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Oct 19, 2009

UPDATES FROM TAX GURU 19.10.2009

UPDATES FROM TAX GURU (in this message: 11 new items)



Section 54F exemption cannot be availed if there is a house in existence on the date of transfer

Posted: 18 Oct 2009 01:09 PM PDT


I have heard the rival submissions in the light of material placed before me and the precedents relied upon. The assessee got share in the house property, as per the WILL of his father He became the joint owner of the property along with his...

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No disallowance u/s 43B if deduction not been claimed by the Assessee in respect of sum payable by way of tax or duty

Posted: 18 Oct 2009 01:03 PM PDT


Section 43B can only be invoked when the assessee claims deduction for any sum payable by way of tax or duty, under any law for the time being in force, and, as such, where no such deduction is claimed nor charged made to the profits and loss...

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Satisfaction of the AO and determination of Expenditure in relation to income which is not includible in total income

Posted: 18 Oct 2009 01:00 PM PDT


Once the AO, at the very inception is not satisfied with the correctness of the claim of the assessee in respect of the expenditure incurred in relation to income not forming part of the total income under the Income-tax Act, there is no amount of...

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Applicability of TDS on payment made to legal advisors at Hongkong

Posted: 18 Oct 2009 12:28 PM PDT


When the legal charges paid in UK are accepted to be covered under section 9(1)(vii) of the Income-tax Act, then how it can be argued that similar charges paid in Hongkong be given a different treatment, more so when the relation of the services...

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Levy of penalty under section 158BFA (2) on undisclosed income returned for non-payment of tax thereon

Posted: 18 Oct 2009 12:20 PM PDT


There is no question of application of main provision of sub-section (2) of section 158BFA for imposing penalty even on the undisclosed income shown in the return in Form No.2B; there is nothing in the language of section 158BFA(2) to incorporate...

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Undisclosed income of the partnership firm can not be assessed in the hand of the partners

Posted: 18 Oct 2009 12:10 PM PDT


If the business is carried on by the firm, then whether it is disclosed income or undisclosed income, is to be assessed in the hands of the firm and not in the hands of the partners; there is no machinery to assess the income of the firm in the...

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Leviability of Penalty under section 271D if Assessee have reasonable cause for borrowing in violation of section 269SS

Posted: 18 Oct 2009 12:07 PM PDT


When the assessee-company, a builder and developer of lands, resorted to cash borrowing in violation of section 269SS only because of the advantage which the ready cash back-up would give to it in negotiating the purchase of agricultural lands for...

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If assessee has no enforceable right to receive interest then there can not be accrual of income

Posted: 18 Oct 2009 11:56 AM PDT


Unless and until the terms and conditions of advance are known and agreed between the parties, assessee will not acquire any right to receive interest on the advanced loan and no income would accrue by way of interest. Related posts:Chargeability...

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Expression Marketing under section 80P(2)(a)(iii) of Income Tax Act, 1961 includes processing

Posted: 18 Oct 2009 11:47 AM PDT


The expression "marketing" as occurring in section 80P(2)(a)(iii) , is a comprehensive term; it does not mean merely buying and selling; it includes "processing" which may be necessary for making the agricultural produce marketable; hence, for the...

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Change in method for Valuation of closing stock should be bona fide

Posted: 18 Oct 2009 11:41 AM PDT


No doubt a company can adopt a scientific method for valuation of the closing stock, but, such valuation of closing stock has to be adopted on a consistent basis and cannot be changed to suit the convenience of the assessee so as to deprive the...

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Allowability of interest due and payable to financial institution u/s. 43B of Income Tax Act, 1961

Posted: 18 Oct 2009 11:33 AM PDT


We do not find any error in the approach of the authorities below. Merely because the interest was debited in the books of accounts maintained on mercantile basis would not mean that the interest had become due and accrued because admittedly the...

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