Month: September 2010

Circular: Streamlining Departmental Litigation

To address the scathing criticism of the Finance Minister about the mindless litigation undertaken by the Department, the CBEC has issued detailed instructions to streamline the filing of appeals by the department. The CBEC has directed the officers to scrupulously follow the instructions contained in the circular and threatened that deviations would be viewed seriously.

Transfers of Commissioners / Directors of Income-tax (Sept 2010)

The following Order No. 123 of 2010 dated 21st September 2010 has been issued by the Central Board of Direct Taxes to direct transfers / postings of officers in the grade of Commissioner of Income-tax & Director of Income-tax

S. 80HHC vs. 115JB Ajanta Pharma Reversed By Supreme Court

In CIT vs. Ajanta Pharma 318 ITR 252 the Bombay High Court held (reversing the Special Bench judgement in DCIT vs. Syncome Formulations 292 ITR (AT) 144)) that the “sunset clause” of s. 80HHC (1B) applies to s. 115JB as well. This judgement has been reversed by the Supreme Court today (9.9.2010). It has been held that MAT companies are not subject to the limitations of s. 80HHC (1B)

s. 32(1)(ii) Techno Shares Reversed By Supreme Court

In CIT vs. Techno Shares & Stocks 323 ITR 69 the Bombay High Court considered the definition of an “intangible asset” in s. 32(1)(ii) and held that a stock exchange card was not an intangible asset eligible for depreciation. This judgement has been reversed by the Supreme Court today (9.9.2010). It has been held that a stock exchange card is a “license” and eligible for depreciation u/s 32(1)(ii).

S. 195 Samsung Electronics Judgement Reversed By Supreme Court

The Supreme Court today (9.9.2010) pronounced judgement in a batch of appeals challenging the judgement of the Karnataka High Court in CIT vs. Samsung Electronics 320 ITR 209 where it was held that u/s 195 the payer was not entitled to consider whether the payment was chargeable to tax in the hands of the non-resident recipient or not

ITAT “High Tea” Function

The ITAT Bar Association organized a “High Tea” function on 27th August 2010 (Friday) on the occasion of the Vice Presidents’ conference which was held on 26th, 27th and 28th of August 2010. On behalf of the ITAT Bar Association Shri Dinesh Vyas, President of the Association congratulated the new team and wished them all success. Hon’ble President Shri R. V. Easwar assured that the Hon’ble Members would continue to work sincerely and honestly to maintain the dignity and honour of the ITAT as one of the finest judicial institutions of our country. A large number of members of the Association participated in the function and wished the Hon’ble President, Vice Presidents and Members all success in their endeavours

Transfers of Chief Commissioners of Income-tax (Sept 2010)

The following Order No. 109 of 2010 dated 3rd September 2010 has been issued by the Central Board of Direct Taxes to direct transfers / postings of officers in the grade of Chief Commissioner of income-tax & Director General of Income-tax.

Relevance Of OECD Guidelines: Department’s View

Relevance Of OECD Guidelines: Department’s View

Top

If you are a tax professional, you must sign up for our free newsletter. Why? Because we keep you informed about the latest developments in the world of tax. We focus only on the most important must-read judgements & articles that will impact your day-to-day professional work. You can see a chronological listing of all our postings on twitter & facebook


IMPORTANT: After signing up & clicking on the confirmation mail, send a test/ blank mail to editor@itatonline.info. Why? Because it is the easiest way to add our email address to your address/ contacts book and ensure that our Newsletter does not get sent to the Spam/ Junk folder


Email



Unsubscribe