Saturday, January 30, 2010


CBDT allows adjustment of Advance Tax in respect of Fringe Benefits of Accounting Year 2010-11 against Advance tax [Circular No. 2/2010]

Service Tax

Sec35A (3) of CE Act cannot be interpreted to infer that Commissioner (A) while hearing service tax appeals has no power to remand a matter [CESTAT-Del]

Friday, January 29, 2010

ST - Credit of input service must be allowed on any expenditure incurred by assessee which forms a part of assessable value of final product [CESTAT-Mum.]

IT - 2 kms. distance from municipal limits of Khanna city for purpose of section 2(14)(iii) has to be taken in terms of approach by road [P&H] :

Thursday, January 28, 2010

Service Tax -

Execution of a lump sum work would not fall under category of providing of service of supply of manpower [CESTAT-Bang.] : Source :

Income Tax

Interest earned by an industrial undertaking on late payment received from customers against supply of goods is eligible for deduction u/s 80-IA [Delhi]

Filing of Income Tax Returns

Date for filing ITR-V Form extended [CBDT] : Source :

Wednesday, January 27, 2010

27th January 2010

IT - Expenditure towards consultation charges for restructuring of company is an allowable deduction u/s 37(1) [P&H] : Source :

IT-Where co. constructs structure on land out of its own funds, rent has to be assessed in co’s hands and not shareholders even if they owned that land [Kar]

Monday, January 25, 2010

A Co-operative Bank is entitled to deduction u/s 80P(2)(a)(i) on amount of interest received u/s 244A on refund of tax [ITAT-SB-Mum.]

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Sec. 44AB does not provide that where assessee is carrying on many bzneses, then to calculate turnover (TO) limit TO of all bzneses has to be clubbed [Kar.]

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Texturising and Twisting of partially oriented yarn (POY) by thermo mechanical process constitutes ‘manufacture’ in terms of section 80-IA [SC]

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GST : Comments of Revenue Department on First Discussion Paper released [FINMIN}

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Friday, January 22, 2010

Service tax demand on value of materials supplied in course of rendering taxable service is not sustainable where service provider has paid State VAT on same.
Section 4 of Securities Contracts (Regulation)Act, 1956 does not require publication of pre-recognition Rules and Bye-laws of a Stock Exchange [SC]
No addition can be made or sustained simply on basis of statement recorded at time of survey/search [ITAT-Mum.]

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Wednesday, January 20, 2010

CBEC’s clarification on problem faced by exporters in availing refund of excess credit.
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After 1-4-1989, AO has power to re-open, provided there is tangible material to come to conclusion that there is escapement of income from assessment [SC]

Transfer pricing

Transfer pricing - A business organization with negative net worth cannot be treated at par with a normal business entity for computation of ALP

20th Jan Update

A company can file compliant under rule 13 of the Redressal of Public Grievances Rules, 1998 before Insurance Ombudsman [MP]
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