Interest on Interest free loan given for business purpose cannot be disallowed – ITAT Mumbai

Interest on Interest free loan given for business purpose cannot be disallowed – ITAT Mumbai Posted: 13 Dec 2011 06:58 PM PST Essar Investments Limited vs. DCIT (ITAT Mumbai) - On the identical facts the Tribunal in the assessee's own case for the assessment years 1998-1999, 1999-2000 & 2000-2002 vide para 23 of the order dated 9.7.2008 has held that the assessee had... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] Municipal tax payable on rented property income and evasion of Municipal Tax may cause penalty on landlord Posted: 13 Dec 2011 06:44 PM PST B.S.Verma Vs. Municipal Corporation Of Delhi (Delhi High Court) - At the hearing of the appeal, learned counsel for the respondent highlighted the relevance of the learned Single Judge noting the conduct of the appellant to resile from what was... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] Security deposited against leased property refundable on completion of tenure cannot be consider as Capital Gain Posted: 13 Dec 2011 06:34 PM PST Bypass Properties Private Ltd., Kolkata Vs. ITO (ITAT kolkata)- As per the alteration of security deposit clause dated 10.11.2006 which was placed at page 67 of the paper book it is observed that the lessee shall keep in deposit and advance which is... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] Assessing Officer (AO) should carefully verify the statement given by the Assessee against any claim made by him Posted: 13 Dec 2011 06:22 PM PST D.C.I.T., Central Circle-XIX Vs. MBL Infrastructure Ltd. (ITAT Kolkata)- All the impugned entries were analysed by the assessee company in detail and the entry to entry correlation with the cash workings filed by the applicants before the Hon'ble... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] Profit on Forfeiture of shares cannot be considered as revenue receipt Posted: 13 Dec 2011 06:10 PM PST Sunita Gupta Share Brokers Limited v. ACIT (ITAT Delhi)- In 'Multan Electric Supply Co. Ltd..' (supra), it has been held, inter alia, that any profit which arises on the forfeiture of shares is neither a revenue receipt, nor profit on the working... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] Now Cost and Works Accountants will be known as Cost Accountants, Cost accounting body will share the same acronym – ICAI Posted: 13 Dec 2011 05:57 PM PST Cost and Works Accountants will now only be known as Cost Accountants, with Parliament approving amendments to the existing legislation earlier today. Also, there will be some brand confusion as the Institute of Cost and Works Accountants of India... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] Rajya Sabha passes CS, CA, CWA (Amendment) Bill, 2011 Posted: 13 Dec 2011 03:14 PM PST Rajya Sabha has approved amendments to three separate acts – the Cost Accountants, Chartered Accountants and Company Secretary acts will also enable professionals to form limited liability partnerships and offer multidisciplinary services. Link To... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] RTI – CIC has no power to direct Public Authority to furnish information – SC Posted: 13 Dec 2011 06:24 AM PST Chief Information Commissioner and another Vs. State of Manipur and another (Supreme Court)- Government of Manipur has notified the exemption of certain organizations of the State Government from the purview of the said Act.This Court makes it... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] ICAI – Clarification for reckoning the "specified number of tax audit assignments" conducted under section 44AB of the Income-tax Act, 1961 Posted: 13 Dec 2011 06:05 AM PST Various statutes prevailing in India like DVAT,2004 requires the assessee to furnish an audit report in a form duly signed and verified by such particulars as may be prescribed under section 44AB of the Income-tax Act, 1961 i.e. Form 3CB/3CD. This... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] Receipt of share application monies in cash did not amount to acceptance of loan or deposit by the company Posted: 13 Dec 2011 05:09 AM PST CIT Vs. I.P. India Pvt. Ltd. (Delhi High Court) - Tt was held that a loan grants temporary use of money, or temporary accommodation, and that the essence of a deposit is that there must be a liability to return it to the party by whom or on whose... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] CA body asks the government to allow losses from forex rate fluctuations to be amortised over a longer period Posted: 12 Dec 2011 09:12 PM PST With rupee hovering near record lows against the US dollar, India Inc is down with huge 'notional foreign exchange losses'. However the companies, which had earlier approached the Institute of Chartered Accountants of India (ICAI) asking for an... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] Case pending in a lower court cannot be forwarded to another court till the decision taken by the lower court Posted: 12 Dec 2011 08:59 PM PST Ram Naresh Singh Vs. Lal Singh And Another (Allahabad high Court) - Asessment of giving precedence to cases on the facts and circumstances involved is better judged by the Court where the matter is pending so that there can be uniformity in... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] RBI is Closely Monitoring the Rupee Situation and will Do the Needful as Required,Says FM Posted: 12 Dec 2011 08:21 PM PST The Union Finance Minister Shri Pranab Mukherjee said that RBI is closely monitoring the current rupee situation and he is sure that RBI will do the needful, as required. The Finance Minister further said that he would like to add that despite... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] ICAI launches Self-Assessment Quiz for Common Proficiency Test (CPT) Posted: 12 Dec 2011 08:20 PM PST The Board of Studies has launched Subject Wise Online Self-Assessment Quiz for the CPT Course to enable students make a self assessment of their preparation for the forthcoming examination with 50 questions to be answered within 1 Hour. The online... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] ICAI launches e-Learning Module on "Financial Analysis using MS-Excel 2010″ for students Posted: 12 Dec 2011 08:16 PM PST The Board of Studies has launched online e-Learning Module on "Financial Analysis using MS-Excel 2010" to provide Hands-On Practical Training (HoT) on use of MS-Excel 2010 for financial analysis for the benefit of students. Please click on the... [[ This is a content summary only. Visit www.taxguru.in for full article. ]]