RECENT INCOME TAX CASE LAWS: LEGAL & FINANCIAL UPDATES FROM TAX GURU 01.04.2009

Weighted deduction for sum paid to a company to be used by such company for scientific research

Posted: Wed, 01 Apr 2009 02:42:04 +0000

EXPLANATORY NOTES TO THE PROVISIONS OF THE FINANCE ACT, 2008 CIRCULAR NO. 1/ 2009, DATED 27th MAR, 2009 10. Weighted deduction for sum paid to a company to be used by such company for scientific...

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Exemption of income of Agricultural Produce Marketing Committee/Board & Coir Board

Posted: Wed, 01 Apr 2009 02:37:33 +0000

7. Exemption of income of Agricultural Produce Marketing Committee or Board 7.1 Clause (26AAB) has been inserted in section 10 to provide for tax exemption with respect to the income of an...

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Deduction under section 10A and 10B is available till assessment year 2010-11

Posted: Wed, 01 Apr 2009 02:32:31 +0000

EXPLANATORY NOTES TO THE PROVISIONS OF THE FINANCE ACT, 2008 CIRCULAR NO. 1/ 2009, DATED 27th MAR, 2009 9. Extension of time limit for availing deduction under section 10A and 10B 9.1 100%...

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Income of Sikkemese individual is exempt from Income Tax w.e.f. A.Y. 1990.91

Posted: Wed, 01 Apr 2009 02:22:35 +0000

EXPLANATORY NOTES TO THE PROVISIONS OF THE FINANCE ACT, 2008 CIRCULAR NO. 1/ 2009, DATED 27th MAR, 2009 6. Exemption to a "Sikkimese" individual 6.1 Section 10 of Income-tax Act relates to incomes...

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Extention of date for existing mannual system for accepting applications for declarations till 30/06/2008: MVAT Cir-12T of 2009

Posted: Wed, 01 Apr 2009 02:09:27 +0000

TRADE CIRCULAR Dated: 31.03.2009 No. VAT/U.O..R.No. 646/JC(Reg.) Trade Circular No.12 T of 2009 Sub.: Procedure for online submission of application [Statement of Requirement ] for the...

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Tax department started providing your tax payment & TDS details like a bank statement

Posted: Wed, 01 Apr 2009 02:05:46 +0000

Just as your savings account, you can now check your income tax status online. In a move that will help an individual keep abreast with his tax details, the income tax (I-T) department has started...

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Cost Audit may cover more industries in Private Sector specially all petroleum, power firms

Posted: Wed, 01 Apr 2009 01:51:56 +0000

The government may rectify the present system of selective cost audit that covers only a few companies while many others, mainly those in the private sector, are left out, according to a senior...

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Can department file an appeal against its own circular?

Posted: Wed, 01 Apr 2009 01:45:25 +0000

A very piquant situation has arisen after the judgement of the Supreme Court in the Ratan Melting case. One of my ex-colleagues who is known to be as knowledgeable as he is serious, rang me up with a...

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Condition precedent for claiming deduction under section 42 of IT Act : ITAT Ahemdabad

Posted: Tue, 31 Mar 2009 14:00:30 +0000

CASE LAW DETAILS Decided by:. ITAT, `C' BENCH, AHMEDABAD In The case of: ACIT v.Niko Resources Ltd. Appeal No. : ITA NOS. 661 & 789/AHD/2005 Decided on: FEBRUARY 29, 2008 SUMMARY OF CASE...

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Condition precedent for invoking provisions of section 142A of IT Act : ITAT New Delhi

Posted: Tue, 31 Mar 2009 13:58:53 +0000

CASE LAW DETAILS Decided by:. ITAT, DELHI BENCH `F': NEW DELHI In The case of: ITO v. Rajeshwar Nath Gupta, HUF Appeal No. : ITA No. 4295/Del/2005 & C.O. No. 375/Del/2007 Decided on: May...

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Each well or a cluster of wells producing mineral oil would be an undertaking eligible for tax holiday under section 80-IB of IT Act : ITAT Ahemdabad

Posted: Tue, 31 Mar 2009 13:50:54 +0000

CASE LAW DETAILS Decided by: ITAT, `C' BENCH AHMEDABAD In The case of: ACIT v. Niko Resources Ltd. Appeal No. : ITA Nos. 661 & 789/Ahd/2005 Decided on: February 29, 2008 SUMMARY OF CASE...

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Excess tax paid by the employer can not be taxed in the hand of the Assessee

Posted: Tue, 31 Mar 2009 13:42:34 +0000

CASE LAW DETAILS Decided by:. ITAT, DELHI BENCH `G' NEW DELHI In The case of: Satoru Tanaka v. ACIT Appeal No. : ITA Nos. : 715 to 717/Del/2007 Decided on: February 11, 2009 SUMMARY OF THE...

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Onus for proving gifts as genuine is on Assessee but same is not fixed : ITAT Lucknow

Posted: Tue, 31 Mar 2009 13:38:20 +0000

CASE LAW DETAILS Decided by: ITAT, LUCKNOW BENCH `A' LUCKNOW In The case of: Smt. Sonu Agarwal v. ITO Appeal No. : ITA No. 698/Luc/08 Decided on: January 23, 2009 SUMMARY OF THE CASE LAW. Love...

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Notional benefit will not form part of actual rent received as contemplated by section 23(1)(b) of IT Act

Posted: Tue, 31 Mar 2009 13:30:51 +0000

CASE LAW DETAILS Decided by:. ITAT, MUMBAI BENCH `C' MUMBAI In The case of: ITO v. Pushya Properties (P.) Ltd. Appeal No. : ITA No. 2906/m/08 Decided on: March 6, 2009 SUMMARY OF CASE...

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Amount excluded from export turnover should also be excluded from total turnover for purposes of sections 10A or 10B of IT Act, 1961

Posted: Tue, 31 Mar 2009 13:25:52 +0000

CASE LAW DETAILS Decided by:. ITAT, SPECIAL BENCH `D' : CHENNAI In The case of: ITO v. Sak Soft Ltd. Appeal No. : ITA Nos. 691 & 1953/Mds/2007 Decided on: March 6, 2009 SUMMARY OF THE...

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Assessment can not be reopened for change of opinion U/s. 147 of the Income Tax Act, 1961

Posted: Tue, 31 Mar 2009 13:21:59 +0000

CASE LAW DETAILS Decided by: HIGH COURT OF BOMBAY. In The case of: Cartini India Ltd. v. Addl. CIT Appeal No. : Writ Petition No. 2468 of 2008 Decided on: March 25, 2009 SUMMARY OF THE CASE LAW Once...

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