Wednesday, February 24, 2010

Service Tax

E-payment of Service Tax & E-filing of ST Return made mandatory in case of payment of Service Tax above Rs. 10 lakhs [Source :]

Income tax

IT - Commission paid for sale of SIM card, pre-paid or post-paid, is commission as envisaged under section 194H [Del.] : Source :


Reference in Art. 13(3)(c) of Indo-Canada DTAA is to “any copyright” and not to “any right” for purpose of terming a payment as ‘royalty’ [Del.] :

Monday, February 22, 2010

TDS Rules

New TDS Rules Notified [Source : ]

Income tax

IT - Word ‘capital asset’ in section 2(14) does not necessarily mean that property, which assessee holds, must be his own [ITAT-Mum.] :

IT - Provisions of section 194C(1) is applicable to job work assigned by an event manager to others [ITAT-Mum.] : Source :

Friday, February 19, 2010

CL - For a person to be vicariously liable for an offence committed by a company under SEBI Act, he need not necessarily be a Director of that company [Delhi]

IT - Any expenditure incurred for construction of a hospital building for general public is expenditure incurred for charitable purposes [Allah.] :

IT - Income earned by an NRI from his employment in USA can not be taxed under Income-tax Act [AAR] : Source :

Wednesday, February 17, 2010

FDI – New pricing norms for revision of conversion price of FCCBs extended [Source :]

IT - Deferred revenue expenditure is essentially revenue in nature [ITAT-Ahd.] : Source :

IT – Sec. 80-IA(2) does not provide that first year of 10 consecutive AYs should be always first year when assessee starts service [ITAT-Ahd.] :

Saturday, February 13, 2010

NBFCs – Classification of NBFCs stands modified to include Infrastructure Finance Companies [Source :]

IT – Payment made by an ad. agency to an accredited ad. agency for release of its ads. in print media does not fall within ambit of sec. 194C(1) [ITAT-Bang.]

IT – Interest could be levied u/s 234B(3) for the first time in reassessment completed under section 147 [Kerala] : Source :

IT - No further adjustments in ALP are required when difference between ALP determined by assessee and by AO varies not more than 5% [ITAT-Del.]

IT - Sale of stock exchange membership card of a defaulting member by Stock Exchange amounts to “transfer” [Kerala] : Source :

IT - Amount paid for compounding an offence can never be an amount in nature of expenditure which can qualify for deduction u/s 37(1) [Kar.] :

Thursday, February 11, 2010

Service Tax

Service tax is not leviable on 'sale' portion of photography service [P&H} : Source :

Income Tax

IT - Bad debts written off cannot be factor to determine ALP of any international transaction [ITAT-Mum.] : Source :

IT-BBC worldwide has no PE in India, its Indian agent is remunerated on an arm’s length basis which extinguishes any further tax liability on it [ITAT-Del.]

IT - Interest earned by a co-op. credit society on surplus funds cannot fall within "profits and gains of business" mentioned in section 80P(2) [SC] :

IT - Commission payment to whole time directors of a company is an allowable expenditure [ITAT-Del.} : Source :

Thursday, February 4, 2010

Income Tax

No assessment under Chapter XIV-B can be made without issuing notice u/s 143(2) [SC] : Source :

Interest earned by an industrial undertaking on late payment received from customers is eligible for deduction u/s 80-IA [Del.] : Source :

An applicant cannot seek adjudication on merits at any time he wants after having allowed previous application to go by default [AAR] :

Wednesday, February 3, 2010

Service Tax

Propriety of revenue’s instruction to its officers demanding service tax on renting of immovable property against High Court’s ruling [Del.] source:
IT: Payment received by applicant from third party re-sellers on a/c of software products supplies to end-customers does not result in royalty income [AAR]

Income Tax

Taxability in one of Contracting States is not a sine qua non to avail Indo-UAE Tax treaty benefits in other Contracting State [ITAT-Mum.]