|
Written by P.T. GOVINDARAJAN
|
|
Tuesday, 28 July 2009 18:41 |
|
Supreme Court holds Expenditure on replacement of machinery to be capital expenditure in a just completed case.
M/s. Sri Mangayarkarasi Mills (P) Ltd. (“assessee/SMMP Ltd.”), engaged in the manufacture and sale of cotton yarn, incurred expenditure on replacement of machinery. While on one hand, SMMP Ltd. capitalized the said expenditure in its books of account and in its return of income, on the other, the same was claimed as revenue expenditure on the basis that such expenditure was merely incurred on replacement of spare parts in the spinning mill system.
|
|
|
Written by P.T. GOVINDARAJAN
|
|
Sunday, 26 July 2009 14:18 |
|
The Central Board of Direct Taxes (“CBDT”) has issued Circular No. 3/2009 dated 21st May 2009 containing clarifications in connection with the new forms for the return of income for the assessment year 2009-10 which were notified by CBDT vide Notification No. 866(E) dated 27 March 2009. These are briefly described in the subsequent paragraphs.
|
|
Written by P.T. GOVINDARAJAN
|
|
Tuesday, 30 June 2009 12:59 |
|
Expenses reimbursement not taxable:
In CIT v. Siemens Aktiongesellschaft, 310 ITR 320 (Mumbai), the High Court held that the amount received by way of reimbursement cannot be regarded as revenue receipt particularly when the ITAT had found that the assessee company had received no sums in excess of the expenses incurred. Accordingly, the HC held that the amount was not liable to tax in the hands of the assessee company.
|
|
|
Written by P.T. GOVINDARAJAN
|
|
Tuesday, 14 July 2009 16:54 |
|
Deduction under section 80-IB(10) available on a year to year basis for an undertaking engaged in developing and building housing projects showing profit on partial completion method.
Background
An undertaking engaged in developing and building housing projects is entitled to a deduction to the extent of 100% of the profits derived from such housing projects subject to the fulfillment of certain conditions in accordance with the provision of section 80_IB(10) of the Income-tax Act, 1961 (ITA).
|
|
Written by P.T. GOVINDARAJAN
|
|
Tuesday, 30 June 2009 11:29 |
|
The Financial Express reported that International accounting and consulting firm Deloitte expects that the Indian government will increase excise duty and service tax rates in the upcoming budget to harmonize them with the proposed Goods and Services Tax, which is scheduled to be introduced from next fiscal.
The Government has cut excise duty rates by 6% and service tax by 2% in three stimulus packages, which Deloitte expects to be partially rolled back.
|
|
|
|
|
<< Start < Prev 1 2 3 4 5 6 7 8 9 10 Next > End >>
|
|
Page 6 of 20 |
