Home Highlights November 2010 Year 2010 This

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1. Amendment to rules governing salary, allowances and service conditions of Chairperson and members of Insolvency and Bankruptcy Board of India. Key changes: Chairperson's...

2. The notification amends the National Financial Reporting Authority (Manner of Appointment and other Terms and Conditions of Service of Chairperson and Members) Rules,...

3. ICAI's Suggestions for Review of Income Tax Act, 1961: Tax Deducted at Source (TDS) prosecution proceedings are appropriate only where deductors deliberately do not...

4. SC upheld the Tribunal's compensation award in a motor accident death claim, restoring Rs. 58,24,000/- for father and Rs. 93,61,000/- for mother against claimed amounts...

5. Appellant failed to submit required documents within stipulated time for provisional duty assessment, contravening Customs (Provisional Duty Assessment) Regulations,...

6. Exemption limited increased to Rs. 25,00,000 against Leave encashment by the employees other than an employee of the Government - Income Tax Notification

7. HC addressed valuation dispute regarding exported Printed Circuit Boards where penalty was significantly increased from Rs.1,00,000 to Rs.1,00,00,000 in subsequent...

8. Rate of service tax increased from 10% to 12%

9. Reopening of assessment beyond three years requires sanction from Principal Chief Commissioner of Income Tax, whereas the assessee obtained sanction from Principal...

10. Income Tax: Limit of remuneration to working partners in partnership firms allowed as deduction increased - on first Rs 6,00,000 of book profit or loss, Rs 3,00,000 or...

11. Jurisdiction of Superintendent to pass the order - Monetary limit - The High Court noted that, the circular dated 9.2.2018 limited the power of the Superintendent,...

12. Taxability of salary income earned by non-residents from Indian companies. In this Judgement, it was determined that under Section 9(1)(ii) of the Income Tax Act, salary...

13. ITAT upheld partial rejection of books under s.145(3) due to unverifiable self-made cash vouchers, though specific quantification was lacking. Given turnover of...

14. The petitioner issued two post-dated cheques bearing No. 622623 for Rs. 93,00,000/- and No. 622624 for Rs. 1,54,00,000/- to the respondent as per a Deed of Undertaking....

15. CESTAT upheld reclassification of imported high conductivity copper bus bars from CTI 7407 21 20 to CTI 7407 10 30, resulting in denial of FTA benefits under N/N....