http://www.indiantaxhome.com/2011/07/section-28-of-income-tax-act-1961-human.html
Section 28 of the Income-Tax Act, 1961, taxes income from business or profession after deduction of expenses, as provided in Section 29. These expenses, among others, include expenses on current repairs, insurance and depreciation.
http://www.indiantaxhome.com/2011/07/sebi-to-regulate-all-companies-issuing.html
New companies Bill to ensure privately-held, unlisted companies can't escape Sebi scrutiny. All registered companies, both listed and unlisted, which raise public funds through sale of shares will be answerable to the Securities and Exchange Board of India (Sebi).
http://www.indiantaxhome.com/2011/07/exemption-under-s-1023ciiiad.html
The trust is entitled to an exemption under s 10(23C)(iiiad) if it exists solely for educational purposes and not for profit and its activities are covered within the expression "educational activity", as held by DelHC in CIT v Association of Financial Planners — In favour of: The assessee; ITA Nos 454 and 413 of 2010.
http://www.indiantaxhome.com/2011/07/deduction-under-s-10a.html
Expenditure incurred in foreign exchange is to be reduced from the total turnover while computing the deduction under s 10A, as held by HydTrib in Navayuga Infotech Pvt Ltd v Dy CIT — In favour of: The assessee (partly); ITA Nos 1087 to 1092/Hyd/09 and 1099/Hyd/09: (AYs 2002–2003 to 2006–2007).
http://www.indiantaxhome.com/2011/07/penalty-under-s-2711c_21.html
Furnishing of inaccurate particulars — Recording of satisfaction that there was concealment of particulars of income or furnishing of inaccurate particulars on the part of the assessee towards the addition made by the AO is sine qua non for imposition of a penalty under s 271(1)(c), as held by PuneTrib in ITO v Audyogik Tantra Shikshan Santha — In favour of: The assessee; ITA No 106/PN/2010: (AY 2004–2005).
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CA Saiprasad P. Bagrecha
Ph:020-2701 9233 Fax : 020- 2701 9233 Mob:- +91- 98235 26824 / + 91-82750 32822
"It's best to have failure happen early in life. It wakes up the Phoenix bird in you so you rise from the ashes."
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