In a major departure from the usual practice, the Central Board of Direct Taxes (CBDT) has issued directions that scrutiny of the self-assessment returns filed by September 30, 2008 for the financial year 2007-08 will be taken up in the current fisca ..
The CBDT, Chairman Shri N.B. Singh said that the decision of the Mumbai High Court in favour of the Income Tax Department in the case relating to transfer of securities of Vodafone Essar Limited has strengthened the hands of the Income Tax Department ..
The Bombay High Court dismissed telecom major Vodafone International’s petition challenging the income tax department’s show-cause notice for payment of capital gains tax of about two billion dollars.The division bench, consisting of Justices S Radha ..
The Supreme Court on Friday refused to entertain a petition seeking direction for making it mandatory for political parties to file income tax returns.The apex court expressed its displeasure that the PIL on the issue was filed on the eve of the elec ..
UNUTILIZED MODVAT CREDIT CANNOT BE ADDED TO INCOME IF ASSESSEE FOLLOW THE PROCEDURE MENTIONED IN CLAUSE 12(b) OF FORM 3CD OF THE TAX AUDIT REPORTHawkins Cookers vs. ITO (ITAT Mumbai)"1. On the facts and in the circumstances of the case and in law, th ..
I-T chief graft case takes a new twistTIMES NEWS NETWORKMumbai: A special court is in the process of wrapping up acorruption case filed against former income-tax commissioner AshokPurwar who was charged with taking money from a governmentcontractor t ..
In its first judicial examination of taxability of ‘referral fees’ in India, the Authority for Advance Ruling (AAR) has held that ‘referral fees’ received by Cushman & Wakefield, a Singapore resident company, is not liable to tax in absence of a perm ..
The Supreme Court vide Judgment dated 23rd September 2008 AIT-2008-340-SC has dismissed the appeal filed by Commissioner of Customs, New Delhi against Sony India Ltd. By the order of the Commissioner, the import of several parts of Colour Television ..
WHEN PENALTY UNDER SECTION 271E SHOULD NOT BE LEVIED FORCONTRAVENTION OF PROVISIONS OF SECTION 269T OF IT ACT, 1961RATIO DECIDENDIThe provisions of the Income-tax Act are amended so frequently thatit is impossible not only for the tax payer, but also ..
Why a liberal tax regime for LLPs?------------ --------- --------- --------- --------- --------- -There is no justification in exempting LLPs from income-tax whenfirms under the Partnership Act and companies under the CompaniesAct are being taxed at ..
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