TAX & LEGAL UPDATES FROM TAX GURU 17.05.2009

UPDATES FROM TAX GURU Download E-Filing ITR 1, ITR 2, ITR-3 & ITR-4 for A.Y. 2009-10 Released by Income Tax Department Posted: 17 May 2009 07:26 PM PDT Individuals, HUF Filing of Income Tax returns is a legal obligation of every Individual/HUF whose total income for the previous year has exceeded the maximum amount that is not chargeable for income... ICAI relaxes rule for apointment of internal auditors as tax auditors Posted: 17 May 2009 04:57 AM PDT Accounting regulator ICAI today issued a clarification saying that internal auditors appointed as tax auditors can continue to do their work if their selection for the job took place before December... Principle of mutuality where the income of the mutual concern is the contributions received from its contributors Posted: 17 May 2009 12:44 AM PDT SUMMARY OF CASE LAW The principle of mutuality as enunciated by the Courts in various cases is applicable to a situation where the income of the mutual concern is the contributions received from its... High Court Interference would be justified only if it appears that the conclusions made by ITAT palpably perverse Posted: 17 May 2009 12:21 AM PDT SUMMARY OF CASE LAW Interference of the High Court in findings of fact would be justified only if it appears to it that the conclusions arrived at by the ITAT are palpably perverse. CASE LAW... Concessional ticket to travel Agents cannot be termed as commission Posted: 16 May 2009 11:20 PM PDT SUMMARY OF CASE LAW The relationship between the assessee-airlines and the travel agent is one of principal and agent; the supplementary commission which is the amount retained by the travel agent is... Estimated expenditure towards warranty is allowable Posted: 16 May 2009 10:22 PM PDT Supreme Court in the case of  Rotork Controls vs. CIT (Supreme Court) held that  Estimated expenditure towards warranty is allowable u/s 37 (1). The assessee sold valve actuators. At the time of...

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