Fwd: Financial, Legal & Tax Updates from TaxGuru (in this message: 5 new items)

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From: LEGAL & FINANCIAL UPDATES FROM TAX GURU <info@taxguru.in>
Date: Mon, Feb 8, 2010 at 9:38 AM
Subject: Financial, Legal & Tax Updates from TaxGuru (in this message: 5 new items)
To: palashbiswaskl@gmail.com

Financial, Legal & Tax Updates from TaxGuru (in this message: 5 new items)

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• RBI's approval does not put a seal of approval on true character of a transaction from perspective of transfer pricing regulation
• Recourse to the power under Section 147 cannot be sustained on a mere change of opinion
• If company constructed structure on shareholders land then rent there from will be taxable in the hand of company
• Co-operative Bank entitled to deduction u/s 80P(2)(a)(i) on amount of interest received u/s 244A on Income tax Refund
• The assessing authority cannot act on the dictates of the Commissioner to reopen the concluded assessment

RBI's approval does not put a seal of approval on true character of a transaction from perspective of transfer pricing regulation Posted: 07 Feb 2010 06:27 AM PST These appeals by the assessee are directed against the separate orders of the CIT(A) for the respective assessment years. Since the issues involved in these appeals are common and connected, and these appeals were heard together, these are being... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Recourse to the power under Section 147 cannot be sustained on a mere change of opinion Posted: 07 Feb 2010 06:18 AM PST The admitted position before the Court, on the basis of the material on the record, is that by the notice under Section 148 issued on 30th November 2009, the assessment pertaining to the year 2002 ­03 was sought to be reopened after the lapse of... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

If company constructed structure on shareholders land then rent there from will be taxable in the hand of company Posted: 07 Feb 2010 06:09 AM PST In so far as the rents received from "Samsung" 3re concerned., the finding recorded by the Assessing Officer is that, the structure is constructed by the Company itself with its own funds and not that the super structure has been constructed by the... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Co-operative Bank entitled to deduction u/s 80P(2)(a)(i) on amount of interest received u/s 244A on Income tax Refund Posted: 07 Feb 2010 05:56 AM PST We have heard the arguments put forth by both the sides along with the case law relied upon. Having held above that the interest on income-tax refund does not fall under the head `Profits and gains of business or profession', it remains to be... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

The assessing authority cannot act on the dictates of the Commissioner to reopen the concluded assessment Posted: 07 Feb 2010 05:50 AM PST Whether, the Tribunal was correct in holding that the Assessing officer had to record his reasons and based on those reasons form his opinion that the income has escaped assessment by relying on two judgments of this Hon'ble Court in 133 JTJ? 199... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

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Palash Biswas
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