Fwd: TaxGuru : “When assessee mistakenly offers to tax interest income and also pays tax on such income, Revenue is right in levying interest” plus 10 more

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From: TaxGuru.in - Daily Tax and Corporate Law Update <info@taxguru.in>
Date: Mon, Aug 8, 2011 at 10:25 AM
Subject: TaxGuru : "When assessee mistakenly offers to tax interest income and also pays tax on such income, Revenue is right in levying interest" plus 10 more
To: palashbiswaskl@gmail.com

TaxGuru : "When assessee mistakenly offers to tax interest income and also pays tax on such income, Revenue is right in levying interest" plus 10 more

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• When assessee mistakenly offers to tax interest income and also pays tax on such income, Revenue is right in levying interest
• When the assessee does not get exclusive right over the technical knowhow and the trade mark, the royalty paid is revenue expenditure
• Benefit of s 43B(a) cannot be denied to the assessee on the ground that the excise duty was paid in advance in accordance with the mercantile system of accounting
• Activity of converting boulders into grit/stone chips/powder amounts to production and the assessee is entitled to a deduction under s 80-IB
• Income Tax Department to share PAN database with NATGRID
• FM – Confident to Achieve Appreciable Growth Despite Negative Sentiments Across the World;
• No Tax On Supply Profits Despite Permanent Establishment in India – AAR
• e-Filing for AY 10-11 – Quick Statistics (as on 31st July 2011)
• Government considering proposal to extend EPF to all companies with over 10 employees
• Opening of multi-brand retail to foreign investment moved one more step
• Substitution of term Micro and Small Enterprises in place of SSI in the documents

When assessee mistakenly offers to tax interest income and also pays tax on such income, Revenue is right in levying interest Posted: 07 Aug 2011 05:51 AM PDT Housing and Urban Dev Corp Ltd v JCIT (SC) - The assessee was directed to make a representation to the CBDT under s 119(2) either for the waiver of interest or to condone the delay in filing the rectification application under s 154, since on... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

When the assessee does not get exclusive right over the technical knowhow and the trade mark, the royalty paid is revenue expenditure Posted: 07 Aug 2011 05:48 AM PDT CIT vs G4S Securities System (India) Private Limited (Delhi High Court)- Payment of royalty by the assessee on a year-to-year basis on the net sales in lieu of technical know-how assistance and the trademark would not amount to capital expenditure... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Benefit of s 43B(a) cannot be denied to the assessee on the ground that the excise duty was paid in advance in accordance with the mercantile system of accounting Posted: 07 Aug 2011 05:44 AM PDT Paharpur Cooling Towers Ltd v CIT (High Court of Calcutta) - It was never the intention of the legislature to deprive an assessee of the benefit of deduction of tax, duty etc. actually paid by him during the previous year, although in advance,... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Activity of converting boulders into grit/stone chips/powder amounts to production and the assessee is entitled to a deduction under s 80-IB Posted: 07 Aug 2011 05:23 AM PDT CIT v Mallikarjun Georesources Associates (Uttarakhand HC) - The word "production" takes in all the by-products, intermediate products and residual products, which emerge in the course of manufacture of goods. It, accordingly, pronounced that even... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Income Tax Department to share PAN database with NATGRID Posted: 07 Aug 2011 03:37 AM PDT The Income Tax department has decided to share it's PAN card database with the NATGRID -- a network aimed to initiate robust information sharing amongst law enforcement agencies to tackle terror threats at home and abroad. The department, after... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

FM – Confident to Achieve Appreciable Growth Despite Negative Sentiments Across the World; Posted: 07 Aug 2011 03:31 AM PDT The Union Finance Minister Shri Pranab Mukherjee said that we would continue to achieve appreciable growth despite negative sentiments across the world. He mentioned about these sentiments in the developed nations which affected our markets on last... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

No Tax On Supply Profits Despite Permanent Establishment in India – AAR Posted: 07 Aug 2011 02:53 AM PDT LS Cable Limited vs. DIT - Nothing in law prevents the parties to enter into a contract which provides for sale of material for a specified consideration, although they were meant to be utilized in the fabrication and installation of a complete... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

e-Filing for AY 10-11 – Quick Statistics (as on 31st July 2011) Posted: 07 Aug 2011 02:24 AM PDT e-Filing for AY 10-11: Quick Statistics (as on 31st  July 2011) QUICK HIGHLIGHTS OF E-FILING IN F.Y. 2011-12 (UPTO 31/7/2011) COMPARATIVE GROWTH OF E-FILING IN CURRENT YEAR FORM WISE RECEIPT OF E-RETURNS UPTO 31st JULY S.N. FORM NAME F.Y. 10-11 F.Y.... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Government considering proposal to extend EPF to all companies with over 10 employees Posted: 07 Aug 2011 01:48 AM PDT The government is considering a proposal to extend Employees Provident Fund Scheme to all companies with over 10 employees, the Parliament was informed today. The proposal is under examination and consideration of the government, Labour and... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Opening of multi-brand retail to foreign investment moved one more step Posted: 07 Aug 2011 01:46 AM PDT The long pending issue of opening of multi-brand retail to foreign investment moved one more step, with the top secretaries forwarding 10 recommendations to the commerce and industry ministry on Friday. We have formally received the minutes of the... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Substitution of term Micro and Small Enterprises in place of SSI in the documents Posted: 07 Aug 2011 01:41 AM PDT Copies of the notification No.S.O.1642 (E) dated September 29, 2006 issued by the Ministry of Small Scale Industries andS.O.563 (E) dated February 27, 2009 issued by Ministry of Commerce and Industry regarding substitution of term 'Micro and Small... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

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