An article on "Greenfield Projects and its Financing" (Part-1)

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II.   CBDT-Vision 2020- Strategic Plan 2010-15

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III.   Recent Updates:

1.     Commissioner of Income Tax Vs. M/s Aggarwal Sabha Maharaja Aggarsain Bhawan, Rohtak [HIGH COURT OF PUNJAB AND HARYANA]

The question raised in the appeal inter-se is Whether the Hon’ble Tribunal was justified in directing the Commissioner of Income tax to grant registration to the assessee society  when the conditions as to registration of trust etc. as laid down under Section 12A of the  Income Tax Act (before it was amended w.e.f. 1.6.2007) were not complied with? It is clear from the findings recorded by the Tribunal that for the earlier assessment year 2006-07, the society was held to be exempted under Section 10(23C)(iiiad) after considering the merits of the activities of the society. The Tribunal, after correctly appreciating the legal position, held that activities of the society were of general public utility under Section 2(15) of the Act. This, finding is not shown in any manner to be erroneous.

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2.     Commissioner of Income Tax Vs. M/s SIDH VINAYAK DEVELOPMENT PVT. LTD. [HIGH COURT OF DELHI]

The learned standing counsel for the Revenue stated that the Assessing Officer had rightly made an addition of 51.50 lacs, as the same were loans advanced to the respondent assessee by two parties namely, M.V. Marketing  Pvt. Ltd. and Ethnic Creations Pvt. Ltd.

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3.     Commissioner of Income Tax Dehradun  and another. Vs. M/s Enron Expat Services Inc. [HIGH COURT OF UTTARAKHAND]

The learned counsel appearing in support of the appeal contended that in terms of Sub-Section 1 of Section 192 of the Act, tax is required to be deducted at the time of payment of salary and, accordingly, if salary is paid monthly, tax is required to be deducted monthly. The question is answered in favour of the assessee.

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What's New 

a.  Under Art 26(3) of India-USA DTAA payments to Non-Residents are equated with payments to Residents  (Click for detail) 

b.  ITAX-77-10-Section 80CCF of the Income-tax Act, 1961 - Deduction - In respect of subscription to long-term infrastructure bonds - Notified long-term infrastructure bond  (Click for detail) 

c.  Non-residents are not liable to pay interest u/s 234B. S. 234D applies from AY 2004-05 and is not retrospective - (Delhi High Court) DIT vs. Jacabs Civil   (Click for detail)

d.  Public Notice No 11 / (RE2010)/2009-14 - Additional Port of Registration under E.P. Schemes  (Click for detail) 

e.  Public Notice No 12 / (RE2010)/2009-14 - Amendment of DEPB entry Sl . No. 1 of the Product Group "Fish & Fish Products" (Product Code: 66)  (Click for detail) 

f.   Income-tax : It would be  anomalous to allow  interest  charged  u/s.201(1A)  to  be recovered even when assessee’s appeal against order  u/s.201(1) declaring it to be in default  is  pending in appeal before Tribunal (Click for detail)

g.  Banks not liable to pay minimum alternate tax  (Click for detail)