Statutes Monday -October-05-2009
10/05/2009

Extensive information of newest indian statutes happenings including off line and on line regarding direct tax laws-from itat, securities laws, service tax-from cestat , foreign exchange management and other judicial rules with taxmann.com

Online PR News – 05-October-2009 – – Case Laws-Direct Tax Laws -From AAR

AAR on taxability of a Swiss Shipping Company for transportation of cargoes from Indian ports to outside India - Shipping income derived from international operations is outside the purview of the Indo-Swiss Tax Treaty and it is left to be taxed under the domestic law i.e. the Income-tax Act, 1961 - Gearbulk AG, In re [Application No. AAR/803/2009]

From itat

Validity of service of notice under section 148 of IT Act, 1961 by affixture - Where there was no material on record to show or to suggest that any effort was made by the Assessing Officer to serve the notice in normal course before issuing the directions to serve the same by way of affixture; it could not be held that service of notice by affixture was a valid service - Shri Arun Lal v. ACIT [ITA No. 289/Agr./2006]

From sc/hc

Determination of Court fees payable by an assessee who is assessed to loss in preferring an appeal under section 253(6) of IT Act, 1963 - Court fees is based on total income of the assessee; higher the total income more the court fees payable; if the total income can be considered even to be the loss then the absence of it will not be covered by either (a),(b) or (c) of sub-section (6) of section 253; it will be clause (d) of sub-section (6) which will apply - Gilbs Computer Ltd. v. ITAT [Writ Petition No. 1021 of 2009]

Appellate Tribunal - Tribunal does not have powers to determine as to whether an appeal should be admitted or not, except to extent provided by sub-section (5) of section 253 in a case where appeal or cross-objections are presented beyond prescribed period of limitation - Gujarat Mineral Development Corpn. Ltd. v. Income-tax Appellate Tribunal - [2009] 183 TAXMAN 317 (GUJ.) [SPECIAL CIVIL APPLICATION NO. 27735 OF 2007 AND TAX APPEAL NOS. 26 TO 29 OF 2007]

Business expenditure - Expenditure incurred by assessee on computer software packages, on replacement of UPS system and printer, and on construction of new compound wall in place of existing barbed wire fencing were revenue expenditure - Commissioner of Income-tax v. Southern Roadways Ltd. - [2009] 183 TAXMAN 234 (MAD.) [T.C.(A) NOS. 700 TO 704 OF 2007]

Section 54F Exemptions - To claim benefit of section 54F, residential house, which is purchased or constructed, has to be of same assessee whose agricultural land is sold - Vipin Malik (HUF) v. Commissioner of Income-tax - [2009] 183 TAXMAN 296 (DELHI) [IT APPEAL NO. 1241 OF 2007]

Voluntary retirement, payments on - Amendment to section 10(10C) with effect from 1-4-2004 is clarificatory and curative in nature - Income-tax Officer, Korba v. Dhan Sai Srivas - [2009] 183 TAXMAN 302 (CHHATTISGARH) [TAX CASE NOS. 15, 17, 19, 20, 22 TO 29 OF 2007]

Service Tax -From Cestat

Leviability of service tax on a distributor of electricity for supply of electricity to consumers - The service rendered by the distributor through its electrical engineers to the consumers of electricity fell within the ambit of “taxable service” under section 65(105)(g) of the Finance Act, 1994 - M.S. Discom Ltd. v. CCE [Application No. ST/S/1332/07 in Appeal No. ST/124/07]

Levy of service tax on appellant for lowering, laying, jointing and testing GRP pipes in premises of GIDC - Prima facie the pipes in question were lowered, laid and jointed, tested etc. at the site of the GIDC primarily for industrial purposes thereby attracting section 65(25b) of the Finance Act, 1994 - Graphite India Ltd. v. CCE & C [Application No. ST/S/414/09 in Appeal No. ST/62/09]

Corporate Laws

Guidelines for Foreign investment in Commodity Exchanges - Press Note No. 7 (2009), dated 26-9-2009

Direct Tax Laws

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Section 117(1) and (2) of the Income-tax Act, 1961 - Appointment of income-tax authorities - Notified officer - Notification No. 72/2009, dated 30-9-2009

Section 118 of the Income-tax Act, 1961 - Control of income-tax authorities - Notified subordinate officers - Notification No. 73/2009, dated 30-9-2009

Securities Laws

Statement of additional information (SAI) & Scheme Information Document (SID) to be made available on SEBI website - Circular No. SEBI/IMD/CIR No. 10/178129/09, dated 29-9-2009

Filing of offer documents with the Board under Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009 - Circular No. SEBI/CFD/ICDRR/2/2009/29/09, dated 29-9-2009

Service Tax

Section 65(105)(zzzzl) of the Finance Act, 1994 – Transportation of export goods through national waterway, inland water and coastal shipping – Exemption from service tax on taxable services received by an exporter and used for export of goods – Amendment in notification no. 17/2009 – Service tax, dated 7-7-2009 - Notification No. 40/2009-Service Tax, dated, 30-9-2009

Documents required to be submitted along with the ST-1 Application for the purpose of registration - Trade Notice No. 15/ST/2009, dated 22-9-2009

Leviability of service tax on construction of canals by Government agencies - Circular No. 116/10/2009-S.T., dated 15-9-2009

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