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Fwd: TaxGuru.in : Legal & Tax Updates



---------- Forwarded message ----------
From: LEGAL & FINANCIAL UPDATES FROM TAX GURU <info@taxguru.in>
Date: Mon, Dec 27, 2010 at 9:36 AM
Subject: TaxGuru.in : Legal & Tax Updates
To: palashbiswaskl@gmail.com


TaxGuru.in : Legal & Tax Updates

Link to LEGAL & FINANCIAL  UPDATES FROM TAX GURU

Banks Can Give Up To 90 Percent On Home Loans Not Exceeding Rs Rs 20 Lakh

Posted: 26 Dec 2010 11:14 PM PST


Banks can give up to 90 per cent of the value of the property in case of small value home loans up to Rs 20 lakh But in case of loans above Rs 20 lakh the loan to value ratio LTV should not exceed 80 per cent said the Reserve B

[[ This is a content summary only. Visit www.taxguru.in for full article ]]

Capital Or Revenue Expenditure- Market Research Expenses And Severance Cost Of Employees Vis- -vis Closure Of Business

Posted: 27 Dec 2010 12:17 AM PST


The assessee was in the business of manufacturing of powdered soft drink in the name and style of TANG During the year under appeal it closed down its manufacturing business and paid the sum of 93 92 lacs by way of severance pay t

[[ This is a content summary only. Visit www.taxguru.in for full article ]]

Analysis Of Recent Service Tax Notifications Including Exemption To Canned Software Rescinded

Posted: 26 Dec 2010 11:59 PM PST


This article summarizes the recent Service Tax Notifications dated 21 December 2010 issued by the GOI including the withdrawal of exemption from payment of service tax under information technology software service for import o

[[ This is a content summary only. Visit www.taxguru.in for full article ]]

Service Tax- FAQ On CENVAT Credit Scheme

Posted: 26 Dec 2010 02:42 PM PST


1 What is CENVAT Credit Scheme with reference to Service Tax assessees nbsp The CENVAT Credit Rules 2004 introduced with effect from 10 9 2004 provides for availment of the credit of the Service Tax paid on the input servic

[[ This is a content summary only. Visit www.taxguru.in for full article ]]

Taxability Of Packaged Or Canned Software

Posted: 26 Dec 2010 12:26 PM PST


The Central Government has issued notifications under Excise amp Service Tax regarding taxability of packaged or canned software nbsp Excise Duty - Notification No 30 2010- Central Excise N T dated December 21 2010 has

[[ This is a content summary only. Visit www.taxguru.in for full article ]]

HC Upholds Constitutionality Of Levy Of Service Tax On Residential Complex

Posted: 26 Dec 2010 12:13 PM PST


Punjab and Haryana High Court in the case of G S Promoters v Union of India reported in MIT-2010-574-HC upheld the constitutionality of the levy of service tax on the deemed service while selling residential complex by builder to bu

[[ This is a content summary only. Visit www.taxguru.in for full article ]]

Service Tax - Procedures Related To Levy Registration Valuation Payment Import And Export Of Services ST Returns

Posted: 26 Dec 2010 12:04 PM PST


Service tax - Procedures related to Levy Registration valuation Payment Import and Export Returns Interest Recovery and Penalty1 Levy of service tax 1 1 As on 31st July 2010 117 services are taxable services in India These

[[ This is a content summary only. Visit www.taxguru.in for full article ]]

Unexplained Expenditure U S 69C And Addition Under S 41 1 On The Ground That There Was Remission Or Cessation Of Liability

Posted: 27 Dec 2010 12:28 AM PST


Unexplained expenditure u s 69C - Sec 69C refers to the source of the expenditure and not to the expenditure itself further in the absence of any material found during the search addition of expenditure would not be justified i

[[ This is a content summary only. Visit www.taxguru.in for full article ]]

Financial Position Of Appellant Cannot Be The Sole Criteria For Grant Of Stay

Posted: 26 Dec 2010 10:50 PM PST


The Court has made it clear that though there are no hard and fast rules regarding grant of stay prudence discretion and circumspection are called for and stay should not be granted as a matter of course Considerations about balance

[[ This is a content summary only. Visit www.taxguru.in for full article ]]

Kerala HC-No Coercive Recovery If First Appeal Ready For Hearing

Posted: 26 Dec 2010 02:51 PM PST


The assessee filed appeals before the Commissioner Appeals against the assessment orders for AYs 2004-05 to 2008-09 Though the appeals were ripe for hearing and the appellate authority had already posted the appeals for hearing on d

[[ This is a content summary only. Visit www.taxguru.in for full article ]]

Dispute Resolution Panel Should Pass A Reasoned Order Directions Assigning Cogent And Germane Reasons

Posted: 26 Dec 2010 02:28 PM PST


Delhi High Court held that the directions passed by the Dispute Resolution Panel DRY which is a quasi judicial body should be well reasoned containing cogent and germane reasons and remanded back the non-speaking direction of the D

[[ This is a content summary only. Visit www.taxguru.in for full article ]]

Case Remanded Back To Dispute Resolution Panel DRP By ITAT Delhi As DRP Directions Found To Be Very Laconic And Non-speaking

Posted: 26 Dec 2010 02:24 PM PST


Recently the Delhi bench of the Income-tax Appellate Tribunal remitted back the matter to the Disputes Resolution Panel DRP for reassessment since the directions of the DRP were found to be very laconic and non-speaking The Tribuna

[[ This is a content summary only. Visit www.taxguru.in for full article ]]

Levy Of Service Tax On Sale Of Residential Complex Not Unconstitutional - Punjab And Haryana HC

Posted: 26 Dec 2010 12:21 PM PST


M s G S Promoters hereinafter referred to as the Petitioner is engaged in development and sale of residential flats The petitioner enter into agreement for construction of flats with the contractors The flats are ultimately

[[ This is a content summary only. Visit www.taxguru.in for full article ]]
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--
Palash Biswas
Pl Read:
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