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IT : Double Taxation Agreement - Amendment of Agreement for Avoidance of Double Taxation and Prevention of Fiscal Evasion with Foreign Countries - Swiss Confederation (Click for detail)
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IT : Agreement for Avoidance of Double Taxation and Prevention of Fiscal Evasion with Foreign Countries - Cayman Islands (Click for detail)
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Company Law : MCA Initiatives During 2011 (Click for detail)
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CL : Participation by shareholders or directors in meetings through electronic mode - Amendment in Circular No. 35/2011 (Click for detail)
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FEMA : Exim Bank's Line of Credit of USD 168 million to the Government of the Democratic Republic of Congo (Click for detail)
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FEMA : Exim Bank's Line of Credit of USD 40 million to the Government of the Republic of Maldives (Click for detail)
II. Recent Updates:
1. ICICI BANK LTD. Vs. DEPUTY COMMISSIONER OF INCOME-TAX, CIRCLE 3(1), WRIT PETITION NO. 1765 OF 2011, 09.11.2011, HIGH COURT OF BOMBAY
Whether power to reopen an assessment cannot be exercised to reopen what formed subject matter of an appeal to Commissioner (Appeals).
The object and purpose underlying the second proviso to section 147 is that upon an assessment being reopened, the Assessing Officer is entitled to assess or reassess such income which is chargeable to tax which has escaped assessment. However, matters, which are the subject matter of an appeal, reference or revision, are excepted from the jurisdiction of the Assessing Officer. In the instant case, the exercise of the power to reopen the assessment on the grounds which relate to the write off of bad debts under section 36(1)(vii) is in excess of jurisdiction, once the write off formed the subject matter of an appeal before the Commissioner (Appeals) and which resulted in an order of the appellate authority. The power to reopen an assessment cannot be exercised to reopen what formed the subject matter of an appeal to the Commissioner (Appeals).
(Please click here for judgment)
2. BLB LIMITED Vs. ASSISTANT COMMISSIONER OF INCOME TAX, W.P.(C) 6884/2010, DATE OF DECISION: 01.12. 2011, HIGH COURT OF DELHI
The petitioner BLB Ltd. has filed the present writ petition impugning notice under Section 148 dated 01.02.2010 and the order dated 16.9.2010 passed by the Assessing Officer dismissing their objections to the re-opening. Notice U/s 148 issued to BLB Ltd. on the basis of non-competence fees allowed as revenue expenditure. The reasons for issue of notice were recorded on 01.02.2010 i.e. after the period of four years from the end of the assessment year without compliance of Proviso to Section 147 of the Act is applicable. HC quashing the Notice under Section 148 dated 01.02.2010 and the order dated 16.9.2010 passed by the Assessing Officer.
(Please click here for judgment)
III. Today's Bottomline News :
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