In CIT vs. Techno Shares & Stocks 323 ITR 69 the Bombay High Court considered the definition of an “intangible asset” in s. 32(1)(ii) and held that a stock exchange card was not an intangible asset eligible for depreciation. This judgement has been reversed by the Supreme Court today (9.9.2010). It has been held that a stock exchange card is a “license” and eligible for depreciation u/s 32(1)(ii).
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S. 195 Samsung Electronics Judgement Reversed By Supreme Court
The Supreme Court today (9.9.2010) pronounced judgement in a batch of appeals challenging the judgement of the Karnataka High Court in CIT vs. Samsung Electronics 320 ITR 209 where it was held that u/s 195 the payer was not entitled to consider whether the payment was chargeable to tax in the hands of the non-resident recipient or not
ITAT “High Tea” Function
The ITAT Bar Association organized a “High Tea” function on 27th August 2010 (Friday) on the occasion of the Vice Presidents’ conference which was held on 26th, 27th and 28th of August 2010. On behalf of the ITAT Bar Association Shri Dinesh Vyas, President of the Association congratulated the new team and wished them all success. Hon’ble President Shri R. V. Easwar assured that the Hon’ble Members would continue to work sincerely and honestly to maintain the dignity and honour of the ITAT as one of the finest judicial institutions of our country. A large number of members of the Association participated in the function and wished the Hon’ble President, Vice Presidents and Members all success in their endeavours
Transfers of Chief Commissioners of Income-tax (Sept 2010)
The following Order No. 109 of 2010 dated 3rd September 2010 has been issued by the Central Board of Direct Taxes to direct transfers / postings of officers in the grade of Chief Commissioner of income-tax & Director General of Income-tax.
Felicitation Function Of Hon’ble Justice Rebello
The ITAT Bar Association organized a felicitation function on 24th August 2010 in honour of Justice F. I. Rebello on his elevation as Chief Justice of the Allahabad High Court
S. 195 & Samsung Electronics: SC Update
In CIT vs. Samsung Electronics 320 ITR 209, the Karnataka High Court that u/s 195 the payer was not entitled to consider whether the payment was chargeable to tax in the hands of the non-resident recipient or not. A batch of appeals challenging the said judgement was heard by a Supreme Court Bench of the Hon’ble Chief Justice S. H. Kapadia and Hon’ble Mr. Justice K. S. Radhakrishnan. After extensive hearing, judgement was reserved today (19.8.2010).
Change in Bombay High Court’s Tax Bench w.e.f 23.8.2010
The sitting list and assignment of Judicial Work on the Original side on and from Monday, the 23rd August 2010 until further orders will be as under
S. 14A, Rule 8D & Daga Capital: Judgement Pronounced!
The Bombay High Court today (12.8.2010) pronounced judgement in Godrej & Boyce vs. DCIT, the lead matter challenging the judgement of the Special Bench of the Tribunal in ITO vs. Daga Capital 117 ITD 169 on the applicability of s. 14A & Rule 8D.
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