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ACE TP Transfer Pricing Software

International Tax & Finance Conference, 2013

Six Day Internal Audit Studies Foundation Course’

Workshop on Standards on Revised Audit Report & Audit Documentation

Professional Accountant Course, Batch XVI

Lecture meeting on Filing of Returns for AY 2013-14: Amendments & Precautions and special emphasis on new Uploading Requirements

More Events...

			BCA Journal April 2013, Journal Index Apr 13
	Archives

			Latest Publication Registration of Firms with Registrar of Firms – Procedure and Frequently Faced Problems
	By Uday Sathaye Chartered Accountant Price: Rs.50/-
Other Publications

Recent Case Laws

Month-Year	Source	Title
Nov - 2009	Taxindiaonline	Income tax - Sec 260A - Delay in filing review petition - power of review - held, since the power of substantive review is not provided under the I-T Act, the review petition is not maintainable - since the Review is not maintainable, there is no question of considering whether there is sufficient cause for the same - Revenue's petition dismissed
Nov - 2009	Taxindiaonline	Income tax - Sec 154 - Assessee is a manufacturer of potassium chlorates - receives power subsidy - declares it as revenue receipt for two AYs - Following the decision in the case of P.J.Chemicals (2002-TIOL-749-SC-IT), assessee files review petition u/s 264 and treats the subsidy as capital receipt - CIT allows the claim - Subsequently, Apex Court decides the case of Sahney Steel and Press Works Ltd ( 2002-TIOL-11-SC-IT) wherein power subsidy is held as revenue receipt taxable u/s 28
Nov - 2009	Taxindiaonline	Income tax - Writ - Sec 147, 80HHC - Assessee is in the business of trading jewllery, import of gold, bullion etc - files returns - Assessee's premises searched - block assessment u/s 158BC also framed - notice u/s 148 - Revenue initiates re -assessment on the ground that the assessee has been claiming deduction u/s 80HHC as 'trader exporter' where as the assessee is a manufacturer exporter - writ filed to quash reassessment notice - held
Nov - 2009	Taxindiaonline	International treaties - Public Interest Litigation - Union Government's treaty-making power - Petitioner alleges abuse of Executive's power in violation of Constitutional mandate by entering into Double Taxation Avoidance Agreements including Mutual Agreement Procedure and ratification and adoption of WTO Treaty - held, that the executive power of the Union extends to exercise of rights by virtue of any treaty or agreement subject to constitutional limitations
Nov - 2009	Taxindiaonline	Income tax - Sec 147/148 - Assessee is a company - its activities include manufacturing of paper and business financing - declares interest income as business income and claims deduction for expenses and also set off against brought forward losses - Notice u/s 148 - CIT(A) and Tribunal allow assessee's appeal - held, the reasons recorded by the AO cannot be said to be vague or a mere doubt.
Nov - 2009	Taxindiaonline	Income tax - Sec 148 - AO invokes reassessment powers and issues notice u/s 148 - Assessee alleges that AO has failed to provide reasons recorded in file before issuing the notice - CIT(A) and Tribunal go with the assessee for lack of recorded reasons - held, perusal of the order sheets reveals that the reasons are well recorded, and the orders of the CIT(A) and Tribunal are perverse - Revenue's appeal allowed
Nov - 2009	Taxindiaonline	Income tax - Sec 36(1)(vii) - Assessee is engaged in the business of developing and printing of photos - owns two workshops - files NIL return after adjusting carried forward losses - AO completes assessment u/s 143 (3) - then finds a sum claimed as ''amounts written off'' - insists on evidence to recover the same and makes disallowance - held
Oct - 2009	Taxindiaonline	Income tax - Sec 4, 194A - Assessee gets interest on compensation paid for land acquisition - AO is for TDS u/s 194A - held, it is settled law that the interest paid on delayed land compensation is revenue receipt and therefore, it is liable to TDS - Assessee's appeal dismissed.
Oct - 2009	Taxindiaonline	Income tax - Indo-Mauritius DTAA - applicability of tax rate - whether lower income tax rate applicable to domestic company would be applicable to a non-resident company or the higher rate provided for in the relevant Finance Act would apply - If higher tax rate is applied, will it be hit by the limitation of non-discriminatory provisions provided vide Article 24 of the DTAA
Oct - 2009	Taxindiaonline	Income Tax Act - Section 37 (1) - Capital or Revenue Expenditure - Assessee had entered into an arrangement with NTPC which had a power plant in Korba. The assessee also put up its power plant at that place for generation of electricity for its aluminium plant.It did not create any separate facilities. Since the expenditure for creating these systems were huge assessee decided to share the facilities available with NTPC.

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