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15-09-2010 - Recent Updates as on 15.09.2010
Wednesday, September 15, 2010

1.   COMMISSIONER OF INCOME TAX Vs. M/S. SHELL BITUMEN INDIA (P) LTD [HIGH COURT OF DELHI] 

In the present appeal the learned counsel for Revenue submitted that ITAT had failed to appreciate that the consultancy charges paid to various authorities for obtaining study reports in Bitumen constituted an enduring advantage to the respondent-assessee. She further submitted that the study reports in Bitumen constituted acquisition of an income-earning asset and hence expense thereon comprised capital expenditure. Held the expenditure is of revenue nature. 

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2.   COMMISSIONER OF INCOME TAX Vs. PARAMOUNT COMMUNICATIONS LTD. [HIGH COURT OF DELHI] 

The present Appeal by the Income Tax Department has been filed under Section 260 A of the Income Tax Act,1961 challenging the order of Income Tax  Appellate Tribunal in ITA No. 3242/DEL/2007 dated 12-12-2008 for the  Assessment Year 2003-2004. By the impugned order, ITAT has  deleted the addition of Rs. 27,60,000/- made by the Assessing Officer on account of excess stock . Held the addition made by the AO cannot be retained.  

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3.    COMMISSIONER OF INCOME TAX Vs. M/S RICE INDIA EXPORTS PVT. LTD [HIGH COURT OF DELHI]  

The learned counsel for Revenue submitted that the respondent-assessee had over-invoiced its purchases with an intent to inflate its purchases and reduce its profits. She submitted that the respondent-assessee could not substantiate with any evidence the purchases from Mr. Sanjay Kumar Garg. She pointed out that the respondent-assessee did not produce Mr. Sanjay Kumar Garg whose affidavit the assessee had filed and relied upon. Consequently, she submitted that the respondent-assessee had failed to discharge the onus.  

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What's New 

a.  Highlights of the Report of the Standing Committee on Finance of the Parliament on the Companies Bill, 2009  (Click for detail) 

bMesser Holdings Limited v. Shyam Madanmohan Ruia & ors. dtd. 1 Sept. 2010 (Bom)  (Click for judgement)

c.  Business assets, which are let out, are excluded from purview of levy of Wealth-tax, if assessee is in business of letting out properties  (Click for detail)

d.  Transfer pricing clearance norms may be eased: CBDT chairman  (Click for detail)

e.  Time limit for filing ITR-V forms for assessment year 2009-10 extended  (Click for detail)  

f.    Indirect tax mop-up rises 45 Percent in April-August  (Click for detail)

g.  Mergers Not Exempt from Duty  (Click for detail)

 

"Great ideas need landing gear as well as wings"

  

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,
kapilnkgoelandco@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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