Fwd: UPDATES FROM TAX GURU (in this message: 16 new items)

---------- Forwarded message ----------
From: LEGAL & FINANCIAL UPDATES FROM TAX GURU <info@taxguru.in>
Date: Fri, Jan 22, 2010 at 9:35 AM
Subject: UPDATES FROM TAX GURU (in this message: 16 new items)
To: palashbiswaskl@gmail.com

UPDATES FROM TAX GURU (in this message: 16 new items)

---

• Electronic Clearing System of the Income Tax Department hacked: Hacker Diverted around Rs 15 crore; CBI asked to investigate
• Disallowance of expenditure u/s 40(a) in a case where assessee follows completed contract method
• Registration u/s 80G(5)(vi) cannot be denied to charitable trust even if it is running some activity that yields profit
• Commissioner is empowered to satisfy himself that the trust activates are genuine and in consonance with its objects before granting approval u/s 80G
• In case of transfer of an asset distributed by a company in liquidation, cost of acquisition of same has to be taken as cost to previous owner for purpose of computing capital gains thereon
• Advance Against Depreciation (AAD) is not a reserve so section 115JB not applicable
• If the Assessing Officer has made the assessment by making such inquiries as he deemed fit, the order cannot be termed as erroneous
• Once data stored in electronic form, it becomes a customized electronic data which can be exported to qualify for deduction u/s 10A
• TDS is deductible on ESOP
• RCOM asked ministry to reject special audit report and demanded action against its special auditor
• Government considering increase in the income-tax exemption limit for individuals in next budget
• C&AG requested government intervention to access financial records of Cairn India-operated Rajasthan oil fields
• Results of the Chartered Accountants PE–II, PCE and IPCE held in November, 2009 are likely to be declared on Friday, the 29th January, 2010 around 2 P.M.
• Results of the MAC (Part-I), IRM and [ITL & WTO] Examinations held in November, 2009 are likely to be declared on 29th January, 2010 around 2 P.M.
• Deductibility of premium on forward contracts in the year of entering into such contracts
• Trade defence measures available to the domestic industry to counter unfair trade practices followed by exporters of goods from other countries

Electronic Clearing System of the Income Tax Department hacked: Hacker Diverted around Rs 15 crore; CBI asked to investigate Posted: 21 Jan 2010 07:46 PM PST The Electronic Clearing System (ECS) of the Income Tax (I-T) Department has been hacked into, jeopardising the functioning of department across Mumbai. On Wednesday, three days after the incident, the I-T department handed over the investigation to... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Disallowance of expenditure u/s 40(a) in a case where assessee follows completed contract method Posted: 21 Jan 2010 07:22 PM PST On plain reading of above section, we find that certain expenditures are not allowable if the assessee failed to deduct tax or after deduction same was not paid in time. However, such expenditures are allowable Provided that where in respect of any... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Registration u/s 80G(5)(vi) cannot be denied to charitable trust even if it is running some activity that yields profit Posted: 21 Jan 2010 07:19 PM PST As a rule, if the terms of the trust permit its operation 'for profit' they become, prima facie, evidence of a purpose falling outside charity. They would indicate the object of profit-making unless and until it is shown that the term of the trust... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Commissioner is empowered to satisfy himself that the trust activates are genuine and in consonance with its objects before granting approval u/s 80G Posted: 21 Jan 2010 07:12 PM PST From the above facts, it is clear that Once the society during a period of almost 12 years has not carried out any activity, except purchasing land, to construct school/college building for imparting education, which was the main object of the... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

In case of transfer of an asset distributed by a company in liquidation, cost of acquisition of same has to be taken as cost to previous owner for purpose of computing capital gains thereon Posted: 21 Jan 2010 07:08 PM PST Section 46(2) provides that when a shareholder receives money or any other asset from a company on its liquidation, then such shareholder shall be charged to capital gains tax. This capital gain is on account of transfer of shares effected by... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Advance Against Depreciation (AAD) is not a reserve so section 115JB not applicable Posted: 21 Jan 2010 06:53 PM PST For the aforestated reasons, we hold that AAD is a timing difference, it is not a reserve, it is not carried though profit and loss account and that it is "income received in advance" subject to adjustment in future and, therefore, clause (b) of... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

