New Income Tax Cases

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..... New Income Tax Cases
News and Press Release
Dated:- 8-5-2008

1 Income Tax - 2008 - TMI - 3880 - Supreme court Payment of additional tax on prima facie adjustments u/s 143(1)(a) read with sec. 143(1A) for the AY 1996-97 and 1997-98. When there were conflicting judgments on interpretation of Section 80-O, in our view, prima facie adjustments contemplated under Section 143(1)(a) was .....

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..... not applicable and, therefore, consequently appellant was not liable to pay additional tax under Section 143(1A) of the 1961 Act. 2 Income Tax - 2008 - TMI - 3879 - Supreme court AO originally allowed the benefit of carry forward of Rs.39,43,830/- as amortization expenses relating to on production of feature films but withdrawn the benefit on fresh assessment after receiving direction from th .....

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..... e commissioner under section 263 since the provisions of section 80 was not complied with. Carrying forward of the business loss, u/s 80, and carrying forward of the expenditure over the income u/r 9A(3) are different provisions and the deduction is allowed accordingly. 3 Income Tax - 2008 - TMI - 3878 - Supreme court FBT - Whether transportation cost incurred by the petitioner in providing tr .....

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..... ansportation facility for movement of offshore employees from their residence in home country to the place of work and back is liable to Fringe Benefit Tax - held that the company is liable to pay fringe benefit tax - the provisions of FBT are not restricted to the persons resident in India - Further the apex court has defined the relation between sub-sections (1), (2) and (3) of section 115WB
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..... News - Press release - PIB .....

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