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Tuesday, December 29, 2009

Re: UPDATES FROM TAX GURU (in this message: 15 new items)



On Tue, Dec 29, 2009 at 9:35 AM, LEGAL & FINANCIAL UPDATES FROM TAX GURU <info@taxguru.in> wrote:

UPDATES FROM TAX GURU (in this message: 15 new items)

Link to LEGAL & FINANCIAL  UPDATES FROM TAX GURU

If the income is surrendered with the condition that no penalty be imposed, then the AO not justified in imposing the penalty

Posted: 28 Dec 2009 06:57 PM PST

In the case of CIT Vs. Manga Ram & Sons 107 ITR 307 (All.) and in CIT Vs. Sarankhan Siri Sugar Works 246 ITR 216 (All) proposition of the law laid down by the Hon'ble High Court are that if the income is surrendered with the condition that no...

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Incidental revenue generating activities do not end the principle of mutuality

Posted: 28 Dec 2009 06:48 PM PST

Simply because some incidental activity of the assessee is revenue generating, does not provide any justification to hold that it is tainted with "commerciality" and reaches a point where relationship of mutuality ends and that of trading begins.

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Advance ruling on tax rate applicable to royalty income derived by a Japanese company in India

Posted: 28 Dec 2009 06:41 PM PST

The income by way of royalty accruing to the Japanese company is liable to be taxed in terms of Article 12 of the DTAA between India and Japan at a rate not exceeding 10 per cent from the assessment year 2008-09 onwards.

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The burden of proving understatement or concealment is on the revenue

Posted: 28 Dec 2009 06:30 PM PST

The burden of proving an understatement or concealment is on the revenue; this burden may be discharged by the revenue by establishing facts and circumstances from which a reasonable inference can be drawn that the assessee has not correctly...

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A shareholder has no "say" in management of a company unless and until he becomes part of management

Posted: 28 Dec 2009 06:26 PM PST

Brief facts relevant for the purpose of deciding this issue are that the defendant no.1 company was a tenant in property no. 3 Amrita Shergill Marg, New Delhi. This property was leased by defendant no.5 M/s H.G.Gupta & Sons (HUF) to defendant...

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Draft Bank Branch Auditors' Panel 2009-10

Posted: 28 Dec 2009 05:56 PM PST

Draft Bank Branch Auditors' Panel 2009-10. MEF00001 to MEF10000, MEF10001 to MEF20000, MEF20001 to MEF30000, MEF30001 to MEF40000 http://www.meficai. org/mef_draft_ panel.jsp? list=list4

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Concessional rate of tax for foreign oil exploration and production companies

Posted: 28 Dec 2009 05:42 PM PST

Income of foreign companies providing technical services and data to oil exploration and production companies in India will be taxed at a concessional rate, the Authority for Advance Rulings (AAR) on income tax has said in a recent decision. The...

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19 PwC tax partners resigned following the resignation of the PwC tax head Dinesh Kanabar

Posted: 28 Dec 2009 05:03 PM PST

19 PwC tax partners have resigned following the resignation of the PwC tax head Dinesh Kanabar on Saturday December 26. Among the people who quit today are H Kotak, G Mistry and R Dhume - all of whom have joined KPMG. All the resigning partners were...

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Ernst & Young and six of its current and former partners charged for failing to disclose fraudulent financial accounting

Posted: 28 Dec 2009 04:54 PM PST

The US watchdog has charged Ernst & Young and six of its current and former partners for their roles at a fitness business, for failing to know about its fraudulent financial accounting and disclosures. E&Y in the US issued unqualified...

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Income earned by CA from audits will not be entitled to relief u/s 80RR

Posted: 28 Dec 2009 01:53 AM PST

Income earned by the assessee by exercise of his profession as a Chartered Accountant and which is nothing to do with the exercise of the profession as a author will not be entitled to relief under Section 80RR.

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Advance Ruling on taxability of an American Institute for rendering certain work and service to FICCI-DRDO Innovation programme

Posted: 28 Dec 2009 01:17 AM PST

The services/activities provided by the American Institute to DRDO pursuant to the agreement entered into between FICCI and the American Institute do not fall within the purview of Article 12(4)(b) of the Indo-US DTAA and the payments received by...

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Income from trading of shares will be speculative business within meaning of provision of Explanation to section 73

Posted: 28 Dec 2009 01:13 AM PST

Where assessee is engaged in trading in share of other companies, the business carried on by the assessee will be in nature of speculative business and profit or loss arising therefrom will be the speculative profit/loss.

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Determination of ALV of a let out property

Posted: 28 Dec 2009 01:06 AM PST

In respect of the properties where restriction under Rent Control Act is not applicable, the annual letting value has got to be determined after taking into consideration various factors and the standard rent or Municipal valuation may be adjusted...

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Even promise to render services at a future date would entitle Assessee to deduction u/s 80O of the Income Tax Act, 1961

Posted: 27 Dec 2009 11:35 PM PST

As rightly pointed out by Shri Pardiwalla, even a promise to render services at a future date would entitle the assessee for deduction u/s 80-O in view of the specific wordings in the section.

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Donation made for business purpose is allowable expenditure

Posted: 27 Dec 2009 11:31 PM PST

But now, we have to consider the alternative claim of the assessee, whether the assessee is entitled for deduction u/s.37(1) of the Act, of donation made in lieu of appeal made by the GOG as the abovementioned amount was paid because Gujarat State...

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Palash Biswas
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