Vol

VOL. 1 | PART 16 | FEBRUARY 13, 2008

n Mandatory quoting of PAN in TDS/TCS returns - Press Release, dated 12-2-2008

n Agriculture income - Sale proceeds of plants raised in nursery on land belonging to assessee constitutes income from agriculture - Commissioner of Income-tax v. Green Gold Tree Farmers (P.) Ltd. [IT REFERENCE NO. 10 OF 2001]

n Winding up - Liability for fraudulent conduct of business - Company Judge/Tribunal can give a declaration and pass an order either under section 542 or under section 543 or both only if an application is preferred by Official Liquidator or liquidator or any creditor or contributory of company-in-liquidation and any such application filed by administrator of that company is not maintainable - P. Hema v. M. Muthusamy - [O.S.A. NOS. 147, 148 AND 200 OF 2006]

-Company Judge/Tribunal may give an appropriate declaration and pass order under sections 542 and 543, but for penal order under section 542(3) it can only give permission to Official Liquidator or liquidator to prefer an application before Court of competent criminal jurisdiction and no order of punishment with imprisonment or fine or both can be passed by Company Judge/Tribunal under section 542(3) - P. Hema v. M. Muthusamy - [O.S.A. NOS. 147, 148 AND 200 OF 2006]

n Mumbai ITAT on Article 12 of the Double Taxation Avoidance Agreement between India and USA - Taxation Department, ICICI Bank Ltd. v. Deputy Commissioner of Income-tax [IT Appeal No. 486 (Mum.) of 2004]

n Cochin ITAT on section 37(1) of Income-tax Act, 1961 - P. SOMAN v. ITO [IT Appeal No. 954 (Coch.) of 2005]

n Delhi High Court on sections 32, 36(1)(iii), 37(1) and 145 of Income-tax Act, 1961 - Commissioner of Income-tax v. Raj kumar Singh & Co. [IT REFERENCE NO. 80 OF 1995]

n Karnataka High Court on section 22 of Sick Industrial Companies (Special Provisions) Act, 1985 - Kanoria Industries Ltd v. State of Karnataka [WRIT APPEAL NO. 2064 OF 2004]

n Bangalore CESTAT on section 65 of Finance Act, 1994 - New Mangalore Port Trust v. Commissioner of Service Tax [In Appeal No. ST/120/2006]

n Chennai CESTAT on section 11B of Central Excise Act, 1944 - Pasla Air Travels & Cargo (P) Ltd. v. Commissioner of Customs & Central Excise [STAY ORDER NO. 819 OF 2007]

n Bangalore CESTAT on section 65 of Finance Act, 1994 - Commissioner of Central Excise v. Pawan Associates [APPEAL NO. ST/13 OF 2006]

n Kolkata CESTAT on section 80 of Finance Act, 1994 - Commissioner of Service Tax v. Peekay & Co. [Service Tax Appeal No. STSM - 68 of 2005]

n Chennai CESTAT on section 65 of Finance Act, 1994 - R. Deivaendran v. Commissioner of Central Excise [IN APPEAL NOS. 207 OF 206]Finance Act, 1994

n Bangalore CESTAT on section 65 of Finance Act, 1994 - Manager, Ravindra Kalakestra v. Commissioner of Central Excise [IN APPEAL NO: ST/41/2004]

<NEWS>

n CBDT wants capital gains tax for all FIIs

n Fringe benefits and open issues

n No fresh tax in UP budget

n Revisit realty sector exemptions: I-T Dept

n SC ruling on I-T deductions on interest paid on loan

n SEBI considers circuit filters on stocks traded in F&O segment

n Tax sops on cap gains bonds to continue

n Finmin may scrap withholding tax on aircraft leases

n Vol. 81, Part 6, for the week of Feb. 11 - Feb. 17, 2008