If the Assessing Officer has made the assessment by making such inquiries as he deemed fit, the order cannot be termed as erroneous Posted: 21 Jan 2010 06:47 PM PST When AO, who is both an adjudicator as well as an investigator, is acting in a quasi judicial capacity, it is his perception which counts and not that of CIT sitting in revisionary proceedings. It is not an error on the part of the AO not to conduct... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Once data stored in electronic form, it becomes a customized electronic data which can be exported to qualify for deduction u/s 10A Posted: 21 Jan 2010 06:42 PM PST If the intention of the legislature was that in order to qualify for deduction u/s 10A, every activity should be carried out through electronic means, then the purpose of enacting section 10A would have been totally defeated. The exact language of... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

TDS is deductible on ESOP Posted: 21 Jan 2010 10:00 AM PST Employee Stock Options Plans (ESOPs) and its different variants like Employees Stock Purchase Plans, Stock Appreciation Rights, Stock Awards, etc, have been used by employers to attract, retain and motivate employees. ESOPs have been popular... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

RCOM asked ministry to reject special audit report and demanded action against its special auditor Posted: 21 Jan 2010 09:36 AM PST Reliance Communications (RCOM), India's second-largest telecom company by subscribers, has asked the communications ministry to reject the special audit on it by Parakh & Co and alleged that the report `was issued for malafide purpose, based on... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Government considering increase in the income-tax exemption limit for individuals in next budget Posted: 21 Jan 2010 09:32 AM PST The government is exploring an increase in the income-tax exemption limit for individuals to compensate for the high recent inflation, but revenue considerations and the fact that the limit was hiked sharply in 2008-09 could force it to maintain... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

C&AG requested government intervention to access financial records of Cairn India-operated Rajasthan oil fields Posted: 21 Jan 2010 09:29 AM PST The Comptroller & Auditor General of India, country's statutory auditor, has sought government intervention to access financial records of Cairn India-operated Rajasthan oil fields. It has not yet received records of Cairn's Barmer oil fields... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Results of the Chartered Accountants PE–II, PCE and IPCE held in November, 2009 are likely to be declared on Friday, the 29th January, 2010 around 2 P.M. Posted: 21 Jan 2010 09:18 AM PST January 21, 2010 The results of the Chartered Accountants Professional Education – II, Professional Competence Examinations and Integrated Professional Competence Examination held in November, 2009 are likely to be declared on Friday, the 29th... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Results of the MAC (Part-I), IRM and [ITL & WTO] Examinations held in November, 2009 are likely to be declared on 29th January, 2010 around 2 P.M. Posted: 21 Jan 2010 09:12 AM PST January 21, 2010 The results of the Management Accountancy Course (Part-I), Insurance and Risk Management [IRM] and International Trade Laws & World Trade Organisation [ITL & WTO] Examinations held in November, 2009 are likely to be... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Deductibility of premium on forward contracts in the year of entering into such contracts Posted: 21 Jan 2010 09:03 AM PST The Delhi High Court (HC) [2010-TIOL­42-HC-DEL-IT] in the case of CIT v. Industrial Finance Corporation of India (Taxpayer) which held that the difference between forward rate and exchange rate prevailing on the date of entering into forward... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Trade defence measures available to the domestic industry to counter unfair trade practices followed by exporters of goods from other countries Posted: 21 Jan 2010 08:23 AM PST Trade defence measures are available to the domestic industry to counter unfair trade practices followed by exporters of goods from other countries. In case a product is imported into the country at less than its normal value, and it causes injury... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

You are subscribed to email updates from LEGAL & FINANCIAL UPDATES FROM TAX GURU To stop receiving these emails, you may unsubscribe now.	Email delivery powered by Google
Google Inc., 20 West Kinzie, Chicago IL USA 60610

--
Palash Biswas
Pl Read:
http://nandigramunited-banga.blogspot.com/