Process of drawing of wire from wire rods amounts to manufacture of thing or article within meaning of section 80-IC

On non-compliance with statutory condition precedent, reopening of an assessment cannot be sustained. www.taxmann.com/BreakingNews.aspx

All payments by way of dividend have to be taxed in the hands of the recipient of the dividend namely the shareholder.

contd. carries on its own scope of work independently does not reasonably lead to the conclusion that an AOP has been formed

Merely coming together and acting in cooperation with each other for the purpose of executing the work while each member

Penalty cannot be levied u/s 271D for receiving cash from borrower by a lender in violation of section 269SS

There is no direct decision in favour of the Revenue for levy of service tax on the service component of a works contract prior to 1-6-2007

A statement taken under section 133A during survey cannot have same value as evidence recorded during search u/s 132(4)

Obligation to deduct tax at source u/s 195 arises only when payment is chargeable under provisions of Act (Dissented from Samsung’s case)

Guidelines for review of cases which require prior approval of the GOI for making foreign investment - Press Note No. 1 (2010 Series)

Simply because there is perpetual succession in appointment of trustee, can't disentitle an assessee-inst.from getting registration u/s 12AA

A warehouse is an asset subject to tax under section 2(ea)(i) of Wealth-tax Act. http://ping.fm/onUI8

Public Provident Fund Scheme, 1968:(2) Reiteration of instructions on opening of an account for a minor

Public Provident Fund Scheme, 1968 : (1) Clarification regarding reckoning of the date of deposit

SEBI (Credit Rating Agencies) (Amendment) Regulations, 2010 - Amendment in regulation 2 & 9

Obligation to deduct tax at source u/s 195 arises only when payment is chargeable under provisions of Act (Dissented from Samsung’s case)

A statement taken under section 133A during survey cannot have same value as evidence recorded during search u/s 132(4)

There is no direct decision in favour of the Revenue for levy of service tax on the service component of a works contract prior to 1-6-2007

Penalty cannot be levied u/s 271D for receiving cash from borrower by a lender in violation of section 269SS

in respect to seller only and not for purchaser. http://ping.fm/UKV6E

Provisions of sec. 50C are applicable only for computation of capital gains in real estate transaction contd.

Guidelines for review of cases which require prior approval of the GOI for making foreign investment - Press Note No. 1 (2010 Series).

Guidelines for Accounting of Repo/Reverse Repo Transactions.

Clarification regarding allowing losses on account of forex derivatives - Instruction No. 03/2010, dated 23-3-2010. source www.taxmann.com

DTC not to override tax treaties

SEBI (Credit Rating Agencies) (Amendment) Regulations, 2010 - Amendment in regulation 2 & 9. http://ping.fm/GgpFs

Obligation to deduct tax at source u/s 195 arises only when payment is chargeable under provisions of Act (Dissented from Samsung’s case).

CBDT’s clarification on allowing losses on account of Forex derivatives [Source : www.taxmann.com]

Banking : Guidelines for Accounting of Repo/Reverse Repo Transactions [Source : www.taxmann.com]

IT –Once source is proved, it is not possible to treat deposits collected from public under Companies Act as unexplained credit [ITAT-Coch.]

IT – Indo-US Treaty : Persons deputed by an American co. to an Indian co. cannot be considered as its PE in India when services….[ITAT-Mum.]

IT –Indo-German Treaty : Payment made for purchase of software cannot be treated either as interest or royalty or even as technical services

A mere making of claim, which is not sustainable in law, by itself, will not amount to furnishing inaccurate particulars regarding income of the assessee

Reopening of an assessment on mere change of opinion without any tangible material is unsustainable

Assets of a company in liquidation cannot be disposed of at the mere pleasure of the company

By virtue of Article 13.4 of India–Mauritius DTAA, capital gain tax is not liable to be charged in India in respect of transfer of shares by a Mauritian company held in an Indian company to another Mauritian company

Indo-Canada Treaty: A special provision in the Income-tax Act cannot be pressed into service to deny the benefit which is otherwise due to FII under the tax treaty provisions notwithstanding their conflict with the domestic law of income tax

Income earned by a co-operative society from interest on FDRs / Saving balances with commercial banks qualifies for exemption u/s 80P(2)(a)(i)

Section 143(2)(ii) clearly stipulates service of notice and not issuance of notice. For details view www.taxmann.com

Provisions of section 56(2)(v) applied only to gift on or after 1-9-2004. Source: www.taxmann.com

Income tax

IT - Loss claimed by assessee on a/c of fluctuation in foreign exchange rate as on balance sheet date is allowable as expenditure u/s 37(1) [SC] : Taxmann.com

Wealth tax

WT - When urban land is utilized for construction of a building with prescribed authority’s approval then that land ceases to be urban land [Ker.]source: www.taxmann.com

Foreign Direct Investment

FDI – Clarification regarding revision of conversion price of FCCBs [Source : www.taxmann.com]

Income Tax

IT - Sale of a depreciable asset in r/o which depreciation was allowed to assessee should always be treated as short term capital gains [Ker.] : Taxmann.com

Income tax

IT- Any person who in someway or other facilitates purchases by a non-resident for export can’t be brought within cl.(b) of Explanation 1 to sec. 9(1)(i) [AAR]


IT - Shares allotted to partners of an extinct firm consequential to regn. of that firm as a co. would not give rise to any profit or gain [AAR] : Taxmann.com

Income Tax

IT-Payment towards VSAT/Transaction charges made by a Stock Broker to Stock Exchange is not fee for technical services u/s 194J
[ITAT-Mum.] Source : taxmann.com

RTI

RTI Act cannot be applied to claim exemption from disclosure of information, provided by an assessee to IT Dept. for asst. purposes, to 3rd party [CIC]. source www.taxmann.com