UPDATES FROM TAX GURU 21.10.2009

UPDATES FROM TAX GURU Income From Other Sources- Section 56 (2)(Vii) Unequal treatment of all equals Posted: 20 Oct 2009 08:26 PM PDT The Budget 2009-2010 amended the Income Tax Act so as to tax notional income resulting from transactions in immovable properties under section 56 i.e. Income from other sources. Our focus in this write-up will be only on newly inserted provisions... Burden to prove identity, creditworthiness and genuineness of cash credits under section 68 of IT Act When the particulars regarding income-tax assessments and bank account of creditors have been filed then initial burden has to be held to be discharged by the assessee and then the burden shifts on the Revenue to show that what is stated or... Fee for use of satellite is royalty under the Income Tax Act & DTAA : ITAT Delhi Special Bench The assessee, a foreign company, was engaged in operating geostationary telecommunication satellites with transponder capacity which were provided to telecasting companies in India for a fee. The question arose whether the said fee was... No penalty under Expl. 7 to s. 271 (1) (c) for bona fide transfer pricing adjustments Expl. 7 to s. 271 (1) (c) provides that in the case of an assessee who has entered into an international transaction, any amount added or disallowed in computing the total income u/s 92C (4) shall for purposes of s. 271 (1) (c) be deemed to... MP Government likely to challenge GST in Supreme Court The Madhya Pradesh government is gearing up to take on Centre over the goods and service tax (GST) issue. If things do not happen its way, the state is likely to challenge the Centre on the issue in the Supreme Court. Related posts:No demand on... Taxpayer of 10 more cities will get Income Tax Refund directly in their bank account The I-T department has decided to extend the Refund Banker Scheme that allows refund of excess tax money to taxpayers to nine more cities, including Ahmedabad and Kochi. Related posts:Track your tax refund status online now Individual taxpayers... CBDT suggested abolition of MAT and continuance of tax benefit on savings in new Direct Tax Code The Central Board of Direct Taxes (CBDT), the government's apex tax policy and collection body, has suggested that the new direct taxes code abolish Minimum Alternate Tax (MAT) and continue to offer individuals tax exemptions on savings under the... With Regards,  CA Sandeep Kanoi  Website: http://www.taxguru.in/  Get LEGAL & FINANCIAL UPDATES FROM TAX GURU delivered by emai

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