Fwd: TaxGuru : “Whether disallowance is warranted for the freight and cartage expenses incurred in cash without rejecting the books of account only on the basis of surmises and presumptions?” plus 12 more

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From: TaxGuru.in - Daily Tax and Corporate Law Update <info@taxguru.in>
Date: Sun, Jun 19, 2011 at 9:58 AM
Subject: TaxGuru : "Whether disallowance is warranted for the freight and cartage expenses incurred in cash without rejecting the books of account only on the basis of surmises and presumptions?" plus 12 more
To: palashbiswaskl@gmail.com

TaxGuru : "Whether disallowance is warranted for the freight and cartage expenses incurred in cash without rejecting the books of account only on the basis of surmises and presumptions?" plus 12 more

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• Whether disallowance is warranted for the freight and cartage expenses incurred in cash without rejecting the books of account only on the basis of surmises and presumptions?
• Whether quantum of deduction under section 80IA is directly proportional to the profits of the undertaking and hence it has nothing to do with investment made in plant and machinery?
• Assessee entering into separate agreements for supply of materials, erection and for civil work portion, etc.-No tax deducted on payment made for supply of materials-Applicability of section 194C
• Section 10(6C) of the Income-tax Act, 1961 – Fees for technical services to foreign companies – Notified foreign company – Rolls Royce Defense Services Inc.
• Poultry Sheds used for the business of hatching constitutes 'Plant' for the purpose of depreciation under section 32
• Partners liable to prosecuted u/s. 278B if there are specific averments in complaint that they were responsible for every act or act of omission and commission of the firm at the time when offence was committed
• MCA issues Clarification on Dispute Between SEBI and Sahara Group
• Taxpayer's functional profile and place in the value chain can be a key determinant of the parameters of economic analysis
• Nere inactivity for a limited period does not mean that business ceased to exist. Accordingly, expenditure is allowable even though no business income is earned during such period
• Repatriating foreign nationals permitted to retain India bank account
• NBFCs – Non-Banking Financial Companies (Opening of Branch/Subsidiary/Joint Venture/Representative Office or Undertaking Investment Abroad by NBFCs) Directions, 2011
• DGFT – DEPB Scheme will continue to be operative till 30th September, 2011
• Conditions and modalities for registration of contracts for additional quantity of 10 lakh bales(1,70,000 MTs ) of cotton with DGFT

Whether disallowance is warranted for the freight and cartage expenses incurred in cash without rejecting the books of account only on the basis of surmises and presumptions? Posted: 18 Jun 2011 09:20 PM PDT Just because of vouchers being doubted by the AO and not coming to correct conclusions on them, as he has resorted to only arbitrations in so far as he has presumed the rates of loading and unloading charges without bringing any material on record... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Whether quantum of deduction under section 80IA is directly proportional to the profits of the undertaking and hence it has nothing to do with investment made in plant and machinery? Posted: 18 Jun 2011 11:23 AM PDT Mahanagar Telephone Nigam Limited Vs Addl.CIT (ITAT Delhi)- Whether proportionate deduction under section 80IA is permissible where major amount of profits is attributable to new setup and meagre amount is attributable to old set up in view of the... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Assessee entering into separate agreements for supply of materials, erection and for civil work portion, etc.-No tax deducted on payment made for supply of materials-Applicability of section 194C Posted: 18 Jun 2011 11:02 AM PDT When parties enter into two separate contracts, one for material and one for labour, the transaction would not be one and indivisible, but would fall into two separate agreements, one of work or service and the other of sale. In such a case, the... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Section 10(6C) of the Income-tax Act, 1961 – Fees for technical services to foreign companies – Notified foreign company – Rolls Royce Defense Services Inc. Posted: 18 Jun 2011 10:47 AM PDT NOTIFICATION NO. 34/2011 -In exercise of the powers conferred by clause (6C) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby specifies that any income arising to M/s. Rolls Royce Defense Services Inc., with... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Poultry Sheds used for the business of hatching constitutes 'Plant' for the purpose of depreciation under section 32 Posted: 18 Jun 2011 10:31 AM PDT CIT v Shivalik Hatcheries Pvt. Ltd. - ITAT, on the basis of the material placed before it came to the conclusion that the building of the poultry shed has been specifically designed with a view to protect the birds from disease. It has been... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Partners liable to prosecuted u/s. 278B if there are specific averments in complaint that they were responsible for every act or act of omission and commission of the firm at the time when offence was committed Posted: 18 Jun 2011 10:24 AM PDT Deepak Engineering Works and Others v CIT and Others (Patna High Court)- , section 278B, makes it clear that onus lies on the Partners or Directors to prove that they are not responsible for any of the offence committed by a firm / company. First... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

MCA issues Clarification on Dispute Between SEBI and Sahara Group Posted: 18 Jun 2011 09:59 AM PDT The Ministry of Corporate Affairs has clarified, that Sahara Prime City limited, a Sahara Group company intending to go for an IPO, had filed information about its group companies to SEBI in its Draft Red Herring Prospectus. SEBI as market regulator... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Taxpayer's functional profile and place in the value chain can be a key determinant of the parameters of economic analysis Posted: 17 Jun 2011 11:37 PM PDT ITAT Delhi has recently pronounced its ruling in the case of ST Microelectronics Private Limited v. CIT(A), wherein it upheld the revenue's rejection of transfer pricing analysis undertaken by the taxpayer since the taxpayer had improperly... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Nere inactivity for a limited period does not mean that business ceased to exist. Accordingly, expenditure is allowable even though no business income is earned during such period Posted: 17 Jun 2011 11:24 PM PDT Recently ITAT Mumbai in the case of Bechtel International Inc., USA v. ADIT held that mere inactivity for a limited period does not mean that the taxpayer's business ceased to exist or that it did not carry on any business at all. Expenditure... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Repatriating foreign nationals permitted to retain India bank account Posted: 17 Jun 2011 10:41 PM PDT The Reserve Bank of India (RBI) has issued AP (DIR Series) Circular No. 70, dated June 9, 2011 permitting Authorized Dealer Category – I banks [AD] to re-designate resident accounts of repatriating foreign nationals as Non-Resident (Ordinary)... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

NBFCs – Non-Banking Financial Companies (Opening of Branch/Subsidiary/Joint Venture/Representative Office or Undertaking Investment Abroad by NBFCs) Directions, 2011 Posted: 17 Jun 2011 09:36 PM PDT NOTIFICATION NO. DNBS.(PD)229/CGM(US)-2011, DATED 14-6-2011 1. No NBFC shall open subsidiaries/joint ventures/representative office abroad or shall make investment in any foreign entities without obtaining prior approval in writing from the Reserve... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

DGFT – DEPB Scheme will continue to be operative till 30th September, 2011 Posted: 17 Jun 2011 09:30 PM PDT PUBLIC NOTICE NO. 54 (RE-2010) /2009-2014 In pursuance of the provisions of paragraph 2.4 of FTP, the Director General of Foreign Trade (DGFT) hereby notifies the compilation known as HBP v.1, HBP v.2 and Schedule of DEPB rates. These... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Conditions and modalities for registration of contracts for additional quantity of 10 lakh bales(1,70,000 MTs ) of cotton with DGFT Posted: 17 Jun 2011 09:30 PM PDT Public Notice No. 55 (RE-2010)/2009-2014 - Through Notification No.57 of 09.06.2011, the cap on export of cotton in the current cotton year has been increased to 65 lakh bales from 55 lakh bales. For allocation of this additional quantity of 10... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

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