Monday, October 24, 2011

Direct Tax Laws Oct 2011 01

Interest from (i) fixed deposits made for opening letter of credit and (ii) advances given out of surplus funds, which were not done in ordinary course of business, is to be treated as 'income from other sources' - [2011] 13 taxmann.com 227 (Madras)

Revenue cannot justify reopening of assessment on grounds which are not recorded in reasons for reopening assessment - [2011] 13 taxmann.com 224 (Bombay)

Petition for waiver of interest under section 220(2) can be filed even after payment of interest - [2011] 13 taxmann.com 222 (Delhi)

Application of CBDT Circulars dated 23-5-1996 and 30-1-1997 and Circular No. 2/2006 for charge of interest under section 234B - [2011] 13 taxmann.com 221 (Delhi)

Section 115WC(2)(b) will also apply activity of manufacturing of specialized equipments of solid and waste which includes fixation of certain equipments on land for managing waste - [2011] 13 taxmann.com 228 (Delhi - Trib.)

Where assessee, a Russian company, entered into a co-operation agreement with KPTL and scope of activities of assessee clearly showed that assessee was only required to provide technical services and depute expert for site review and implementation by KPTL, it could not be said that assessee was doing construction work and therefore, scope of work of assessee would not fall within exclusion category of Explanation 2 to section 9(1)(vii) - [2011] 13 taxmann.com 223 (Ahmedabad - Trib.)

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