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Updates from Taxmannindia

Wednesday, November 18, 2009 Posted by Dhaval Desai

Updates from Taxmannindia


Section 132 of the Income-tax Act, 1961 – Search & seizure – Empowerment of authorities

Posted: 18 Nov 2009 03:34 AM PST

Section 132 of the Income-tax Act, 1961 – Search & seizure – Empowerment of authorities toNotification No. 82/2009/F.NO.142/23/2009-SO(TPL)(Pt.), dated 11-11-2009 In exercise of the powers...

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ITAT, BENCH ‘B’, CHENNAI A case of undisclosed income must survive in light of material found out in course of search or requisition.

Posted: 18 Nov 2009 03:33 AM PST

A case of undisclosed income must survive in light of material found out in course of search or requisition. It is not possible to attribute a case of undisclosed income in respect of those...

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HIGH COURT OF DELHI Treatment to be given to payment of royalty to foreign collaborators for providing technical services

Posted: 18 Nov 2009 03:24 AM PST

Treatment to be given to payment of royalty to foreign collaborators for providing technical services When the payment is not because of 'transfer" of technology, but for providing "technical...

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ITAT, MUMBAI SPECIAL BENCH B-1 Special Bench of ITAT on computation of indexed cost of acquisition of a capital asset acquired as a gift

Posted: 18 Nov 2009 03:22 AM PST

Special Bench of ITAT on computation of indexed cost of acquisition of a capital asset acquired as a giftThe indexed cost of acquisition of a capital asset, which had become property of the assessee...

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HIGH COURT OF GAUHATI Applicability of sections 147/148 of IT Act, 1961 to block assessment

Posted: 18 Nov 2009 03:20 AM PST

Applicability of sections 147/148 of IT Act, 1961 to block assessment The provisions of section 147/148 will apply to an assessment for a block period made under Chapter XIV-B of the...

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HIGH COURT OF DELHI When CIT cannot exercise jurisdiction u/s 263 of IT Act, 1961

Posted: 18 Nov 2009 03:17 AM PST

When CIT cannot exercise jurisdiction u/s 263 of IT Act, 1961 In a situation where only one view was possible on the point of issue, under no circumstances, order u/s 263 could be passed by the...

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HIGH COURT OF DELHI Date from which limitation period provided u/s 154(7) of IT Act, 1961 is to be reckoned

Posted: 18 Nov 2009 03:16 AM PST

Date from which limitation period provided u/s 154(7) of IT Act, 1961 is to be reckoned Once an appeal against the order passed by an authority is preferred and is decided by the appellate...

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ITAT, JABALPUR BENCH When interest expenditure on borrowed funds is not allowable as deduction

Posted: 18 Nov 2009 03:14 AM PST

When interest expenditure on borrowed funds is not allowable as deduction No prudent businessman would borrow funds on interest and keep his own funds idle.   ITAT, JABALPUR BENCH,...

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ITAT, COCHIN BENCH Computation of taxable income u/s 115JB of IT Act, 1961

Posted: 18 Nov 2009 03:09 AM PST

Computation of taxable income u/s 115JB of IT Act, 1961 An assessee could claim by way of deduction u/s 115JB either the loss or depreciation whichever is less and not both ITAT, COCHIN BENCH,...

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ITAT, BENCH ‘C’ CHENNAI Allowability of credit of TDS on income not liable to tax

Posted: 18 Nov 2009 03:07 AM PST

Allowability of credit of TDS on income not liable to tax When TDS is made on a particular income which is otherwise not liable for tax, the assessee is entitled for the said credit of the TDS;...

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Verification Status (As on 18 Nov 2009) - Professional Competency Examination June 2009 - (18-11-2009)

Posted: 18 Nov 2009 03:05 AM PST

Verification Status (As on 18 Nov 2009) - Professional Competency Examination June 2009: Roll Numbers of candidates where no change in marks found click Here All these candidates are being...

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