Fw: TaxGuru : “DTC Bill no deemed taxation for Income from house Property and kept the deduction for interest” plus 8 more

DTC Bill no deemed taxation for Income from house Property and kept the deduction for interest Posted: 08 Jan 2012 06:55 PM PST The Direct tax Code Bill 2011 (DTC), has given relief to the property owners on two major account, firstly, no deemed taxation for House Property and secondly, deduction for interest for self occupied house property.' While, the concept of deemed... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Deduction of depericiation on machinery and tools from the works contract should be allowed Posted: 08 Jan 2012 06:40 PM PST There are two components in every works contract one is material component and other is labour component. Material incorporated in a works contract is considered as deemed sales to the contractee and hence is liable to VAT or sales tax. To arrive at... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Section 220(2) Interest Payable Even For Period When Demand Not Enforceable – Delhi High Court Posted: 08 Jan 2012 06:27 PM PST Girnar Investment Ltd vs. CIT (Delhi High Court) - HC held that petitioner is liable to pay interest u/s.220(2) of the Act on the amount of tax due from him on the basis of the assessment order passed u/s.143(3) on 7-10-1997. The interest is... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Articles 7 of the Indo-Australia DTAA vs. Section 44D on FTS – Delhi High Court Reverses Law Posted: 08 Jan 2012 05:35 PM PST DIT Vs. Rio Tinto Technical Services (HC Delhi) -  The payment in the present case is for furnishing of evaluation report. The fee paid is for the said purpose. To collect and collate the information and furnish evaluation report, the assessee was... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Royalty payment approved by RBI under FERA, 1973 considered adequate approval as per Industrial policy of the Government of India Posted: 07 Jan 2012 11:41 PM PST ADIT(IT) Vs Aditya Vikram Global House Ltd. (ITAT Mumbai)- Royalty payment pursuant to a technical collaboration agreement in accordance with the Industrial policy of the Government of India, is exempt in the hands of the foreign company under... [[ This is a content summary only. Visit www.taxguru.in for full article.]] It is not necessary for the assessee to produce its products so as to become eligible for claiming exemption under section 10B of the Income-tax Act, 1961 Posted: 07 Jan 2012 11:29 PM PST Taurus Merchandising Pvt. Ltd. v. ITO (ITAT Delhi)- It was held that the new export-oriented unit of the assessee cannot be said to be formed by the reconstruction or splitting of a business already in existence. The Tribunal has also held that... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Non-prospecting related expenditure incurred prior to commencement of mining is deductible u/s. 37 of the Income-tax Act Posted: 07 Jan 2012 10:37 PM PST De Beers India Prospecting Pvt.Ltd Vs. Income Tax Officer (ITAT Mumbai) - it was held that prospecting and examining are important activities to undertake mining. Accordingly, it can be concluded that the taxpayer had commenced its business from the... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Transfer pricing is founded on the principles of economic substance and hence, it is fact specific – ITAT Pune Posted: 07 Jan 2012 09:54 PM PST Bindview India P. Ltd. Vs. DCIT (ITAT Pune)- In light of Pune bench's decision in the case of Starent Networks (I) P. Ltd. Pune v. DCIT, the assessee's claim for +/- 5% in order to compute arm's length price in terms of erstwhile proviso to section... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Non-compete fees accrues on the appointed date of the Scheme and not in the year of approval Posted: 07 Jan 2012 09:25 PM PST DCIT Vs. J.K. Investo Trade (India) Ltd. (ITAT Mumbai) - Issue before the Tribunal was that Whether non-compete fees payable pursuant to a joint venture agreement for transfer of manufacturing division, through a Scheme of arrangement, which is... [[ This is a content summary only. Visit www.taxguru.in for full article.]]