DIRECT TAX LAWS

Statutes

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Section 80C(2)(xxii) of the Income-tax Act, 1961 - Deduction in respect of subscription to bonds - Notification No. 293/2007, dated 31-12-2007

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Income Tax (Appellate Tribunal) Amendment Rules, 2006 - Notification No. F.71-AD(AT)/2006, dated 2-3-2006

From ITAT

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Depreciation - An assessee who has acquired an asset on hire-purchase agreement, is entitled to depreciation on asset in year of entering into hire-purchase agreement, notwithstanding that he would become owner of asset, once he makes payment of all instalments and exercises option to acquire assets - Joint Commissioner of Income-tax v. Indian Management Advisor & Leasing (P.) Ltd. [IT Appeal No. 5085 (Delhi) of 2003] [Order Date 17-8-2007]

For claiming depreciation, assessee has to satisfy conditions laid down in section 32; mere disclosure of amount and investment in some assets, whose description is withheld, is not sufficient to claim deduction of depreciation - Deputy Commissioner of Income-tax v. Sheth & Sura Engg. (P.) Ltd. [IT Appeal No. 748 (Pune) of 1997] [Order Date 30-7-2007]

Where during search of its premises, assessee-company surrendered certain amount represent­ing 'undisclosed income', which included investment in plant and machinery and furniture and fixture, but failed to furnish neces­sary particulars of those assets, Assessing Officer was justified in disallowing assessee's claim for depreciation on those assets, though disclosure was accepted and taxed by department - Deputy Commissioner of Income-tax v. Sheth & Sura Engg. (P.) Ltd. [IT Appeal No. 748 (Pune) of 1997] [Order Date 30-7-2007]

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Export Oriented Undertaking - Mere recognition as 100 per cent Export Oriented Undertaking (EOU) by a competent authority does not enable assessee to claim exemption under section 10B and it is only when such 100 per cent EOU manufactures or produces any articles or things or computer software along with fulfilment of other conditions stipulated under sub-section (2), that benefit of exemption can be sought - Kwal Pro Exports v. Assistant Commissioner of Income-tax [IT APPEAL NO. 633 (JODH.) OF 2005] [Order Date 6-10-2006]

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Capital gains - Assessee's father who was first owner of said property had acquired same in year 1958, i.e., before 1-4-1981, Assessing Officer was required to compute capital gain by applying cost inflation index applicable for financial year 1981-82 - Smt. Mina Deogun v. Income-tax Officer [IT Appeal No. 1003 (Kol.) of 2007] [Order Date 3-8-2007]

SECURITIES LAWS

Statutes

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Securities and Exchange Board of India (Foreign Institutional Investors) (Second Amendment) Regulations, 2007 - Amendment in regulation 15 - Notification F. No. 11/LC/GM/2007/31/12/2007, dated 31-12-2007

CORPORATE LAWS

Statutes

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Section 25 of the Companies Act, 1956 - Power to dispense with "Limited" in name of charitable or other company - Amendments in Notification No. S.O. 1578, Dated 1-7-1961 - Order No. S.O. 2219(E), dated 28-12-2007

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Section 25 of the Companies Act, 1956 - Power to dispense with "Limited" in name of charitable or other company - Rescission of Order No. S.O. 3879, dated 22-12-2007 - Notification No. S.O. 2218(E), dated 28-12-2007

SERVICE TAX

Statutes

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Amendment to Circular No. 96/7/2007-ST, dated 23-8-2007 - Clarification in respect of renting of immovable property service and works contract service - Circular No. 98/1/2008-ST, dated 4-1-2008

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Service Tax (Sixth Amendment) Rules, 2007 - Notification No. 45/2007 - Service Tax, dated 28-12-2007

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Amendment in Notification No. 19/2007-Service Tax, dated 12-5-2007 - Notification No. 44/2007 -Service Tax, dated 19-12-2007

DAILY CASE LAW REPORTER

Direct Tax Laws

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Delhi ITAT on section 28(i) of the Income-tax Act, 1961 - Ansal Properties & Industries Ltd. v. Deputy Commissioner of Income-tax [IT APPEAL NO. 3518 (DELHI) OF 2004] [Order Date 3-8-2007]

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Delhi ITAT on section 80HHC of the Income-tax Act 1961 - Assistant Commissioner of Income-tax v. Arun Puri [IT APPEAL NO. 4402 (DELHI) OF 2005] [Order Date 21-9-2007]

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Kerala High Court on section 39(6) of the Kerala Agricultural Income-tax Act, 1991 - Chandraprabha Charitable Trust v. State of Kerala [ST REV. CASE NO. 113 OF 2003] [Order Date 11-1-2007]

Corporate Laws

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Andhra Pradesh High Court on section 537 of the Companies Act, 1956 - Vaishu Engineering Industries Ltd. v. A.P.Industrial Development Corpn. [C. A. NO. 521 OF 2003 AND C. A. NO. 1071 OF 2005] [Order Date 5-6-2006]

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Supreme Court section 11 of the Arbitration and Conciliation Act, 1996 - DHV BV v. Tahal Consulting Engineers Ltd [ARBITRATION PETITION NO. 17 OF 2006] [Order Date 12-9-2007]

Service Tax

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Chennai CESTAT on section 76 of the Finance Act, 1994 - Akila Textiles v. Commissioner of Central Excise [APPEAL NO. S/85/2005] [Order Date 26-7-2007]

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Chennai CESTAT on section 68 of the Finance Act, 1994 - Arun Textiles (P) Ltd. v. Commissioner of Central Excise [S/APPEAL NO. 109 OF 2007] [Order Date 25-7-2007]

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Mumbai CESTAT on rule 12 of the Cenvat Credit Rules, 2002 - Commissioner of Central Excise v. Bajaj Auto Ltd. [APPEAL NO. E/2242/2006] [Order Date 26-6-2007]

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Mumbai CESTAT on rule 12 of the Cenvat Credit Rules, 2002 - Bidhata Industries (P.) Ltd. v. Commissioner of Central Excise [APPEAL NO. E/3859/2005] [Order Date 29-8-2007]

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Bangalore CESTAT on section 76 of the Finance Act, 1994 - Bimal Auto Agency v. Commissioner of Service tax [SERVICE TAX APPEAL NO. 158 OF 2007] [Order Date 4-7-2007]

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Chennai CESTAT on section 86 of the Finance Act, 1994 - CMS (India) Operations & Maintenance Co. (P.) Ltd. v. Commissioner of Central Excise [APPLICATION NOS.  S/PD/33/07 IN S/47/07] [Order Date 21-5-2007]

NEWS

Direct Tax Laws

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Insurance Laws

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Securities Laws

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Other Laws

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Interest rates unlikely to go down

A PREVIEW OF LATEST ISSUES OF TAXMANN'S JOURNALS

SERVICE TAX TODAY

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Vol. 12, Part 1, for the week of  Jan. 4 - Jan. 10, 2008