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DIRECT
TAX LAWS |
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Statutes |
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Post
Office (Monthly Income Accounts) (Second Amendment) Rules, 2007 -
Notification No. G.S.R. 763(E), dated 8-12-2007
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From
ITAT |
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Business
loss/deductions - Any
bona fide loss arising in ordinary course of carrying on of
business which is of a revenue nature is to be allowed as a
business loss even if provisions relating to deduction of bad debt
do not apply (Mum.)
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Expenditure
incurred in relation to income not includible in total income - Provisions
of section 14A apply only when there is expenditure in relation to
an exempt income and it does not create any legal fiction to deem
any expenditure as expenditure incurred in relation to exempt
income (Mum.)
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Depreciation
- In
case of financial lease, depreciation cannot be allowed to lessor,
as it is lessee who becomes owner of property in such lease (Mum.)
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Business
income - In
cash system of accounting, only those receipts which have been
received by assessee are includible as income from business in
hands of assessee; therefore, any sum of money on account of bills
receivable cannot be treated as income of assessee in cash system
of accounting (Mum.)
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-
Value of any benefit or perquisite, arising from business or
exercise of profession - Where assessee had rendered help to a
person on various occasions, who in return had gifted certain sum
to assessee, such gifted amount would fall outside scope of income
within meaning of section 28(iv), as such benefit was not received
in course of business of assessee (Delhi)
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FEMA |
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Statutes |
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Exim
Bank's Line of Credit (LOC) to USD 15 million to Eastern and
Southern African Trade and Development Bank (PTA Bank) - A.
P. (Dir Series) Circular No. 19, dated 12-12-2007
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NEWS |
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Direct
Tax Laws |
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'Brand'
Sachin untouched by tax woes
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CBDT says no to one
time interest waiver
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Centre may retain tax
sop only for BPOs
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Continuation of tax
sops for EOUs sought
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Tax relief on software
upgradation on cards
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Securities
Laws |
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Single-point KYC
clearance for MF investors
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Insurance
Laws |
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Now, roadside services
from motor insurers
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Service
Tax/VAT |
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14%
drop in service tax collections on telecom
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Other
Laws |
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Get ready to return
ill-gotten gains
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Nath asks states to
pare FDI procedures
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A
PREVIEW OF LATEST ISSUES OF TAXMANN'S JOURNALS
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SELECTED
ORDERS OF ITAT |
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Vol.
18, Part 4, for the week of Dec. 11 - Dec. 17, 2007
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INCOME-TAX
TRIBUNAL DECISIONS |
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Vol.
109, Part 6, for the week of Dec. 12 - Dec. 18, 2007
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