Statutes -Monday-June-2009-06-01

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Section 1 of the Limited Liability Partnership Act, 2008 - Commencement of Act - Enforcement of certain sections and Schedules - Notification No. S.O.1323 (E), dated 22-5-2009

Section 79 of the Limited Liability Partnership Act, 2008 - Power to make rules - Enforcement of certain rules - Notification No. S.O. 1324(E), dated 22-5-2009


Section 10(22B) of the Income-tax Act, 1961 - Exemptions - News agency - Notified news agency - Notification No. 44/2009, dated 20-5-2009

Section 35(1)(ii) of the Income-tax Act, 1961 - Scientific research expenditure - Approved scientific research associations/institutions - Notification No. 45/2009, dated 20-5-2009


Foreign Exchange Management (Current Account Transactions) (Amendment) Rules, 2009 - Amendment in Schedule III; substitution of item 4 and 15; insertion of item 17 - Notification No. G.S.R. 349(E), dated 22-5-2009


Reconciliation of Amounts Due to/Due from Entities Carrying on Insurance Business - Circular No. 12/IRDA/F&A/CIR/MAY-09, dated 26-5-2009


Service Tax - Practice of treating process of contract hatching of eggs as a service or manufacture - Trade Notice No. 1/2009, dated 7-1-2009

Service Tax - Credit on ‘Tangible goods’ supplied during the course of providing taxable service u/s 65(105)(zzzzj) - Trade Notice No. 12/2009, dated 13-3-2009


Special Economic Zones (Second Amendment) Rules, 2009 - Amendment in rule 2, 5 and 19 - Notification No. S.O.1293(E), dated 20-5-2009


Deduction under section 36(1)(viii) - Amendment to section 36(1)(viii) by Finance Act, 1997, by which creation and maintenance of reserve funds has been made a condition with effect from 1-4-1998 for availing benefit under section 36(1)(viii), is not retrospective in operation and it shall apply in relation to assessment year 1998-99 and subsequent years - Rural Electrification Corporation Ltd., In re - [2009] 180 TAXMAN 55 (AAR-NEW DELHI) [AAR NO. 759 OF 2007]


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Levy of penalty under section 271(1)(c) of IT Act, 1961 - Mere omission of the surrendered income from the return of an item of receipt does neither amount to concealment nor furnishing of inaccurate particulars of income; mere asking of a question or simply raising of an enquiry about any loan/gift does not tantamount to detection of concealment - Addl. CIT v. Prem Chang Garg [ITA NOS. 2250 & 2251/Del/2007]

Rectification of an order under section 254(2) of IT Act, 1961 - If the Tribunal has consciously come to the conclusion that no income accrues in India and in respect of which elaborate reasons are given, if the applicant does not agree with the reasoning, it cannot be said that any mistake has crept in the order of the Tribunal which is rectifiable under section 254(2) - ADIT (Int’l Taxation) v. Amadeus Global Travel Distributions S. A. [M. A. NOS. 211 TO 213/Del/2008, (In ITA Nos. 2143 to 2145/Del/2000 & 1022 to 1024/Del/2005)]

Determination of head under which income from immovable property is to be assessed - Merely because income is attached to immovable property, it cannot be the sole factor for assessment of such income as “income from house property” - Bigg Investments & Finance Pvt. Ltd. v. DCIT [ITA Nos. 5367 & 5368/Del/04]

Capital gains - Computation of - Liability to tax on capital gains would arise in respect of only those capital assets in acquisition of which an element of cost is either actually present or is capable of being reckoned and not in respect of those assets in acquisition of which element of cost is altogether inconceivable - HUF of H.H. Late Sir J.M. Scindia v. Assistant Commissioner of Income-tax - [2009] 118 ITD 190 (MUM.) [IT APPEAL NOS. 4095 & 4437 (MUM.) OF 2002]


Bad debts - As per amended provisions of section 36(1)(vii), once assessee has written off debt in his books of account, it is not requirement of law that he should establish that debt has, in fact, become bad - Suresh Gaggal v. Income-tax Officer - [2009] 180 TAXMAN 90 (HP) [IT APPEAL NO. 10 OF 2002]

Business expenditure - Expenditure incurred by assessee on film production by way of advertisement for marketing of products manufactured by it was allowable as revenue expenditure, inasmuch as it was in respect of promoting ongoing products of assessee - Commissioner of Income-tax-7 v. Geoffrey Manners & Co. Ltd. - [2009] 180 TAXMAN 87 (BOM.) [IT APPEAL NO. 789 OF 2008 & IT APPEAL LODGING NO. 1280 OF 2005]


Clearing and forwarding agent - Service tax is leviable under category of ‘Clearing and forwarding agent’ only if an agent renders both clearing and forwarding service - Commissioner of Central Excise v. Kulcip Medicines (P.) Ltd. - [2009] 20 STT 264 (PUNJ. & HAR.) [CEA NO. 34 OF 2006]