1.      Commissioner Of Income Tax Vs. Smt. Swapna Roy [Allahabad High Court]

The following substantial question of law was framed by the Court :

Whether the first appellate court and the tribunal had committed substantial illegality by deleting the addition with regard to interest on the loan taken from a company of Sahara Group without recording any finding with regard to dominant purpose for which the loan was taken keeping in mandate of class-III of Section 57 of the Income Tax Act ?

(Click here for judgment)

     

2.      CIT  Vs.  Micromatic Machine Tools P. Ltd. [Delhi High Court]

The assessee-company is engaged in the business of marketing machine tools for certain manufacturers. During the year in question, the assessee incurred expenses, amounting to Rs 20.42 lakhs for participating in the exhibition IMTEX-1998. The vouchers in respect of the aforesaid expenditure were produced before the Assessing Officer, who noticed that the expenditure incurred on the exhibition during  the Assessment Year 1997-98 being only Rs 2,67,162/- there  was an eight fold increase in the expenditure.

(Click here for judgment)

     

What's New 

a.  Notification No. 110/2010 - CUSTOMS  (Click for detail)

b.  Notification No.  33/2010 - CENTRAL EXCISE  (Click for detail)

c.  Notification No.  80/2010 -  [F.No.178/04/2009-ITA-1]  (Click for detail)

d.  Notification No.  79/2010 - [F.No.178/49/2008-ITA-I]  (Click for detail) 

e.  F.No.390/Misc./163/2010-JC - CENTRAL EXCISE - Reduction of Government litigations  (Click for detail)

f.  Office audits likely to replace Customs checks  (Click for detail)

   

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"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