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Feb 7, 2010

Updates from TaxGuru 08.02.2010

Financial, Legal & Tax Updates from TaxGuru (in this message: 5 new items)

Link to LEGAL & FINANCIAL  UPDATES FROM TAX GURU

RBI's approval does not put a seal of approval on true character of a transaction from perspective of transfer pricing regulation

Posted: 07 Feb 2010 06:27 AM PST

These appeals by the assessee are directed against the separate orders of the CIT(A) for the respective assessment years. Since the issues involved in these appeals are common and connected, and these appeals were heard together, these are being...

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Recourse to the power under Section 147 cannot be sustained on a mere change of opinion

Posted: 07 Feb 2010 06:18 AM PST

The admitted position before the Court, on the basis of the material on the record, is that by the notice under Section 148 issued on 30th November 2009, the assessment pertaining to the year 2002 ­03 was sought to be reopened after the lapse of...

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If company constructed structure on shareholders land then rent there from will be taxable in the hand of company

Posted: 07 Feb 2010 06:09 AM PST

In so far as the rents received from "Samsung" 3re concerned., the finding recorded by the Assessing Officer is that, the structure is constructed by the Company itself with its own funds and not that the super structure has been constructed by the...

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Co-operative Bank entitled to deduction u/s 80P(2)(a)(i) on amount of interest received u/s 244A on Income tax Refund

Posted: 07 Feb 2010 05:56 AM PST

We have heard the arguments put forth by both the sides along with the case law relied upon. Having held above that the interest on income-tax refund does not fall under the head `Profits and gains of business or profession', it remains to be...

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The assessing authority cannot act on the dictates of the Commissioner to reopen the concluded assessment

Posted: 07 Feb 2010 05:50 AM PST

Whether, the Tribunal was correct in holding that the Assessing officer had to record his reasons and based on those reasons form his opinion that the income has escaped assessment by relying on two judgments of this Hon'ble Court in 133 JTJ? 199...

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