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11-10-2010 - Recent Updates as on 11.10.2010
Monday, October 11, 2010

1.     COMMISSIONER OF INCOME TAX Vs. BSES RAJDHANI POWERSLLD. [HIGH COURT OF DELHI] 

The learned counsel for the Revenue submitted that the Tribunal had erred in law in   allowing depreciation to the assessee at the higher rate of 60% on computer accessories   and peripherals instead of the normal rate @ 25%. She further submitted that the   computer peripherals and accessories could not be treated at par with computer and   computer software. Held that computer accessories and peripherals such as, printers,  scanners and server etc. form an integral part of the computer system. In fact, the  computer accessories and peripherals cannot be used without the computer. Consequently, as they are the part of the computer system, they are entitled to  depreciation at the higher rate of 60%.

(Click here for judgment) 

  

2.     COMMISSIONER OF INCOME TAX Vs. M/S. KISHORE APPARELS [HIGH COURT OF DELHI]

The learned counsel for the Revenue submitted that the Tribunal had erred in  deleting the addition of 90,00,105/- on account of unverifiable purchases  under Section 69 of Act, 1961 and addition of 90,32,014/- on account of  unexplained expenses under Section 68 of the Act, 1961 by the Assessing Officer. Held the view expressed by the Tribunal is both fair and reasonable.

(Click here for judgment) 

   

3.     COMMISSIONER OF INCOME TAX Vs. NAVEEN GERA [HIGH COURT OF DELHI]

The learned counsel for the revenue submitted that both CIT(A) and  Tribunal have erred in law in deleting the addition of ` 2,24,08,820/- made  by the AO on the ground that addition based on DVO’s report could not be sustained as no adverse material had been found during the search.The court  disagreed with the revenue.

(Click here for judgment)

    

What's New 

a.  Notification No. 108 / 2010- Customs  (Click for detail) 

b.  Notification No. 109 / 2010- Customs  (Click for detail) 

c.  Notification-The Haryana Value Added Tax (Second Amendment) ACT, 2010  (Click for detail) 

d.  Furnishing remitter details in pass book / pass sheet / account statement for credits received by customers through NEFT / NECS / ECS  (Click for detail)  

e.  STAX-49-50-10-STax (Second Amendment) Rules, 2010  (Click for detail) 

f.  Special Economic Zones (Fourth Amendment) Rules, 2010 - Amendment in Annexure-II  (Click for detail)

g.  Special Economic Zones (Third Amendment) Rules, 2010-Amendment in rules 27 & 45  (Click for detail)

   
"It Is Very Easy To Defeat Someone, But It Is Very Hard To Win Someone"
   
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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