM PDT


SUMMARY OF CASE LAW F&O transactions are not speculative transactions and thus, the income from such transactions cannot be set off against the speculation loss. CASE LAW DETAILS Decided by: ITAT, `E' BENCH, MUMBAI,  In The case of:...

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No addition can be made on the basis of mere statement recorded during survey

Posted: 15 Sep 2009 08:17 PM PDT


SUMMARY OF CASE LAW Merely on the basis of statement having been recorded, no addition can be made unless the same can be corroborated by any material either found during the course of survey or subsequently brought on record by the department while...

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HUF can't claim deduction u/s. 54F for property purchased by Individual in his individual capacity

Posted: 15 Sep 2009 08:14 PM PDT


CASE LAW DETAILS Decided by: HIGH COURT OF DELHI,  In The case of: VIPIN MALIK (HUF) v. CIT,  Appeal No.:,  ITA NO. 1241/2007, Decided on: AUGUST 7, 2009 RELEVENT PARAGRAPH The appellant/assessee, which is a HUF, sold its agricultural land for...

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Depreciation on discarded machinery allowable, if used for business purposes in earlier years

Posted: 15 Sep 2009 08:06 PM PDT


SUMMARY OF CASE LAW The expression "used for the purpose of the business" as found in section 32 of IT Act, 1961 when used with respect to discarded machinery would mean that the user in the business is not in the relevant financial year...

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Writ petition can be dismissed even if the alternative remedy is available to the petitioner under SEBI Act, 1992

Posted: 15 Sep 2009 08:01 PM PDT


SUMMARY OF CASE LAW It cannot be laid down as a proposition of law that once a petition is admitted, it could never be dismissed on the ground of alternative remedy; therefore, the High Court can entertain the plea whether the writ is maintainable...

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SCODA proposed disclosure of audited balance sheet on a half-yearly basis by listed companies

Posted: 15 Sep 2009 07:03 PM PDT


Presently, all registered companies in India are required, inter-alia, under section 210 of the Companies Act, 1956 to lay down before its share holders, during its annual general meeting, a balance sheet, providing a statement of assets and...

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Discussion paper on proposals relating to amendments to the Listing Agreement

Posted: 15 Sep 2009 06:57 PM PDT


1. Background SEBI Committee on Disclosures and Accounting Standards (SCODA) is the standing Committee of SEBI that advises on matters relating to disclosures and accounting standards. As part of a review of the extant norms relating to disclosure...

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SEBI Committee recommended mandatory rotation of Partner doing audit of listed company

Posted: 15 Sep 2009 06:34 PM PDT


SEBI Committee on Disclosures and Accounting Standards (SCODA) has recommended mandatory rotation — every five years — of the partners of the audit firms signing the accounts of a listed company. This is to ensure that the statutory auditors are...

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All-in-one PC maintenance tool for free

Posted: 15 Sep 2009 06:28 PM PDT


Windows OS that we use day-in and day-out needs to be maintained regularly for optimum performance. If not done regularly, the experience would be similar to driving a two wheeler without any maintenance. I was looking for a hassle free freeware...

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