HC: Madras HC- "Completed contract method" - AS 7 - Section 145(1)

Madras High Court- "Completed contract method" under AS 7 doesn't contravene Section 145(1)

Jan 25,2011

HC: Business income of Charitable trust

Charitable trust- business income from property in trust is exempt if utilized for its charitable object.

Jan 20,2011

HC: Madras HC - Wind-mill assembly amounts to "manufacture" and eligible for tax holiday

Activity of assembly of different parts wind-mills amounts to "manufacture" and eligible for tax holiday under section 80-IB

Jan 19,2011

HC: Delhi HC allows claim for depreciation on goodwill for Coca Cola

The Delhi HC has held in the case of CIT v Hindustan Coca Cola Beverages Pvt Ltd that where tax officer allowed depreciation on goodwill (which was a possible view

Jan 18,2011

HC: Deduction u/s 80IA and 80HHC

Section 80IA deduction is not required to be reduced in computing section 80HHC deduction.

Jan 17,2011

HC: Demerger scheme of Vodafone Essar Gujrat Limited

Demerger struck down by the High Court on tax evasion ground.

Jan 15,2011

HC: Allowability of interest on delayed payemnt of provident fund

Interest on delay in payment of provident fund is covered by section 43B and deductible on payment basis.

Jan 15,2011

HC: Provision for loss under AS-7- deductible expenditure

Provision for estimated expenses/losses on construction contracts provided as per AS 7 is deductible expenditure.

Jan 15,2011

HC: Payment towards non compete fees and technical knowhow treated as Goodwill

The Madras High Court in the case of Indo Tech Electric Company v. DCIT held that in case of conversion of partnership firm into company, compensation paid towards non compete

Jan 13,2011

HC: No tax holiday u/s 10A to Foreign branch.

Tax holiday is not available to foreign branch carrying on-site software development and full-fledged marketing operations.

Jan 12,2011