Editor's Pick

HC: No interest u/s 234B/C on tax liability due to retrospective amendment in later years

Advance tax liability must exist atleast on last day of financial year for levy of interest u/s 234B and 234C

Jul 04,2011

HC: No relief for Sesa Goa as HC division bench upholds single judge decision

No infirmity in show cause notice issued by IT Dept in Sesa Goa case, company can contest AO's order on

Jul 03,2011

ITAT: ITAT - Tax borne by payer on consultancy fees for 'Infrastructure Project' exempt u/s 10(6A)

Tax on consultancy fees for Infrastructure project borne by payer exempt u/s 10(6A); Infra project definition u/s 80IA(4) to be

Jun 29,2011

HC: Non-SLR investment income eligible for Sec 80P deduction

Income from non - SLR investments of Co-op banks ' attributable ' to business of banking, eligible for Sec 80P

Jun 28,2011

ITAT: Pre-FY 2008-09 IPO expenses not deductible for Services industry

Deduction u/s 35D for IPO expenses available to services industry from FY 2008-09; Interest income received on share application money

Jun 27,2011

ITAT: NSE entitled to full depreciation on VSAT network

Full depreciation on VSAT network allowed to NSE despite extensive use by NSE member brokers; network was essential for the

Jun 24,2011

HC: Excise duty on closing stock not income u/s 145A(b)

Excise duty on closing stock not income u/s 145A(b); Consequential disallowance u/s 43B not applicable

Jun 24,2011

ITAT: Payment for banner advertisement not taxable as royalty

Payment by Yahoo India to Yahoo Hong Kong for banner advertisement not taxable as royalty

Jun 24,2011

ITAT: In-house R&D expense revenue expense despite contrary accounting

In House R&D expenses revenue in nature, incurred for the purpose of business and hence allowed as deduction u/s 35(1)(i)

Jun 24,2011

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