Saturday, September 24, 2011

Direct Tax Laws Sept 2011

DGIT's order to the effect that CA Institute holding coaching classes is a business is narrow and myopic - [2011] 13 taxmann 175 (DELHI)

Process of converting raw gherkins into gherkin pickles was eligible for deduction under section 10B, as it stood prior to 1-4-2001 - [2011] 13 taxmann 174 (CHENNAI - ITAT)

Merely because income from certain business is assessed under heading 'Income from other sources', expenditure incurred in running that business cannot be disallowed under section 57(iii) - [2011] 13 taxmann 167 (KAR.)

Extension of time for realization of export proceeds by competent authority under FEMA constitutes deemed approval granted by RBI under section 10A(3) - [2011] 13 taxmann 166 (BOM.)

Merely because a liability is pending for many years it cannot be said to have ceased to exist and charged to tax under section 41(1) - [2011] 13 taxmann 163 (MUM. - ITAT)

Where assessee utilized unspent credit limit of other party and reimbursed said party amount of interest payable by it to bank, assessee would be liable to deduct tax at source from such payment under section 194A - [2011] 13 taxmann 162 (CAL.)

Where due to amendment assessee became liable to pay advance tax under section 115JB on book profit deemed to be total income whereas it had paid advance tax on total income, interest could not be charged under sections 234B and 234C - [2011] 13 taxmann 161 (KAR.)
 
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