| PAN become must for all transactions from 1st April 2010 Posted: 04 Apr 2010 08:40 PM PDT Pan card has to be submitted for financial transactions. otherwise, tax burden will go up. The start of this new financial year requires additional effort from tax payers, as they need to be vigilant about their tax deduction at source (TDS). For... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| ICAI decided to review financial statements of 150 listed companies Posted: 04 Apr 2010 08:36 PM PDT The Institute of Chartered Accountants of India (ICAI) has decided to review financial statements of 150 listed companies across bourses as part of its policy to tighten accounting standards in the country after the Rs 8,000-crore Satyam scandal.... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| A new Controversy by CBDT: Disallowance of Forex Derivative Losses Posted: 04 Apr 2010 08:33 PM PDT Let's start with the bad news this week. Accounting principles say losses are tax deductible, but CBDT says no! Not if they are forex derivative losses. Last week, the Central Board of Direct Taxes or CBDT issued an internal circular which says that... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| ICAI panel hit out at banks for not doing due diligence on Satyam before giving loans Posted: 04 Apr 2010 08:15 PM PDT Accounting regulator Institute of Chartered Accountants of India (ICAI) probe panel has hit out at banks for not doing due diligence on Satyam Computer Services before giving loans, and wondered why the government put Deepak Parkeh on its board... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| ICAI planning to crack down on CA firms who indiscriminately use the brand names of the global firms they associate with Posted: 04 Apr 2010 08:12 PM PDT The Institute of Chartered Accountants of India (ICAI) is planning to crack down on local chartered accountant (CA) firms that would indiscriminately use the brand names of the global firms they associate with. A high-powered committee of ICAI set... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Applicability of TDS on Royalty payment to US based Copyright Holder on sale and distribution of cinematographic films on DVD and VCD Posted: 04 Apr 2010 09:08 AM PDT Recently, the Mumbai bench of the Income-tax Appellate Tribunal (the Tribunal) in the case of Asiavision Home Entertainment Pvt. Ltd. v. ACIT has held that royalty paid for the distribution and marketing of cinematographic film on DVD and VCD cannot... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Internal CUP Method Applies for Interest-Free Loans Made by Indian Company to Foreign Subsidiaries Posted: 04 Apr 2010 08:14 AM PDT The Mumbai Tribunal disallowed the claim of the taxpayer in providing interest free loans to its overseas subsidiary. The Tribunal rejected the argument of the tax payer that the loan was extended on account of commercial expediency and out of its... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| No penalty for making an incorrect claim under the Income Tax Act: Supreme Court Posted: 04 Apr 2010 07:51 AM PDT This ruling provides guidance to taxpayers on the issue that merely making a claim in the return of income, which is disallowed by the Tax Authority, cannot tantamount to furnishing inaccurate particulars of income, which would attract levy of... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Employee left India for the purpose of employment outside India – non resident if present for less than 182 days in India Posted: 04 Apr 2010 07:40 AM PDT Recently, the Authority of Advance Ruling (AAR) has held in the case of Shri Anurag Chaudhary (AAR No. 839 of 2009) that an employee who has left India for the purpose of employment outside India would qualify as a non resident, if he was present in... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Highlights of Foreign Trade (Development and Regulation) Amendment Bill, 2009 Posted: 04 Apr 2010 07:29 AM PDT In 1992, the Government enacted the Foreign Trade (Development and Regulation) Act, 1992 ('the Act') to enable development and regulation of foreign trade by facilitating imports and enhancing exports from India.In order to address certain... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Roll over charges paid on foreign exchange forward contracts required to be adjusted in the carrying amount of fixed asset Posted: 04 Apr 2010 04:18 AM PDT Section 43A, before its substitution by a new Section 43A vide Finance Act, 2002, was inserted by Finance Act, 1967 with effect from 1.4.1967, after the devaluation of the rupee on 6 June, 1966. It applied where as a result of change in the rate of... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Section 141 of Negotiable Instrument Act, 1881 does not make all the Directors liable for Dishonour of cheques Posted: 04 Apr 2010 04:15 AM PDT Section 291 of the Companies Act provides that subject to the provisions of that Act, the Board of Directors of a company shall be entitled to exercise all such powers, and to do all such acts and things, as the company is authorized to exercise and... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Value of house under construction including investment on construction is not liable to wealth-tax Posted: 04 Apr 2010 04:13 AM PDT The appeal was admitted to consider the following substantial questions of law: "(i)Whether, on the acts and in the circumstances o the Case ,the Hon'ble ITAT is justified in law in dismissing appeal of the Revenue against the Ld. CIT(A)'s... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Validity of reassessment has to be decided with reference to reasons recorded while re-opening an assessment Posted: 04 Apr 2010 04:07 AM PDT Basically, the validity of the exercise of the powers to re open an assessment has to be decided with reference to the reasons recorded while re opening the assessment. The reasons recorded while re opening the assessment do not justify the... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Close business association between two or more persons does not by itself make them person acting in concert Posted: 04 Apr 2010 04:06 AM PDT We have carefully perused the show cause notice which was common to all the six entities including the appellant who were alleged to have acted in concert with each other in the acquisition of the shares of the target company. Apart from making a... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Any disclosure made subsequent to seizure of incriminating material cannot be called voluntary under section 273A (1) of the IT Act Posted: 04 Apr 2010 03:44 AM PDT Respondents have power under section 273A to reduce the penalty or interest under Section 273A as it then stood. The test for waiver or reduction, for exercise of discretion are different. Under Section 273(4)the party applying must make out a case... