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Apr 11, 2010

TaxGuru.in : Legal & Tax Updates 12.04.2010

TaxGuru.in : Legal & Tax Updates (in this message: 8 new items)

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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...

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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...

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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...

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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...

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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...

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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...

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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...

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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...

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