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.

UPDATES FROM TAX GURU 01.01.2010

Posted by kanoisandeep | Thursday, December 31, 2009

UPDATES FROM TAX GURU (in this message: 9 new items)

Link to LEGAL & FINANCIAL  UPDATES FROM TAX GURU

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...

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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...

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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...

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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.

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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.

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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...

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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...

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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...

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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...

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With Regards, 
CA Sandeep Kanoi 
Website: http://www.taxguru.in/ 
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