Thursday, November 10, 2011

Direct Tax Laws Nov 07



Transaction charges paid by assessee-broker to stock exchange for entering into transactions in securities/derivatives through BOLT system provided by BSE constitute 'fees for technical services' covered under Section 194J and, therefore, assessee is liable to deduct tax at source while crediting transaction charges to account of stock exchange - [2011] 15 taxmann 77 (Bombay)

Remuneration paid to partners cannot be allowed as a deduction u/s 40(b)(v) when same is not specified or stipulated in the partnership deed but has been left to be decided by a mutual agreement in future - [2011] 15 taxmann 76 (Delhi)

Where assessee challenged disallowance of commission paid to 'L' on ground that same had been shown as taxable income in return filed by 'L' - [2011] 15 taxmann 73 (Delhi)

Where assessee, a manufacturer of commutators, also received service charges on goods manufactured on sub-contract basis, and amounts on sale of copper scrap, section 80HHC deduction would also be available on latter two receipts also - [2011] 15 taxmann 72 (Karnataka)

Commission earned by assessee for supplying certain goods cannot be considered as a 'profit or gain from any business of an industrial undertaking' within meaning of section 80-IA - [2011] 15 taxmann 71 (Karnataka)

Where amount in question was received by assessee by way of account payee cheque and was repaid within a period of less than 15 days through banking channel, no addition could be made under section 68 - [2011] 15 taxmann 70 (Punjab and Haryana)

Only Competent Civil Authority, and not Commissioner of Income-tax is empowered to give findings on title/ownership over property sought to he sold for recovery of tax arrears - [2011] 15 taxmann 69 (Karnataka)

Reopening was unjustified where material relied upon therefor was available on record during original assessment proceedings - [2011] 15 taxmann 68 (Bombay)

Loan or advance given by company to shareholder in return of an advantage conferred upon company by such shareholder cannot be treated as deemed dividend under section 2(22)(e) - [2011] 15 taxmann 66 (Calcutta)

Before ordering special audit under section 142(2A) satisfaction of complexity of accounts is not required to be arrived at by discussing accounts in meticulous details - [2011] 15 taxmann 65 (Allahabad)

Reopening of assessment cannot be permitted merely because Assessing Officer subsequently believes that earlier view was incorrect - [2011] 15 taxmann 63 (Bombay)

Taxability of transponder hire charges by TV Broadcasting Company - [2011] 15 taxmann 64 (Chennai - Trib.)


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