Saturday, January 30, 2010

CBDT

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

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] : Taxmann.com

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 : www.taxmann.com

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 : www.taxmann.com

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 : www.taxmann.com


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.]

Source : www.taxmann.com


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.]

Source : www.taxmann.com




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

Source : www.taxmann.com





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

Source : www.taxmann.com

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.]

Source : www.taxmann.com

Wednesday, January 20, 2010

CBEC’s clarification on problem faced by exporters in availing refund of excess credit.
Source : www.taxmann.com
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]
Source : www.taxmann.com