sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
Latest Expert Exchange
News Headlines »
 5 things you should not forget while filing income tax return
 10 Easy Steps to File ITR 1 Online
 How to e-verify income tax return?
 What to do when you receive a notice from the tax department
 How to use your Form 16
 Which ITR form applies to you for financial year 2017-18?
 Income tax returns filing form-2 released; should you use it? Find out
  Are you planning to file ITR 1 form? here's how to do it Income Tax Return (ITR) filing
 30 LPA-Opening Financial Controller
 ITR form 2 in java release by CBDT for return filing by individuals
 How to file your income tax return using ITR Form-1 Income Tax efiling for AY 2018-19

SC issues notice to Moser Baer in tax matter
March, 23rd 2009

The Supreme Court has issued notice to Moser Baer India Ltd on a petition filed by the Income-Tax Department alleging that the computer hardware manufacturer had retracted its tax exemption claims only to avail of benefits from the depreciation of its units.

A bench headed by Justice S H Kapadia has issued notice to Delhi-based Moser Baer, the manufacturer of floppy discs, on a petition challenging the Delhi High Court ruling that held that the time-limit for filing declarations for withdrawing exemption claims was only in the nature of direction and not mandatory.

The High Court had held that the requirement under Section 10B (7) of the I-T Act whereby the assessee filed a declaration for withdrawing its exemption claim was mandatory.

However, it said that the time-limit prescribed for filing such declarations before the due date of filing of income-tax returns was only a matter of direction.

However, according to the department, it is not justified to say that the requirement was only procedural.

Moser Baer was retracting from the exemption claim only to avail of benefits of brought forward depreciation of the floppy unit against the income of the current year, it alleged.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Achievements

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions