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From: TaxGuru.in - Daily Tax and Corporate Law Update <info@taxguru.in>
Date: Fri, Sep 2, 2011 at 9:55 AM
Subject: TaxGuru : "Whether Compensation received for termination of the joint venture is capital or Revenue receipt?" plus 17 more
To: palashbiswaskl@gmail.com
From: TaxGuru.in - Daily Tax and Corporate Law Update <info@taxguru.in>
Date: Fri, Sep 2, 2011 at 9:55 AM
Subject: TaxGuru : "Whether Compensation received for termination of the joint venture is capital or Revenue receipt?" plus 17 more
To: palashbiswaskl@gmail.com
TaxGuru : "Whether Compensation received for termination of the joint venture is capital or Revenue receipt?" plus 17 more | |
- Whether Compensation received for termination of the joint venture is capital or Revenue receipt?
- Reassessment proceedings could not be initiated where reasons recorded is merely change of opinion
- Limitation period does not apply to withholding tax proceedings – Punjab & Haryana HC
- Redemption of preference shares not taxable as deemed dividend and amounts to 'transfer'
- E-filing of Service tax returns compulsory for all taxpayers w.e.f. 1st October 2011
- Free Software for Income Tax, TDS, Audit Reports, Project Report/ CMA, Form Manager, AIR, Service Tax
- Marketability is essential criteria for charging excise duty and product must be marketable in the condition in which it emerges – SC
- Helium Gas purchased in bulk, processed and sold in cylinders – liable to excise duty – Supreme Court
- Comments invited on draft 'Bill of Entry (Electronic Declaration) Regulations, 2011' and draft 'Shipping Bill (Electronic Declaration) Regulations, 2011
- Regarding Export of Pan Masala-Gutkha packed in plastic sachet by 100% EOU -Application of provisions of Plastic Waste Management and Handling Rules, 2011
- ITAT lay down principles on 'splitting of turnkey contracts', role of PE and taxability of profits from offshore supply
- Circular specifying monetary limit for appeal filing should not be applied ipso facto, when the matter has a cascading effect – SC
- Six Year after Income Tax Official jailed for taking bribe
- All about Income Tax Deduction Under section 80CCC, 80CCD and 80CCF
- Income Tax Deductions under section 80C – Eligible Investments and Expenses
- Cost Accounting Standard Board invites comments on Exposure Draft Guidance Note-Cost Accounting Standards(CAS-4)
- Regarding imposing safeguard duty on N1, 3-dimethyl butyl-N'phenylenediamine
- DGFT – Annual quota for import of marble from Bhutan increased to 5,882 MTs
| Whether Compensation received for termination of the joint venture is capital or Revenue receipt? Posted: 01 Sep 2011 09:06 PM PDT ITO Vs M/s Mechanalysis (India) Ltd (ITAT Mumbai)- The assessee company had discontinued or not renewed the collaboration agreement with M/s. Entek IRD International U.K. Ltd. But they got the help of M/s. Concast India Ltd for providing the... [[ This is a content summary only. Visit www.taxguru.in for full article ]]
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| Reassessment proceedings could not be initiated where reasons recorded is merely change of opinion Posted: 01 Sep 2011 07:51 PM PDT B.J.Services Company Middle East Ltd. and others Vs. DDIT (Uttarakhand High Court) It was held that once all the primary facts have been disclosed, the assessee was not required to provide any further assistance by way of disclosure to the AO. The... [[ This is a content summary only. Visit www.taxguru.in for full article ]]
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| Limitation period does not apply to withholding tax proceedings – Punjab & Haryana HC Posted: 01 Sep 2011 07:14 PM PDT CIT (TDS) Vs. H.M.T. Ltd. (Punjab & Haryana HC )- There is no specific provision prescribing any limitation for passing the order under Sections 201(1) and 201(1A) of the Act. According to the learned counsel, in view of Apex Court judgment in... [[ This is a content summary only. Visit www.taxguru.in for full article ]]
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| Redemption of preference shares not taxable as deemed dividend and amounts to 'transfer' Posted: 01 Sep 2011 06:34 PM PDT Parle Biscuits Pvt. Ltd. Vs. ACIT (ITAT Mumbai) It is held that redemption of preference shares amounts to 'transfer' of a capital asset under the Income-tax Act and any loss on redemption thereon would thus be allowable as a capital loss. The... [[ This is a content summary only. Visit www.taxguru.in for full article ]]
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| E-filing of Service tax returns compulsory for all taxpayers w.e.f. 1st October 2011 Posted: 01 Sep 2011 05:58 PM PDT As per the Notification, with effect from 1 October 2011, it is mandatory for all the taxpayer, (irrespective of their Service tax liability in the preceding year) to file the Service tax returns electronically. Accordingly, all returns filed on or... [[ This is a content summary only. Visit www.taxguru.in for full article ]]
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| Posted: 01 Sep 2011 05:34 PM PDT The Committee for Capacity Building of CA Firms and Small & Medium Practitioners, has launched the ICAI- Tax Suite on 1st July, 2011 by Hon'ble CA. K. Rahman Khan, Deputy Chairman of Rajya Sabha, Parliament of India. ICAI-Tax Suite software has... [[ This is a content summary only. Visit www.taxguru.in for full article ]]
