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| Mumbai Tribunal rules that the transfer of licensed software cannot be considered as 'royalty' within the meaning of India-US tax treaty Posted: 11 Apr 2010 08:22 PM PDT Mumbai bench of Income-tax Appellate Tribunal (the Tribunal) in the case of Alcatel USA International Marketing Inc (see note-1 below) (taxpayer) has held that the transfer of licensed software cannot be considered as 'royalty' within the meaning... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
 | | Investment by Financial Investor with protective rights for investments should not result in vesting of 'Control' of the Target Company with financial investor Posted: 11 Apr 2010 08:06 PM PDT MSK Projects India Limited ('MSK' or 'the Target Company'), issued and allotted fully paid-up equity shares to Subhkam Ventures (I) Private Limited ('Subhkam'), erstwhile Subhkam Holding Private Limited, on preferential basis representing 17.90... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
 | | Now same Interest rate for old and new Home Loan Posted: 11 Apr 2010 07:22 PM PDT Floating-rate home loan borrowers, who often felt they got a raw deal, will now have a reason to cheer. The Reserve Bank of India's (RBI) new rules will ensure that they get the full benefit of any reduction in interest rates. In its final... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
 | | Akshay, Shahrukh, Hrithik paid lesser Income tax in FY10 while Aamir, Amitabh paid more Posted: 11 Apr 2010 07:16 PM PDT Fiscal 2010 turned out to be a bad year for the tinsel town with the earnings of many a Bollywood superstar, including Akshay Kumar, Shahrukh Khan and Hrithik Roshan, taking a plunge as reflected in their advance tax payments. According to the data... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
 | | Court directs SEBI to probe DLF's 'mis-statement' in Red Herring Prospectus Posted: 11 Apr 2010 07:11 PM PDT The Delhi High Court has directed stock market regulator SEBI to conduct probe against real estate giant DLF for alleged mis-statement in its Red Herring Prospectus while launching its IPO in 2007. The court passed the order after it was alleged by... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
 | | Income Tax Notification 24/2010 – Section 2(48) of the Income-tax Act, 1961 – Zero Coupon Bond Specified bond Posted: 11 Apr 2010 06:49 PM PDT S.O. (E).-In exercise of the powers conferred by clause (48) of section 2 of the Income-tax Act, 1961 (43 of 1961), read with clause (ii), clause (iii) and clause (v) of sub-rule (3) and sub-rule (6) of rule 8B of the Income Tax Rules, 1962, the... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
 | | Please Comment: Should CAs be allowed to represent the Assessee in Assessment Proceedings? Posted: 11 Apr 2010 07:57 AM PDT When a Chartered Accountant is performing a statutory audit, he is acting as an agency of the revenue department. Many times, we have seen that the dealers'/assessee's assessment has been made on the basis of the auditors' report. It is very well... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
 | | S. 195 (1) TDS obligation does not arise if the payment is not chargeable to tax. Samsung Electronics not followed Posted: 10 Apr 2010 09:49 PM PDT ITO vs. M/s Prasad Production (ITAT Chennai Special Bench). The assessee made a remittance to IMAX Canada towards technology transfer fee without deduction of tax at source. The AO took the view that the consideration was "fees for technical... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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With Regards,
CA Sandeep Kanoi
Website: http://www.taxguru.in/
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