1.   THE COMMISSIONER OF INCOME TAX Vs. INTERNATIONAL CREATIVE FOODS (P) LTD., ITA NO. 1382 OF 2009, DATED 01/10/2010, KERELA HIGH COURT. 

If the assessee has followed uniform practice of debiting and crediting the profit and loss account with variation in exchange rate fluctuation, then deduction should be allowed for the current year, if the exchange rate fluctuation has caused increase in rupee liability of the loan account. 

(Please click here for judgment) 

  

2.   M/S INTERNATIONAL BUSINESS, SERVICES Vs. THE COMMISSIONER OF INCOME TAX, ITA NO. 1805 OF 2009, DATED 04/10/2010, KERELA HIGH COURT. 

There could be no depreciation in respect of furniture and fixtures etc provided in the building given on rent by the assessee as there is no scope for granting depreciation in the assessment of income under the head property.  

(Please click here for judgment)

  

3.   THE COMMISSIONER OF INCOME TAX Vs. M/S. MUSLIM EDUCATIONAL SOCIETY, ITA NO. 1711 OF 2009, dated 04/10/2010 (KERELA HIGH COURT). 

The question raised in the department appeal is whether the unexplained cash credits taken as income under Section 68 qualifies for exemption under Section 10 (23C) and Section 11 of the Income Tax Act. 

Where the respondent assessee is entitled to exemption both under Section 11 as well as under Section 10(23C) separate treatment of unexplained cash credit treated as income under Section 68 of the Income Tax Act will not be justified.  

(Please click here for judgment)

  

What's New 

a.   Income-tax : Payment of net present value of a future liability cannot be classified as remission or cessation of liability so as to attract provisions of section 41(1)(a)  (Click for detail)

b.   Adjudication-Appeal in Audit Related issues-CBEC Instructions  (Click for detail)

c.   Companies (Amendment) Regulations, 2010 - Amendment in regulation 2  (Click for detail) 

d.  GST Roll-out won't be from next April- No Timeframe yet- Finmin  (Click for detail)

e.   Notification No. 94/2010 - Customs (N.T.)  (Click for detail)

f.   Notified date by which Nidhi Company has to achieve prescribed ceiling in respect of ratio of net owned fund to deposits  (Click for detail)

g.  Guidelines on Fair Practices Code for Lenders – Disclosing all information relating to processing fees / charges  (Click for detail)    

    

        

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Thanks for your valuable time 

"Voice of CA"

CA. Sanjay Kumar Agarwal, Founder - Voice of CA
Member  Central Council - ICAI
Former Chairman - NIRC
Mob : 9811080342, agarwal.s.ca@gmail.com 
   
   
CA. Kapil Goel, Moderator-Direct Taxes
Mob:9910272806, kapilnkgoelandco@gmail.com
 
CA. Sidharth Jain, Co-Moderator
sidhjasso@yahoo.com 
  
CA. Mukesh K Bansal, Co-Moderator-FEMA
Mob:9540022533, mukbansal80@gmail.com