RECENT INCOME TAX CASE LAWS IN INDIA
We are Posting here on Regular Basis Recent Judgements on Direct Tax delivered by Supreme Court, High Court and Tribunals.
Posted by
kanoisandeep |
Thursday, December 31, 2009
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| Income-tax dispute resolution panel may hit tax collection by Rs 10,000-crore Posted: 31 Dec 2009 07:08 PM PST The government's tax collections could take a Rs 10,000-crore hit this year due to the setting up of the income-tax dispute resolution panel (DRP) for settling transfer pricing disputes. Such a dispute arises when there is a disagreement between the... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
 | | Service Tax Planning – Limits of Management Consultancy Services Posted: 31 Dec 2009 06:26 PM PST Meaning:- Section 65(105)(r) of Finance Act, 1994 defines taxable service as any service provided or to be provided to any person by a management or business consultant1 in connection with the management of any organization or business, in any... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
 | | MVAT circular on activity code to be mentioned in audit report form 704 Posted: 31 Dec 2009 07:44 AM PST Activity Codes are numerical codes that are used to define the activities of an economic unit. These codes are developed by National Industrial Classification (NIC) 2008. It is a standardized system of classification of economic activities essential... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
 | | Burden to prove the genuineness of the gift is on the Assessee Posted: 31 Dec 2009 06:56 AM PST The failure of the persons to appear before the AO for examination in assessment proceedings or remand proceedings tilts the scales in favour of the revenue for giving a finding that the gifts were not genuine. [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
 | | Finance companies too governed by provisions of section 269SS and 269T of the Income Tax Act, 1961 Posted: 31 Dec 2009 06:54 AM PST Necessity of establishing goodwill and reputation, that too in a finance company, is of utmost necessity; at same time, it cannot give a permanent license to the company to continue to violate the provisions of section 269SS/269T. [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
 | | Providing of fixtures & fittings to licencee of a premises would not make income from sub-letting of property as business income Posted: 31 Dec 2009 06:48 AM PST We have heard learned counsel for the assessee. Learned counsel for the assessee drew our attention to various clauses in leave and license agreement and submitted that the premises were given purely on license basis with fixtures and fittings. It... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
 | | Blending of tea for export by an industrial unit in SEZ area is a manufacturing activity which qualifies for exemption u/s 10A/10AA Posted: 31 Dec 2009 06:47 AM PST The short question that arises for consideration is whether blending and packing of tea for export in the industrial unit in the Special Economic Zone amount to manufacture or production of an article qualifying for exemption under Section 10A of... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
 | | Tribunal's power u/s 254(2) is not to review its earlier order but only to amend it with a view to rectify any mistake apparent from the record Posted: 31 Dec 2009 06:46 AM PST . From the various judgments of the Supreme Court above referred to and other High Courts, it is clear that the Tribunal's power under Section 254(2) is not to review its earlier order but only to amend it with a view to rectify any mistake apparent... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
 | | Establishment of identity of creditor, creditworthiness of creditor and genuineness of transaction Posted: 31 Dec 2009 06:41 AM PST It would depend upon facts of each case whether all the three ingredients to discharge the onus to prove cash credit have been proved by the assessee or not; if an NRI, engaged in business of real estate development with substantial means, decided... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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With Regards,
CA Sandeep Kanoi
Website: http://www.taxguru.in/
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