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DIRECT TAX LAWS Section 35(1)(ii) of the Income-tax Act, 1961 - Scientific research expenditure - Approved scientific research associations/ INSURANCE LAWS View More Details http://www.taxmann.net/ Disclosures forming part of Financial Statements - Circular No. 005/IRDA/F&A/ Pension Fund Managers (PFMs)/Points of Presence (PoP) - Circular No. 006/IRDA/F&A/ SECURITIES LAWS View More Details http://www.taxmann.net/ Allocation of limits to FIIs/Sub-accounts for investment in Government Debt and date for First Come first served process - Press Release No. 161/2009, dated 15-5-2009 Allocation methodology of debt investment limits to FIIs - Circular No. IMD/FII & C/ /2009, dated 12-5-2009 Simplified Listing Agreement for Debt Securities - Stock Exchanges - Circular No. SEBI/IMD/BOND/ Service Tax View More Details http://www.taxmann.net/ Section 86(1A) of the Finance Act, 1994 - Appeals to Appellate Tribunal - Notified committee of Commissioners - Amendment in Notification No. 18/2007-Service Tax, dated 12-5-2007 - Notification No. 13/2009-Service Tax, dated 15-5-2009 Section 86(1A) of the Finance Act, 1994 - Appeals to Appellate Tribunal - Notified committee of Commissioners - Amendment in Notification No. 19/2007-Service Tax, dated 12-5-2007 - Notification No. 14/2009-Service Tax, dated 15-5-2009 Rule 3 of the Central Excise Rules, 2002 - Appointment and jurisdiction of Central Excise Officers - Amendment in Notification No. 14/2002 - Central Excise (N.T.) dated 8-3-2002 - Notification No. 10/2009-Central Excise (N.T.), dated 11-5-2009 CASE LAWS DIRECT TAX LAWS View More Details http://www.taxmann.net/ FROM ITAT Jurisdiction of Tribunal to rectify mistake in its order - If the Tribunal has wrongly applied the law laid by the Supreme Court in a given case, it could be said that there is a mistake apparent from the record in the order of the Tribunal; but, the mere citing of the law laid down by the Supreme Court in some cases, could not amount to mistake apparent from the record in the order of the Tribunal - Dhariwal Industries Ltd. v. DCIT [M.A. NO. 15 TO 22/M/09] Validity of order passed under section 154 of IT Act, 1961 when demand notice is served after limitation period - The order of amendment under section 156 would mean an order in writing and calculation of tax on the basis of such order; if the amendment and calculation of tax is made within the period of limitation as provided in sub-section (7) of section 154, the mere fact that the demand notice has been served upon the assessee after the period of limitation will not render the order passed by the Assessing Officer to be invalid - V.B. Desai Financial Services Ltd. v. DCIT [ITA NO. 7567/MUM/2005] Levy of penalty under section 158BFA(2) of IT Act, 1961 - The factum of falsity cannot be assumed or inferred but has to be proved on the basis of material or evidence; no adverse inference can be drawn merely because the appeal against the disallowance was not filed by the assessee - Super Metal Industries v. DCIT [IT (S) A. No. 655/Mum/2004] Admissibility of purchases as an expenditure - When an expenditure is claimed to have been incurred the initial burden lies on the assessee to prove the genuineness of the purchases - ACIT v Amar Mining Co. [ITA No. 1841/Ahd./2002] Validity of rectification proceedings under section 154 when notices are already issued under section 143(2) of IT Act, 1961 - When an assessment is subject matter of proceedings under section 143(2), during the pendency of such proceedings there can be no rectification of mistake; possibly the Assessing Officer can do all the rectification in an assessment to be framed under section 143(3) in pursuance of the notice issued under section 143(2) - M. P. Telelinks Ltd. v. ACIT [ITA NOS. 401 & 402/Agra/2005] FROM SC/HC View More Details http://www.taxmann.net/ Deductibility of Income-tax from gratuity payment - The Income-tax Act exempts the gratuity amount to the extent of limit prescribed under the said Act; there is no distinction between the gratuity paid under the Payment of Gratuity Act, 1972 or otherwise - North West Karnataka Road Transport Corporation v. Deputy Labour Commissioner [Writ Petition No. 5759 of 2006] Supreme Court’s ruling on deductibility of provision for warranty under section 37 of IT Act, 1961 - If the historical trend indicates that large number of sophisticated goods were being manufactured in the past and in the past if the facts established show that defects existed in some of the items manufactured and sold then the provision made for warranty in respect of the army of such sophisticated goods would be entitled to deduction from the gross receipts under Section 37 - Rotork Controls India (P) Ltd. v. CIT [CIVIL APPEAL NOS. 3506-3510 OF 2009] # # # Taxmann is a leading laws rules -regulation informative based company who has providing unique and update information concern Service tax Fema-Foreign Exchange Corporate laws Direct tax laws And other legal acts across from India since 2001. End
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