taxation

9 January 2009 :In a landmark judgment today the division bench comprising Hon'ble Mr. Justice Ranjan Gogoi and Hon'ble Mr. B.K.Sharma of the Hon'ble Gauhati High Court has been pleased to declare the Assam Entry Tax 2008 compensatory and upheld the Assam Entry Tax 2008 constitutional.While considering a batch of writ petitions filed by the the number of parties , the Hon'ble High Court held that ..

The Supreme Court on Monday dismissed Sterlite Industries' plea seeking a stay on the Madras High Court judgement that asked the company to deposit additional excise duty of Rs 15 crore. A bench headed by Justice D K Jain dismissed the Sterlite's plea. However, it gave the company four weeks' time to deposit the money. According to the company, the orders of the High court and the sectoral..

New Delhi (PTI): The Supreme court on Monday admitted a petition filed by Pepsico India Holding challenging the Kerala High Court judgement that denied sales tax exemption to the soft drinks major. A bench headed by Justice S B Sinha while admitting the plea posted the matter for final hearing on March 3. It also directed the state government not to take any coercive measure till then. Earlier,..

Mentor - Income Tax Web Extras - Courts/Legal Issues ‘Issue’ versus ‘service’ of notice ________________________________________ The law says that the notice under Section 143(2) is required to be served within 12 months from the end of the month in which the return was filed. ________________________________________ V. K. Subramani For assessment of income, a notice is issued seeking th..

new issues..

The Central Board of Direct Taxes have ordered that any return of income for the assessment year 2008-09 filed electronically on 30th September 2008, in respect of which the electronic acknowledgement bears the date stamp of 1st October 2008, shall be treated as having been filed within the due date, i.e. 30th September 2008. Accordingly, such returns of income shall be eligible for all benefi..

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 fiscal. Fall in tax revenues and failure of many companies to pay their dues by September 30 have acted as a trigger for the CBDT to issue a circular to..

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 Radhakrishnan and A Nirgude, while dismissing the petition, stayed the operation of its order for eight weeks to enable the Company to file a speci..

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.In a writ petition, the validity and legality of the notice issued by the Income Tax department was challenged. The Hon’ble High Court has di..

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 elections for publicity. "It is a publicity interest litigation on the eve of the elections," a Bench headed by Chief Justice K G Balakrishnan ob..

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 REPORT Hawkins Cookers vs. ITO (ITAT Mumbai) "1. On the facts and in the circumstances of the case and in law, the learned CIT(A) erred in confirming the addition of Rs. 29,39,872/- made by the AO under section 145A of the Income Tax Act, 1961. Without p..

I-T chief graft case takes a new twist TIMES NEWS NETWORK Mumbai: A special court is in the process of wrapping up a corruption case filed against former income-tax commissioner Ashok Purwar who was charged with taking money from a government contractor to pass an order in his favour. According to the Central Bureau of Investigation (CBI), the complainant Kripashankar Chaturvedi..

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 permanent establishment in India. The AAR has held that such payments cannot be characterised as ‘royalty’ under the provisions of Indian Income tax Act a..

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 made by Sony for the period from April 1995 to 1997 were treated as import of complete CTV Sets for the purpose of assessment by the Commissione..

WHEN PENALTY UNDER SECTION 271E SHOULD NOT BE LEVIED FOR CONTRAVENTION OF PROVISIONS OF SECTION 269T OF IT ACT, 1961 RATIO DECIDENDI The provisions of the Income-tax Act are amended so frequently that it is impossible not only for the tax payer, but also the tax experts to know all the provisions of the Act at any given point of time, hence, ignorance of law can be taken as an excuse and..