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19-07-2010 - Recent Updates as on 19.07.2010
Monday, July 19, 2010

1. DY. C.I.T Vs. MAXIMA SYSTEMS LIMITED [HIGH COURT OF GUJARAT] - While admitting these appeals under section 260A of the Income Tax Act, 1961 (the Act) on 7th August 2000, following substantial question of law had been formulated in both the  appeals :Was the unsigned notice under section 143(2) of the Act deemed to have been  served on the assessee because it was posted within the prescribed period, though  received by the assessee thereafter ?

(Click here for Judgment)

  

2. DIRECTOR OF INCOME TAX (EXEMPTION) Vs. SHIA DAWOODI BOHRA JAMAT [HIGH COURT OF GUJARAT] - The following substantial question of law arises for consideration in each of these appeals: Whether the Income Tax Appellate Tribunal was justified in allowing the appeal by merely placing reliance upon certain decisions without recording as to how and in what manner the said decisions are applicable to the facts of the present case ?

(Click here for Judgment)

  

3.  GOPAL KHANDELWAL AND OTHERS Vs. UNION OF INDIA AND OTHERS - During the search jewellery worth Rs. 34.33 lakhs was seized. Respondent no. 5 on 16.9.2003 applied for release of the aforesaid seized jewellery on the ground that the same belonged to third parties and was in custody of the firm as pawned articles. The Commissioner of Income Tax (Central) Kanpur vide order dated 7.11.2003 directed the assessing authority to release the same on Bank Guarantee of Rs. 34,00,000/- for a period of one year subject to renewal. Respondent no.5 offered certain fixed deposits of the petitioners which were with the respondent no. 4, as security for furnishing Bank Guarantee. Respondent no. 4 Bank on the basis of the aforesaid fixed deposits belonging to the petitioners executed a deed of guarantee on 22.11.2003 in favour of the Commissioner of Income Tax (Central) Kanpur for an amount not exceeding Rs. 34,00,000/- for a period of one year only expiring on 21.11.2004 in respect of liability of direct tax arising out of relevant assessment proceedings concerning block  assessment only.

(Click here for Judgment)

 

What's New 

a. Kerala High Court – Franchisee not liable to pay tax again when courier agency has paid tax on gross amount charged (Click for detail)

b. Exclude freight, insurance cost for export profit (Click for detail)

c. Six countries give I-T dept data on NRI black money (Click for detail)

d. Second rectification application by either party is maintainable only on issues not decided by Tribunal in any other rectification application filed by either of parties (Click for detail)

e. Indo-UK Tax Treaty : Entire profits relating to services rendered by the assessee, whether rendered in India or outside India, in respect of Indian projects is taxable in India (Click for detail)

   

"The key to successful leadership today is influence, not authority"

Thanks for your valuable time 

"Voice of CA"

CA. Sanjay Kumar Agarwal, Founder - Voice of CA
Member  Central Council - ICAI
Former Chairman - NIRC
Mob : 9811080342,
agarwal.s.ca@gmail.com 
   
   
CA. Kapil Goel, Moderator-Direct Taxes
Mob:9910272806,
cakapilgoel@gmail.com 
 
CA. Sidharth Jain, Co-Moderator
sidhjasso@yahoo.com 
  
CA. Mukesh K Bansal, Co-Moderator-FEMA
Mob:9540022533,
mukbansal80@gmail.com 

 

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