Fwd: TaxGuru : “Interest received on income tax refund can be set-off against the interest paid on delayed payment of income tax – ITAT Mumbai” plus 8 more

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From: TaxGuru.in - Daily Tax and Corporate Law Update <info@taxguru.in>
Date: Mon, Sep 26, 2011 at 10:12 AM
Subject: TaxGuru : "Interest received on income tax refund can be set-off against the interest paid on delayed payment of income tax – ITAT Mumbai" plus 8 more
To: palashbiswaskl@gmail.com

TaxGuru : "Interest received on income tax refund can be set-off against the interest paid on delayed payment of income tax – ITAT Mumbai" plus 8 more

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• Interest received on income tax refund can be set-off against the interest paid on delayed payment of income tax – ITAT Mumbai
• Limitation period does not apply to withholding tax proceedings – Calcutta HC
• Liability of Dividend Distribution Tax does not depend upon eventual taxability of dividend income – ITAT Mumbai
• Application for advance ruling when a case is pending before AO – Discretion of AAR –
• SC refers Appeal by Ram Jethmalani against purported inaction of Government to arrange for recovery of large sums of money deposited by Indian citizens in foreign banks to Hon'ble the Chief Justice of India
• SEPCOIII Electric Power Construction Corporation, In re – Advance Ruling Authority
• Summary of recent Rationalisation and Liberalization in External Commercial Borrowing (ECB) Policy
• Download book covering direct and indirect tax, accounting standards etc.
• Income Tax Return – Who can verify and sign?

Interest received on income tax refund can be set-off against the interest paid on delayed payment of income tax – ITAT Mumbai Posted: 25 Sep 2011 08:18 PM PDT DCIT v. Bank of America NT & SA (ITAT Mumbai) - Tribunal held that interest received on income tax refund can be set-off against the interest paid on delayed payment of income tax and only net amount is to be taxed. The issue before the... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Limitation period does not apply to withholding tax proceedings – Calcutta HC Posted: 25 Sep 2011 07:19 PM PDT Bhura Exports Ltd Vs ITO (Calcutta High Court, Decided on August 30, 2011) -When the limitation provided earlier in Section 231 of the Act for taking action u/s 201 has been omitted with effect from April 1, 1989 and was re-introduced by way of... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Liability of Dividend Distribution Tax does not depend upon eventual taxability of dividend income – ITAT Mumbai Posted: 25 Sep 2011 06:32 PM PDT The Tata Power Company Limited v. ACIT- The Tribunal reiterated that the incidence of liability to pay DDT arises the moment such dividend is distributed (declared) and any subsequent events can have no bearing on such liability, even if such... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Application for advance ruling when a case is pending before AO – Discretion of AAR – Posted: 25 Sep 2011 01:19 PM PDT Foster Pty. Ltd., In re - Advance Ruling Authority The applicant is a company incorporated in Australia and is a tax resident of that country. The applicant entered into a contract with Ravva Oil Singapore (Singapore) Pte. Ltd., a company... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

SC refers Appeal by Ram Jethmalani against purported inaction of Government to arrange for recovery of large sums of money deposited by Indian citizens in foreign banks to Hon'ble the Chief Justice of India Posted: 25 Sep 2011 12:06 PM PDT Ram Jethmalani & Ors. Vs. Union of India & Ors. – Writ Petition (Civil) No.176 of 2009 was filed by Shri Ram Jethmalani and five others against the Union of India, the Reserve Bank of India, the Securities Exchange Board of India, the... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

SEPCOIII Electric Power Construction Corporation, In re – Advance Ruling Authority Posted: 25 Sep 2011 11:58 AM PDT On the date of filing of the present application before us relating to the rights and obligations arising out of the contract dated 10.5.2006 entered into by the applicant, in so far as it relates to the question posed in this application, was... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Summary of recent Rationalisation and Liberalization in External Commercial Borrowing (ECB) Policy Posted: 25 Sep 2011 09:08 AM PDT On a review of the current ECB policy, it has been decided, in consultation with the Government of India, to further rationalise and liberalize the ECB Policy as under : (i) The limit for eligible borrowers to avail of ECB under the automatic route... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Download book covering direct and indirect tax, accounting standards etc. Posted: 25 Sep 2011 01:21 AM PDT ICAI has released Book titled 'Quick Insight on CA profession' to be circulated to all CA firms/ practitioners for ready reference and it includes matters relating to direct and indirect tax, accounting standards, list of mandatory statements and... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Income Tax Return – Who can verify and sign? Posted: 23 Sep 2011 01:21 AM PDT The individual filing his Income Tax Return has to sign the return. In case the individual is mentally incapable, then the return may be signed by his Guardian or by any other person competent to act on his behalf. In case the individual is absent... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

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Palash Biswas
Pl Read:
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