NBFCs – Classification of NBFCs stands modified to include Infrastructure Finance Companies [Source : www.taxmann.com]


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 : www.taxmann.com


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.] www.taxmann.com



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



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.] : taxmann.com

Service Tax

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

Income Tax

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



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] : taxmann.com



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

Income Tax

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


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


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

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: www.Taxmann.com

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.] source:www.taxmann.com

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]

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