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| No adjustments Arms Length Price (ALP) required when difference between ALP determined by assessee and by AO varies not more than 5 per cent Posted: 04 Apr 2010 03:36 AM PDT When the nature of transaction is such that the arm's length price can be determined by applying only one of the most appropriate methods and it need not to be determined by applying 2 or more methods, in such a situation even the price determined... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Applicability of Interest u/s 234B(3) for the first time in reassessment completed under section 147 Posted: 04 Apr 2010 03:30 AM PDT The omission of the AO to levy interest under section 234B(3) in the first reassessment completed under section 147 which could have been rectified under section 154, does not bar the AO from levying interest under the very same provision, when the... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Sale of stock exchange membership card of a defaulting member by Exchange amounts to transfer under the Income Tax Provisions Posted: 04 Apr 2010 03:23 AM PDT Since the Stock Exchange membership card which is sold in auction is property covered by the description "capital asset" under section 2(14) of the I.T Act, it's sale by stock Exchange amount to transfer" within the meaning of Section 2(47) of the... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Allowability of Payment towards PF/ESI contributions made before filing of income Tax Return? Posted: 04 Apr 2010 03:20 AM PDT Tribunal was correct in deleting the addition made by the Assessing Officer on the ground that the assessee had deposited employers' as well as employees' contribution towards PF/ESI after the due date, as prescribed under the relevant Act/Rules,... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Speculation gain can be set off against carried forward speculation loss Posted: 04 Apr 2010 12:23 AM PDT The expression "any speculation business" in Explanation to section 73 means a speculation business of assessee in respect of which profits & gains for assessment year in question have arisen and there is no justification to restrict content of... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| If transaction for sale concluded outside India then no income from offshore supplies accrues or arises or can be deemed to accrue or arise in India Posted: 04 Apr 2010 12:20 AM PDT The applicant is a company incorporated in Russia and also is tax resident of that country. It is one of the leading companies in the field of power project construction and export of electric power and is further engaged in the business of... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Provisions of section 11B of SEBI Act can be applied retrospectively Posted: 04 Apr 2010 12:15 AM PDT In the absence of any challenge to the provisions of section 11B, which came up by way of amendment in 1995, it cannot be said that even though Board is statutorily empowered to exercise functions in accordance with the amended law, its power to act... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Absence of reason for modification in Penalty order by tribunal will not make it Unjustifiable Posted: 04 Apr 2010 12:12 AM PDT The present tax appeals have been field by the Commissioner of Central Excise & Customs, Surat -II under sec. 35-G of the Central Excise Act, 1944 proposing to raise the following substantial question of law : "Whether in the facts and... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Assessment demands does not get stayed or vacated on filing of application before Posted: 04 Apr 2010 12:07 AM PDT Settlement Commission has jurisdiction over assessee only when it decides to proceed with the application and admits application under section 245D(1). In respect of demand raised in the assessment made before the admission of application for... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Expenditure on improvement of Capital Expenditure needs to be supported by evidence Posted: 04 Apr 2010 12:01 AM PDT We have-considered the rival submissions and perused the material on record. So far as facts are concerned, the undisputed facts are that assessees inherited in the co-ownership a Bunglow No.2, Faizabad Road, Opposite to IT College, Lucknow. This... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| If notice served through Courier then department need to exercise extra caution to prove service of the same to right person Posted: 03 Apr 2010 11:57 PM PDT If notice is not sent through registered post but service through Courier is preferred, then a proper acknowledgment of service with identification that it is being served on the person named in the notice should be on record; when service of notice... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| If Interest on original loan not allowable then Interest on the second loan for repayment of original loan also not allowable Posted: 03 Apr 2010 11:50 PM PDT When the interest payable on the original loan is not allowable u/s 24(1)(vi), then the interest paid or payable on the second loan for repayment of original loan is also not allowable. [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Before due date simply refers and means that not after the expiry of due date Posted: 03 Apr 2010 11:47 PM PDT We have considered the rival contentions, relevant record and various decisions relied upon by both the parties. The undisputed factual position emerging out of the record is that in the case of first assessee in ITA Nos.826 & 827/09 the return... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| As per treaty with USA Profits attributable to transaction of cargo, mail, etc. by aircrafts owned, chartered or leased by assessee cannot be taxed in India Posted: 03 Apr 2010 11:37 PM PDT The transportation of passengers, mails or cargo etc. by the assessee in the international traffic by the aircrafts as owner/charterer/ lessee would fall within the scope of Article 8 of the Indo-US Tax Treaty and therefore, profits attributed to... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Major fire breaks out at Income Tax office in Delhi Posted: 03 Apr 2010 11:28 PM PDT At least seven people were injured when a major fire broke out in the Income Tax Office (ITO) in New Delhi on Friday, Apr 2.According to officials, the blaze broke out in the fourth floor of the D-shape building at 11.15 am when some labourers were... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Informers can ask for information given by the Assessee to department under the RTI Act, 2005 Posted: 03 Apr 2010 11:23 PM PDT After perusing the submissions made during the hearing and considering the submissions made during the hearing, it appears that the following exemptions have been claimed by the Department and the Third parties- Section 8(1)(b), (d), (e), (h), and... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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