Additional depreciation on new asset not subject to setting up or operational connectivity with main business Posted: 30 Dec 2009 07:37 PM PST This article summarizes recent ruling of the Madras High Court (HC) in the case of CIT v M/s Hi Tech Arai Limited (Taxpayer) [Tax Case (Appeal) Nos. 670 and 671 of 2009] on the issue of allowability of additional depreciation on newly set-up... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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Interest on funds borrowed for acquiring controlling interest not allowable expenditure under the Income Tax Act Posted: 30 Dec 2009 07:28 PM PST The Taxpayer incurred interest expenditure on the funds borrowed for investing in shares of a company, with a view to acquire controlling interest. The ITAT held that the interest expenditure incurred is not allowable under Section 57(iii)(Section)... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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SB rules income from derivative trading in shares prior to financial year 2005-06 is speculation income Posted: 30 Dec 2009 07:19 PM PST This Tax Alert summarizes a recent ruling of the Special Bench (SB) of Kolkata Income Tax Appellate Tribunal (ITAT) in the case of Shree Capital Services Ltd. (Taxpayer) vs. ACIT (ITA No. 1294 (Kol) of 2008) in which the SB held that, prior to... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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Duty Drawback and sale of DEPB license not eligible for tax holiday: Supreme Court Posted: 30 Dec 2009 07:11 PM PST This article summarizes a recent ruling of the Supreme Court (SC) [2009-TIOL 100-SC-IT] in the case M/s Liberty India (Taxpayer), in which the SC held that the receipts, by way of Duty Drawback and sale of Duty Entitlement Pass Book (DEPB) licence... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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Larger Bench rules tax holiday not available to a contractor/executor under the Income Tax Act Posted: 30 Dec 2009 06:56 PM PST Taxpayers in the infrastructure sector are often engaged in the execution of construction activities, which form a minor portion of a contract for the development of an infrastructure facility. This ruling provides guidance on whether a contactor... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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Govt decided to shelve introduction of unique transaction number (UTN) Posted: 30 Dec 2009 06:30 PM PST The government has decided to shelve the introduction of the unique transaction number, which tax payers need to quote along with permanent account number when tax is deducted/collected at source.The scheme was to have come into force from the new... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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Budget 2010 may have anti-avoidance provisions to check evasion of tax Posted: 30 Dec 2009 06:18 PM PST The forthcoming Union budget may have an anti-avoidance provision, which can effectively check convoluted transactions devised exclusively for the purpose of evading paying taxes in India. The finance ministry, said revenue department officials, is... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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Habitual absence from work without taking leave amounts to misconduct Posted: 30 Dec 2009 06:08 PM PST Now, habitual absence from work without taking leave amounts to misconduct on the part of an employee. According to the ruling by the Mumbai High Court, a person in the habit of being absent without prior sanction, is somebody who is not devoted to... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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RBI circular on Advance Remittance for Import of Rough Diamonds Posted: 30 Dec 2009 06:05 PM PST banks have been permitted to make advance remittance without any limit and without bank guarantee or standby letter of Credit, by an importer (other than Public Sector Company or Department / Undertaking of the Government of India /State... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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mendment to the Maharashtra Value Added Tax Rules, 2005 Posted: 30 Dec 2009 05:32 PM PST The sub-rule (1) provides the different forms of returns to be filed by various categories of dealers. Earlier, the dealers. used to submit these forms of return-cum-chalan physically either to the Bank alongwith payment of tax, interest etc., if... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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Indian Company Law – Objects Clause? Posted: 30 Dec 2009 08:16 AM PST We all know about the requirements of forming a Company in India. Incorporation of a Company, as a secretarial practice, may not be a complicated exercise. It is not difficult to get the Director Identification Numbers (DIN) for the proposed... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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Appeal to simplify and speedup the procedure for approval u/s. 22 of the Bombay Public Trust Act, 1950, where any change occurs in any of the entries recorded in the Register of Trusts Posted: 30 Dec 2009 07:56 AM PST For the benefit of all the Public Charitable and Religious Trusts, Trustee & all such Trusts should jointly make a petition before Law Minister, Law and Judiciary Department Sachivalaya, Maharashtra to amend this and other similar provisions in... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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Appeal to simplify and speedup the procedure for approval u/s. 36A(3) of the Bombay Public Trust Act, 1950 in respect of raising loan or deposit Posted: 30 Dec 2009 07:31 AM PST Thus, for the benefit of all the Public Charitable and Religious Trusts, Trustee & all such Trusts should jointly make a petition before Law Minister, Law and Judiciary Department Sachivalaya, Maharashtra to amend this and other similar... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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