Latest Indian Statutes On line-Off Line -09-Nov-2009

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Nov. 9, 2009 - PRLog -- Case laws-Direct Tax Laws-From Itat

Imposition of penalty for violation of section 269T of IT Act, 1961 - Merely because the amount of Rs. 2 lakhs has been repaid in part not exceeding Rs.20,000/- on a single day would not absolve the assessee from rigour of section 269T; the loan or deposit, for the purpose of section 269T, includes loan or deposit of any nature - Ajay Goel v. ACIT [ITA No. 1123/Del/2008]

Scope for rectification of intimation or deemed intimation u/s 143(1) of IT Act, 1961 - With effect from 1-6-1999, section 143(1) does not contain any provision for any adjustment to the returned income shown by the assessee in the return of income, and no room is left for any intimation to the assessee except making arithmetical calculation of tax or interest strictly on the basis of returned income; therefore, the power of rectification u/s 154 should be limited to the scope and power of making intimation u/s 143(1), and as such the power of rectification u/s 154 (1)(b) should be limited to the matters falling within the scope and ambit of section 143(1) effective from 1-6-1999 - Anshul Singhal v. ACIT [ITA No. 3738/Del/2007]

Scope for levy of penalty u/s 271(1)(c) on ground of disallowance of deduction u/s 80HHC of IT Act, 1961 - Simply because the assessee has claimed deduction u/s 80HHC with reference to the interest income and miscellaneous income without reducing 90 per cent thereof from the net profit is by itself cannot be a basis to hold that the assessee has concealed income or has made incorrect claim with a view to evade the payment of taxes - Model Footwear Pvt. Ltd. v. ITO [ITA No. 4110/Del/2003]

Taxability of interest income earned on margin money kept for providing bank guarantee - Merely because the interest income is earned by the assessee on account of contractual obligation and the same has been accepted in the regular assessment u/s 143(3) of the Income-tax Act, 1961 does not mean that interest income is not taxable under the Act; there is no such provision under the Act to exempt any such income because it is contractual - Lanco Kondapalli Power Pvt. Ltd. v. DCIT [ITA No. 207/Hyd/08]

Allowability of deduction u/s 80HHE and 10A of IT Act, 1961 qua profits of a 100 per cent EOU for two different periods in a same year - The principal of accrual of profit does not come in the way of allocation of profit in the two periods; deduction under different sections can be allowed on different profits, if the same are admissible - ITO v. Vidya Tech Solutions Pvt. Ltd. [ITA Nos. 813, 3455 & 3456 (Del)/2008]

From sc/hc

Supreme Court on allowability of exemption u/s 10(22) of IT Act, 1961 to a State-controlled Educational Society/Board - As per the letter of the Central Government dated 9-7-1973, all State-controlled Educational Committee(s)/Board(s) have been constituted to implement the Educational policy of the States(s), consequently, they should be treated as Educational Institution within the meaning of section 10(22) - Assam State Text Book Production and Publication Corpn. Ltd. v. CIT [Civil Appeal No. 2879 of 2007]

Applicability of sections 194A & 2(28A) of IT Act, 1961 in case of transaction of chits - The amount disbursed by a chit fund company to the members from their contribution cannot be treated as ‘interest’; as the payments made/disbursed to the subscribers/members are not ‘interest’, therefore, the question of deducting any tax at source therefrom would not arise; in the case of a chit fund, there is no borrowing of moneys nor any debt is incurred and as such the provisions of section 2(28A) are not attracted - CIT v. Sahib Chits (Delhi)(P.) Ltd. [ITA No. 44 of 2008]

Direct Tax Laws

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Section 90 of the Income-tax Act, 1961 - Double taxation agreement - Agreement for Avoidance of Double Taxation and Prevention of Fiscal Evasion with Foreign Countries - With the Government of Republic of Montenegro - Notification No. 4/2009 [F.NO. 503/1/1997-FTD-1]/S.O. 96(E), dated 7-1-2009

Section 35AC, sub-section (1) read with Explanation (b) thereto, of the Income-tax Act, 1961 - Eligible projects or schemes, expenditure on - Notified eligible projects or schemes - Amendment in Notification No. S.O. 399(E), dated 6-6-1996 - Notification No. 110/2009 / F. NO. NC-274/12/2009/ S.O. 2717(E), dated 28-10-2009

Insurance Laws

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Guidelines for implementation of Section 51A of Unlawful Activities (Prevention) Amendment Act (UAPA), 2008 - Circular No. IRDA/ F&I/CIR/AML/052/10/2009, dated 28-10-2009

Securities Laws

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Market Access through Authorised Persons - Circular No. MIRSD/DR-1/Cir-16/09, dated 6-11-2009

Service Tax

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Leviability of service tax on Tour operator service in connection with Haj and Umrah pilgrimage - Circular No. 117/11/2009-ST, dated 30-10-2009

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