<DIRECT TAX LAWS>

n  Scientific research expenditure - Approved scientific research associations/institutions - Notification No. 31/2008, dated 5-3-2008

n  Annual Value - Annual letting value has to be determined with reference to annual rent received by assessee and not what has been received by its tenants from ultimate users - Commissioner of Income-tax v. Akshay Textiles Trading Agencies (P.) Ltd. [IT Appeal No. 607 of 2005]

n  TDS - In relation to interest on Deep Discount Bonds any deduction made of tax at source and paid to Central Government is required to be treated as payment of tax on behalf of 'owner of security' or 'unit holder' - Commissioner of Income-tax v. Smt. Sonal Bansal [IT Appeal No. 412 of 2007]

n  Rectification of mistake - Where revenue authority had issued show cause notice under wrong provisions - Commissioner of Central Excise Commissionerate v. Onkar Travels (P.) Ltd. [C.E.A. NOS. 169 OF 2006 AND 93 OF 2007]

n  Winding up -High Court is bound to entertain appeal against order of Single Judge who disposed of it on merit and not summarily or in limine - Vijay Kumar Karwa v. Official Liquidator, Rohtas Inds. Ltd.[CIVIL APPEAL NO. 1661 OF 2008]

  - If a person intends to present a petition for winding up of a company as a contributory, he/it has to satisfy company court that his/its case is covered by one of eventualities contemplated by clause (b) of section 439(4) - Severn Trent Water Purification, Inc. v. Chloro Controls (India) (P.) Ltd. [CIVIL APPEAL NOS. 1351 AND 1353 OF 2008]

n  Method of accounting - Every assessee is entitled to arrange its affairs and follow method of accounting, which Department has earlier accepted, and it is only in those cases where Department records a finding that method adopted by assessee results in distortion of profits, it can insist on substitution of existing method - Commissioner of Income-tax v. Bilahari Investment (P.) Ltd. [Civil Appeal Nos. 1625 to 1632 of 2008]

n  Taxability of dividend received by assessee in India from foreign company - Deputy Commissioner of Income tax v. Torqosiue Investment & Finance Ltd. [Civil Appeal Nos. 4485, 4486, 4489, 4492, 4495 TO 4499-4502 OF 2007]

n  Business Expenditure - In order to decide nature of expenditure as to whether it is capital or revenue, three tests, i.e., ownership test, enduring benefit test, and functional test have to applied - Amway India Enterprises v. Deputy Commissioner of Income-tax [IT APPEAL NOS. 3072 AND 3247(DELHI) OF 2002, 128 (DELHI) OF 2005 AND 72(DELHI) OF 2006]

<NBFC>

n  Frauds - Future approach towards monitoring of frauds in NBFCs - DNBS.PDCC. NO.112 /03.10.42/2007-08, dated 5-3-2008

<DAILY CASE LAW REPORTER>

n  Delhi High Court on section 131 of Income-tax Act, 1961 - Director of Income-tax (Investigation) v. Bhagat Singh [LPA 1377 of 2007]

n  Delhi High Court on section 22 of Income-tax Act, 1961 - Ocean Structures (P.) Ltd. v. Assistant Commissioner of Income-tax [IT appeals No.392 of 2007]

n  Madras High Court on section 37(1) of Income-tax Act, 1961 - Commissioner of Income-tax v. Rane (Madras) Ltd. [T.C. (A) NOS. 857 AND 858 OF 2007]

n  Bombay High Court on section 256 of Income-tax Act, 1961 - Commissioner of Income-tax v. Roshan D. Nariman [IT Application No. 55 OF 1999]

n  Rajasthan High Court on section 143(3) of Income-tax Act, 1961 - Commissioner of Income-tax  v. S.C. Sethi [D.B.I.T. Appeal No. 78 OF 2005]

n  Mumbai ITAT on section 14A of Income-tax Act, 1961 - Shree Shyamkamal Finance & Leasing Co. (P.) Ltd. v. Income Tax Officer [IT Appeal No. 15 (Mum.) of 2006]

n  Delhi ITAT on section 195 of Income-tax Act, 1961 - VAN OORD ACZ INDIA (P.) LTD. v. Additional Commissioner of Income-Tax [IT Appeal No. 2126 (DELHI) OF 2007]

n Mumbai SAT on regulation 4 of Securities and Exchange Board of India (Prohibition of Fraudulent and Unfair Trade Practices Relating to Securities Market) Regulation 2003 - Eonour Technologies Ltd. and R. Karthik v. Securities & Exchange Board of India [Appeal No. 124 OF 2006]

n  Delhi High Court on section 22 of Sick Industrial Companies (Special Provision) Act, 1985 - Modi Rubber Ltd. v. Board for Industrial and Financial Reconstruction [Writ Petition (C) No. 10284 of 2005]

n  Punjab & Haryana High Court section 529A of Companies Act, 1956 - Oswal Agro Furane Ltd.,(In liquidation)  In re.

n  Bombay High Court on section 392 of Companies Act, 1956 - Reliance Natural Resources Ltd. v Reliance Industries Ltd. [Company Application No. 1122 of 2006]

n  Andhra Pradesh High Court on section 237 of Companies Act 1956 - S. Ravi Kiran v. Secretary, Ministry of Company Affairs [Writ Petition No. 14788 OF 2007]

n  New Delhi CESTAT on section 65 of Finance Act 1994 - Aksh Optifibers Ltd. v. Commissioner of Central Excise [IN Service Tax Appeal No. 72 OF 2006]

n  Chennai CESTAT on section 67 of Finance Act, 1994 - CMS (India) Operations & Maintenance Co. (P). Ltd. v. Commissioner of Central Excise [Appeal No. S/PD/26/2006 IN S/116/2006]

n  Chennai CESTAT on section 65 of Finance Act, 1994 - Malar Constructions v. Commissioner of Central Excise [IN Appeal No. S/PD/132/07 & S/185/07]

n  Mumbai CESTAT on rule 4 of Cenvat Credit Rules, 2004 - Nicholas Piramal (India) Ltd. v. Commissioner of Central Excise [Appeal No: E/4217/05]

n  New Delhi CESTAT on section 73 of Finance Act, 1994 - Pratik Marbles (P) Ltd. v. Commissioner of Central Excise [Appeal No. ST/158-161, 163-167, 170-180, 182-206, 208-221, 225-233, 236-238, 244, 246, 265, 283, 307, 315-324, 349, 352, 354, 359, 433-437 OF 2006]

n  Chennai CESTAT on section 80 of Finance Act, 1994 - Sekhar Enterprises v. Commissioner of Central Excise [S/PD/ Application No. 103 OF 2007 and S/Appeal No. 147 OF 2007]

n  Mumbai CESTAT on sections 11B and 68 of Finance Act, 1994 - Uni Deritend Ltd. v. Commissioner of Central Excise [IN Appeal No. ST/126/2006]

n  Bangalore CESTAT on section 78 of Finance Act, 1994 - Venkatraman Associates v. Commissioner of Service Tax  [In service-tax Appeal No. 174 of 2007]

<NEWS>

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