Sunday, November 13, 2011

Direct Tax Laws Oct09


Employers contribution to ESI and EPF paid after due date but before filing of return is allowable as deduction - [2011] 15 taxmann 116 (Karnataka)

Where shares were allotted to shareholders at face value which was four times lower than market value and consideration was paid through adjustment of shareholders' account with company, differential value would be liable to gift tax - [2011] 15 taxmann 114 (Madras)

Non-competition fee was not liable to tax for assessment year 1997-98 - [2011] 15 taxmann 113 (Calcutta)

Where assessee had not produced any material to prove payments of commission, such payments could not be allowed on basis of past record - [2011] 15 taxmann 112 (Delhi)

Waiver of loan amount taken for trading purpose is exigible to tax under section 41(1) - [2011] 15 taxmann 111 (Delhi)

Provisions of sections 234B and 234C are applicable even where assessment is made under section 115J or 115JA - [2011] 15 taxmann 110 (Karnataka)

Where employer has deducted tax on employee's income estimated honestly and fairly, it cannot be treated as assessee-in-default under section 201(1) even if such estimate is found to be incorrect - [2011] 15 taxmann 107 (Delhi)

Where entire duration of contract entered into by Netherlands firm for dredging work in India was less than six months, said firm did not have permanent establishment in India as per article 5(3) of DTAA between India and Netherlands - [2011] 15 taxmann 102 (Uttarakhand)

Provision of section 40A(3) would not be applicable where a distributor deposits cash in bank account of its principal in normal course of its business - [2011] 15 taxmann 117 (Cochin - Trib.)

Amendment made in section 53A of Transfer of Property Act, 1882, by which requirement of registration of transfer deed has been indirectly brought on statute need not be applied while construing meaning of 'transfer' with reference to section 2(47) - [2011] 15 taxmann 115 (Mumbai - Trib.)

Once CIT(A) straightway sends additional evidence to Assessing Officer for his comments and rebuttal, then CIT(A) cannot deny taking of additional evidence on record on receiving rebuttal from Assessing Officer; he has to consider it on merit' - [2011] 15 taxmann 104 (Delhi - Trib.)

Where assessee sold a piece of land and executed sale deed for a value which is below value determined by the Stamp Valuation Authority, differential would be chargeable to tax - [2011] 15 taxmann 103 (Ahmedabad - Trib.)

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