If agreement was on principal-to-principal basis, payments made by the assessee to the distributor cannot be treated as commission liable for TDS U/s. 194H Posted: 29 Jan 2012 05:16 AM PST CIT v. Jai Drinks (P.) Ltd. (Delhi HC) -In the insantt case, it was held that sInce the agreement between the assessee and the distributor clearly stated that the agreement was on principal-to-principal basis, payments made by the assessee to the... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
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| If asseee repaid the short term loan received by him the said amount could not be treated as income of assessee Posted: 29 Jan 2012 05:05 AM PST CIT v. Saranapal Singh(HUF) -(Punjab & Haryana Court) - In the instant case, it was held that where the assessee had received a certain amount as short term loan and was duly repaid the said amount not the repaid, could be treated as income of... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
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| In the absence of nexus between Education expenditure incurred for Director's son and business of assessee company the same is not deductible Posted: 29 Jan 2012 04:38 AM PST Echjay Forgings Ltd. v. ACIT (2010) 328 ITR 286 (Bombay High Court)Can expenditure incurred by a company on higher studies of the director's son abroad be claimed as business expenditure under section 37 on the contention that he was appointed as a... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
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| Taxability of waiver of principal amount of loan taken for purchase of capital asset or remission of trading liability Posted: 29 Jan 2012 04:24 AM PST Iskraemeco Regent Ltd. v. CIT (Madras High Court) The assessee company, engaged in the business of development, manufacturing and marketing of electro-mechanical and static energy meters, took a bank loan for purchase of capital assets. The grant of... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
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| Can an assessee engaged in letting out of rooms in a lodging house also treat the income from renting of a building to bank on long term lease as business income? Posted: 29 Jan 2012 04:14 AM PST Joseph George and Co. v. ITO (2010) 328 ITR 161 (Kerala High Court)- On the above issue, it was decided that while lodging is a business, however, letting out of building to the bank on long-term lease could not be treated as business. Therefore,... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
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| Can an assessee not claiming deduction under section 80-IB in the initial years claim the said deduction for the remaining years during the period of eligibility, if the conditions are satisfied? Posted: 29 Jan 2012 03:39 AM PST Praveen Soni vs Commissioner Of Income Tax (Delhi HC) - On the above issue, the Delhi High Court held that the provisions of section 80-IB nowhere stipulated a condition that the claim for deduction under this section had to be made from the first... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
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| Does income derived from sale of export incentive qualify for deduction under section 80-IB? Posted: 29 Jan 2012 03:28 AM PST CIT v. Jaswand Sons (2010) 328 ITR 442 (P&H) - On this issue, the High Court held that income derived from sale of export incentive cannot be said to be income 'derived from' the industrial undertaking and therefore, such income is not eligible... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
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| Exemption u/s. 54 in respect of more than one residential flat acquired by the assessee under a joint development agreement with builder Posted: 29 Jan 2012 03:16 AM PST CIT v. Smt. K. G. Rukminiamma - Can exemption under section 54 be claimed in respect of more than one residential flat acquired by the assessee under a joint development agreement with a builder, wherein the property owned by the assessee was... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
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| Auto Income tax & HRA Calculator with Auto Fill of Form 16 and ITR for Salaried for AY 2012-13 Posted: 28 Jan 2012 11:14 PM PST Download Income tax Calculator for Individuals having Income from Salary and Interest Income for A.Y. 2012-13. The calculator Calculates taxable Income, tax Liability , Amount of HRA Exempt etc. In addition to that calculator automatically fills... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
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| Capital Gain Calculator for Shares – Long Term and Short term gain Posted: 28 Jan 2012 10:46 PM PST In this calculator which is in excel format you only have to mention the Date of Purchase, Date of sales, Purchase Value, Sales Value, Number of Shares and name of the script. The calculator will calculate the Long Term and Short term Capital gain... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
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| Know status of Income Tax Return Filed online Posted: 28 Jan 2012 09:03 PM PST It is very important to know the status of income return filed online as if the same is not received by the CPC- bangalore then we have to re-send the same within 120 days of uploading of Our Income tax Return online. To know the status of Income... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
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| Download Format of Bills for CA, CS, ICWA and other Professionals Posted: 28 Jan 2012 08:09 PM PST Download Format of Bills for CA, CS, ICWA and other Professionals. This Format will work only in Excel 2007. In this bill book you have to enter only details of bill book in a table and after that you can print the bill you want to print in just... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
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| CA in Delhi commits sucide Posted: 28 Jan 2012 05:19 PM PST A 40-year-old chartered accountant committed suicide at his house in Rohini in outer Delhi in the wee hours of Saturday, the police said. The deceased, identified as Bharat Bhushan Chawla, a resident of Rohini Sector 16, was apparently under stress... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
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| Consolidated FDI Policy Circular-Issue of fifth edition of the Circular -Inviting comments from stakeholders Posted: 28 Jan 2012 11:27 AM PST Department of Industrial Policy & Promotion had issued a Consolidated FDI Policy Circular (Circular 1 of 2010) on 31.03.2010,making all information on Foreign Direct Investment (FDI) Policy available at one place and subsuming all earlier Press... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
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| Can AO tax the actual profits as per books of accounts, if the same is higher than 10% of receipts which deemed to be the profits u/s. 44BBB in case of a foreign company engaged in turnkey projects? Posted: 28 Jan 2012 10:45 AM PST DIT v. DSD Noell GmbH (Delhi High Court) - In the present case, the assessee is a German company providing engineering and technical services for various projects eligible for presumptive taxation scheme under section 44BBB. The assessee filed its... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
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| IASB and FASB seek to reduce differences in classification and measurement models for financial instruments Posted: 28 Jan 2012 12:05 AM PST The International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) today agreed to work together to seek to reduce differences in their respective classification and measurement models for financial instruments.... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
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| Waiver of Certain Requirements Relating to Preferential Allotment to Insurance Companies and Mutual Funds Posted: 27 Jan 2012 10:14 PM PST Reservation to Holders of Convertible Debt Securities in Rights/Bonus Issues -On the issue of reservation to convertible debt holders in rights/bonus issues, it has been decided to clarify that reservation shall be available only to compulsorily... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
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| Govt to take up Indonesia's proposal on coal tax Posted: 27 Jan 2012 09:05 PM PST The government is trying to take up the issue of Indonesia proposing a tax of exports of coal at bilateral level, Coal Secretary Alok Perti said on Saturday. We have taken up the issues of export tax and restrictions in certain quality of coal by... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
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| Need to widen the reach of the mutual fund industry in the country- SBI Board Posted: 27 Jan 2012 11:09 AM PST First meeting of SEBI's International Advisory Board-Securities and Exchange Board of India (SEBI)'s International Advisory Board (IAB) held its first meeting in New Delhi today. SEBI constituted the IAB in September, 2011. The role of the IAB will...
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