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"Taxation should not be a painful process for the people. There should be leniency and caution while deciding the tax structure."
Chanakya

"State Tax be such which should not prove to be a burden on the subject; the King should behave like those bees which collect honey without causing harm to the tree."
Ved Vyas in his famous epic Mahabharat


Update of the week


Commissioner of Income Tax Vs Shreyans Industries Ltd.

Rajive Bhalla & Dr. Bharat Bhushan Parsoon, JJ.

IT Appeal Nos.277 of 2004 & 215 of 2007

Business expenditure – Capital or revenue expenditure – Construction of drainage for disposal of effluents – Any expenditure incurred in complying with statutory requirements particularly where the asset concerned would enure to the benefit of the assessee from year to year, would necessarily be an asset of enduring nature and, therefore, categorised as capital expenditure – Mere fact that the land is not owned by the assessee, is irrelevant as by excavating the drain through forest land on the basis of approval granted by the Forest Department, the assessee has been able to overcome statutory requirements for release of effluents as prescribed under the Pollution Control Act, the rules and notifications etc. issued thereunder, thereby conferring benefit of an enduring nature that would be available to the assessee from year to year – Fact that the assessee has transferred land to the Forest Department or has paid money for compensatory forestry does not denude the assessee’s rights vis-à-vis the asset created.


CIT vs Raja Malwinder Singh (P&H High Court)

Where cost of acquisition of capital asset cannot be ascertained capital gain will be attracted by taking market value on date of acquisition

Electronics Corporation of India Ltd vs. UOI (Supreme Court – 5 Judge Bench) Supreme Court recalls law requiring PSUs to obtain COD approval 
 Great Eastern Exports vs. CIT (Delhi High Court) Pursuant to s. 80-IA(9), s. 80-IA deduction to be reduced for s. 80HHC deduction
Indo Tech Electric Co vs. DCIT (Madras High Court) Form of transaction can be ignored & Corporate Veil lifted if attempt is to “evade” taxes.
 
tax info thought for the week

 If you want to do something you will find a way. If you don't want to do something you'll find an excuse.                     If you write down your goals and look at them often, you are more likely to achieve them.  Never compromise deeply held principles - if you do, you will live to regret it. 


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