Amendment to DTAA can't be given retrospective effect unilaterally Posted: 28 Jul 2012 07:55 PM PDT It is a cardinal principle, when two sovereign nations enter into an agreement and have come to an understanding regarding the terms, views expressed in the agreement, such terms cannot be unilaterally changed. Once the Government of India and Government of UAE had not used the limitation clause of... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
 | | TDS on transport charges deductible u/s. 194C not 194I Posted: 28 Jul 2012 07:35 PM PDT U/s 194-I, Income Tax is required to be deducted at source at the time of payment of any income by way of rent @' 10% for the use of any machinery or plant or equipment. U/s 194C, tax is required to be deducted @' 2% for carrying out any work which, inter alia, includes carriage of goods and... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
 | | Voluntary Retirement -Allowability of exemption u/s 10(10C) & rebate u/s 89 Posted: 28 Jul 2012 07:22 PM PDT Voluntary Retirement - Assessee can claim both exemption u/s 10(10C) & rebate u/s 89- The assessee is entitled to the exemption under section 10(10C) of the Act and also rebate under section 89 of the Act in respect of the amount received in excess of Rs.5,00,000 on account of voluntary... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
 | | Penalty for concealment of income cannot be imposed for Mere disallowance of expenses Posted: 28 Jul 2012 07:11 PM PDT A glance at the provisions of section 271(1)(c) of the Income-tax Act, 1961, suggests that in order to be covered by it, there has to be concealment of the particulars of the income of the assessee. Secondly, the assessee must have furnished inaccurate particulars of his income. The meaning of the... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
 | | Interest Paid on loan advanced to related concerns for business purpose allowable Posted: 28 Jul 2012 06:58 PM PDT Assessee has submitted in this case that advance was given amounting to Rs. 39,36,860/- to M/s Kohinoor International and interest was charged @ 6%. It was further claimed that the said advances were given out of the partners capital which was Rs. 30,91,322/- as on 31.3.2007. Furthermore,... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
 | | ITAT allows Deduction u/s.80IB(10) on partially complete project Posted: 28 Jul 2012 06:51 PM PDT Assessee is a firm engaged in business of builder and promoter. The issue before us is regarding allowability of deduction u/s.80IB(10) of the Act on partially complete project. The Assessing Officer has denied the deduction on the ground that project was not complete within the stipulated time.... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
 | | TDS not deductible on Payment to Google Ireland Ltd. for banner advertisement Posted: 28 Jul 2012 06:25 PM PDT During the year under consideration, the assessee company had made a payment of 1,09,35,108/- to Google Ireland Ltd. and the said amount was claimed as 'advertisement expenditure'. While making the said payment, no tax at source was deducted by the assessee on the ground that the amount paid to... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
 | | RBI Norms cannot override Income Tax Provisions Posted: 28 Jul 2012 05:56 PM PDT It is a fact that assessee has not booked the lease rentals as noted by the AO but on the reason that the assessee being NBFC is following the guidelines issued by RBI and guidelines states that once the party has become a defaulter for at least twelve months that party can be declared as NPA and... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
 | | GAAR Is Extraordinarily Broad & too Vague – USCIB Posted: 28 Jul 2012 05:36 PM PDT USCIB believes that the proposed guidelines are too vague to provide certainty to business investors. For example, an important part of certainty is respecting the obligations imposed by double taxation agreements between treaty partners. Treaty obligations should generally not be overridden by... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
 | | No Penalty U/s. 271(1)(c) if wrong claim caused by bona fide mistake Posted: 28 Jul 2012 05:30 PM PDT The provision made for advance tax of Rs.23,50, 000/- debited in the P&L account not added back to income is bonafide mistake. Assessee paid advance tax in the month of March only. It is the first time that provision was debited in P&L account. Had there been any intention to file... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
 | | S. 54 Constructed house of members cannot be deemed to be of society Posted: 28 Jul 2012 05:11 PM PDT The assessee's claim of exemption u/s 54 is devoid of merits as the concept of mutuality has not been extended to the assessee besides the constructed houses or the properties of the respective members cannot be deemed to be purchased or construction of the houses belonging to the society. In view... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
 | | SEBI – System for Making Application to Public issue of Debt SecuritiesSystem for Making Application to Public issue of Debt SecuritiesSystem for Making Application to Public issue of Debt Securities Posted: 28 Jul 2012 11:59 AM PDT CIRCULAR No. IMD/DF-1/20/2012, dated 27-7-2012 1. Regulation 10 of the SEBI (Issue and Listing of Debt Securities) Regulations, 2008 (the "SEBI Debt Regulations") provides that: "An issuer proposing to issue debt securities to the public through the on-line system of the...
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