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| Posted: 01 Sep 2011 10:48 AM PDT CCE Vs. M/s. Sundstrand Forms Pvt. Ltd. (Supreme Court) - We have a recent decision of this Court in the case of Medley Pharmaceuticals Ltd. Vs. The Commissioner of Central Excise and Customs, Daman, reported in (2011) 2 SCC 601. This Court in the... [[ This is a content summary only. Visit www.taxguru.in for full article ]]
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| Posted: 01 Sep 2011 10:37 AM PDT Air Liquide North India Pvt. Ltd V. CCE (Supreme Court) Relabelling would not mean mere fixing of another label. When the appellant was selling different cylinders with different marking or different certificates to its different customers, we can... [[ This is a content summary only. Visit www.taxguru.in for full article ]]
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| Posted: 01 Sep 2011 10:00 AM PDT `Self-Assessment' has been introduced in Customs vide Finance Act, 2011. Further, it has been made mandatory for importers and exporters to file declarations electronically. These changes necessitated a re-look at the extant regulations / forms. ... [[ This is a content summary only. Visit www.taxguru.in for full article ]]
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| Posted: 01 Sep 2011 09:46 AM PDT Some Chief Commissioners are of the view that whereas the manufactures of pan masala /gutkha shall be required to give an undertaking to comply with the provisions of the Plastic Waste (Management and Handling) Rules, 2011 under no circumstance... [[ This is a content summary only. Visit www.taxguru.in for full article ]]
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| Posted: 01 Sep 2011 09:24 AM PDT Samsung Heavy Industries Co. Ltd. Vs. ADIT (International Taxation) - Having come to the conclusion that the PE of the assessee existed in India in accordance with Article 5.1 and 5.2 and it does not fall under exclusionary clause, now the question... [[ This is a content summary only. Visit www.taxguru.in for full article ]]
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| Posted: 01 Sep 2011 08:16 AM PDT CIT vs. Surya Herbal Ltd (Supreme Court) - Liberty is given to the Department to move the High Court pointing out that the Circular dated 9th February, 2011, should not be applied ipso facto, particularly, when the matter has a cascading effect.... [[ This is a content summary only. Visit www.taxguru.in for full article ]]
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| Six Year after Income Tax Official jailed for taking bribe Posted: 31 Aug 2011 11:32 PM PDT Six years after a senior income tax assistant was caught accepting a bribe of Rs 500, a special CBI court on Wednesday sentenced him to one year's rigorous imprisonment. Vijay Karekar was arrested by the CBI on October 17, 2005, on charges of... [[ This is a content summary only. Visit www.taxguru.in for full article ]]
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| All about Income Tax Deduction Under section 80CCC, 80CCD and 80CCF Posted: 31 Aug 2011 11:16 PM PDT As per section 80CCC, where an assessee being an individual has in the previous year paid or deposited any amount out of his income chargeable to tax to effect or keep in force a contract for any annuity plan of Life Insurance Corporation of India... [[ This is a content summary only. Visit www.taxguru.in for full article ]]
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| Income Tax Deductions under section 80C – Eligible Investments and Expenses Posted: 31 Aug 2011 11:08 PM PDT As per section 80C, an employee will be entitled to deductions for the whole of amounts paid or deposited in the current financial year in the following schemes, subject to a limit of Rs.1,00,000/-: (1) Payment of insurance premium to effect or to... [[ This is a content summary only. Visit www.taxguru.in for full article ]]
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| Posted: 31 Aug 2011 09:45 PM PDT The Cost Accounting Standards Board Secretariat has prepared a revised Guidance Note on CAS-4. It has been decided to expose the same for the public comments. The proposed Exposure Draft may be modified in light of comments received before being... [[ This is a content summary only. Visit www.taxguru.in for full article ]]
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| Regarding imposing safeguard duty on N1, 3-dimethyl butyl-N'phenylenediamine Posted: 31 Aug 2011 09:30 PM PDT Notification No.83/ 2011-Customs, in exercise of the powers conferred by sub-section (1) of section 8B of the said Act, read with rules 12 and 14 of the Customs Tariff (Identification and Assessment of Safeguard Duty) Rules, 1997, the Central... [[ This is a content summary only. Visit www.taxguru.in for full article ]]
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| DGFT – Annual quota for import of marble from Bhutan increased to 5,882 MTs Posted: 31 Aug 2011 09:30 PM PDT NOTIFICATION No. 69 (RE-2010)/2009-14 The annual quota for import of marble from Bhutan will now be 5,882 MTs. Previously it was 1847 MTs. [[ This is a content summary only. Visit www.taxguru.in for full article ]]
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Palash Biswas
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