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By: Taxmann Section 10(6C) of the Income-tax Act, 1961 - Income arising to foreign company by way of fees for technical services - Notified companies - Notification No. 81/2009, dated 27-10-2009 Fema Participants under ACU Mechanism - Inclusion of Maldives Monetary Authority - A.P. (DIR Series) Circular No. 14, dated 30-10-2009 Opening of Diamond Dollar Accounts (DDAs) - Modification - A.P. (DIR Series) Circular No. 13, dated 29-10-2009 Securities Laws Establishment of Connectivity with both depositories NSDL and CDSL - Companies eligible for shifting from Trade for Trade Settlement (TFTS) to normal Rolling Settlement - Circular No. SEBI/MRD/DoP/ Service Tax Section 11C of the Central Excise Act, 1944 - Power not to recover duty of excise not levied or short-levied as a result of general practice - Exemption of Excise duty leviable on the specified goods affixed with brand name or trade name of another person - Notification No. 24/2009-Central Excise (N.T.), dated 21-10-2009 Section 65(105)(zzzza) Case Laws-Direct Tax Laws -From AAR More Information For - http://www.taxmann.com/ AAR on taxability of an American company, having no PE in India, for technology transfer to an Indian company against consideration - It cannot be doubted that the technology/know- AAR on eligibility of an NRI to deduction u/s 80-IB (11A) of IT Act, 1961 qua his proposed business of processing, preservation and packaging of fruits or vegetables - The integrated activities of processing, preservation and packaging of fruits or vegetables are embraced within the scope of section 80-IB (11A); therefore, the applicant-NRI is entitled to the benefit of deduction contemplated in sub-section (11A) of section 80-IB - Delna Rustum Boyce, In re [AAR No. 824 of 2001] From Itat Applicability of section 14A of IT Act vis-a-vis assessment of a firm and its partners - A partnership firm is a separate entity than that of its partners under the Income-tax Act and therefore, partners vis-à-vis partnership firm would stand on the same footing of shareholders vis-à-vis company; accordingly , income charged in the hands of partnership firm cannot be treated as being a non-exempt income in the hands of a partner of such firm and, therefore, provisions of section 14A would be applicable in computing the total income of such partner in respect of his share in the profits of such firm - Dharmasingh M. Popat v. ACIT [ITA No. 7534/Mum./2004] Nature of discounting charges on discounting of bills of exchange - The word “interest” From- SC/HC Full Bench of High Court on determination of quantum of deduction allowable u/s 80-1A contained in Chapter VI-A of IT Act, 1961 - The quantum of deduction under section 80-1A is not dependent upon the assessee claiming or not claiming depreciation, because, under section 80-1A the quantum of deduction has to be determined by computing total income from business after deducting all deductions allowable under section 30 to 43D - Plastiblends India Ltd. v. Addl. CIT [ITA No. 1282 of 2007] Propriety of proceedings u/s 179 of IT Act, 1961 initiated against directors for non-payment of tax by their company - Before invoking section 179, it is sufficient if it is held that there is a gross neglect or misfeasance or breach of duty on the part of the Directors in relation to the affairs of the company - H. Ebrahim v. DCIT [W.P. No. 9314 of 2007 (T-IT)] Allowability of claim for refund of TDS when wrongly remitted to revenue by employer - In the light of section 240 of the IT Act, 1961, an obligation is cast on the revenue to effect the refund, without having to call upon the employees to apply for refund claim - S. Thigarajan v. ACIT [W.P.No. 11044 of 2009 (T-IT)] Service Tax -From Cestat More Information For -http://www.taxmann.com/ Service tax liability on improvement/ Visit For More Information - http://www.taxmann.com Taxmann Technologies (P) Ltd. 10/43 West Punjabi Bagh New Delhi - 110026 # # # Taxmann is a leading Laws-Taxes-Acts informative based company who has providing unique - updated information corporate laws, Indian taxes, international taxation, tax planning and other legal solutions across from India since 2000 End
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