| MAT applicable on capital gains included in book even if same is not liable to be taxed Posted: 05 Nov 2009 07:38 PM PST The long term capital gain included in the net profit prepared under the Companies Act is not deductible from the net profit for the purpose of computing book profit u/s115JB; merely because the long term capital gain is not liable to be taxed under... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| If assessee deposited advance received as per agreement as required us 54EC, he cannot be treated as a defaulter for the same Posted: 05 Nov 2009 07:33 PM PST Allowability of exemption under section 54EC of IT Act, 1961 When there is no bar to take possession by an agreement and transfer can be treated to have taken place on the basis of an agreement and advance payments deposited in specified bonds as... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| Allowability of exemption to partly charitable and partly religious trust Posted: 05 Nov 2009 07:26 PM PST A religious purpose can be a charitable purpose and vice versa in India; therefore, exemption cannot be denied to a trust which is partly charitable and partly religious. Related posts:Allowability of exemption under section 11(1)(a) of IT Act... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| When a part of the surrender can be accepted on proper explanation the rest can also be allowed to be explained Posted: 05 Nov 2009 07:20 PM PST When a part of the surrender can be accepted on proper explanation the rest can also be allowed to be explained. The assessee's claim that balance was from cash withdrawals from cash book has to be tested on the facts appearing in the case. For that... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| Two Income tax officer caught red handed on CCTV trying to break fellow officer's safe to steal files Posted: 05 Nov 2009 07:06 PM PST Mumbai: A late-night adventure by two senior income-tax (IT) officers, who sneaked into the room of one of their colleagues and broke open a cupboard to gather information on a leading city builder, went awry recently, leaving the investigation wing... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| ICAI to issue fresh notice to PriceWaterhouse, Delhi after Delhi High Court objection Posted: 05 Nov 2009 06:53 PM PST Accounting regulator ICAI on Wednesday said it will issue fresh notices to PriceWaterhouse, Delhi, in relation to the Satyam scam after the Delhi High Court objected to its action against the firm without any evidence that it was related to PW,... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| Government discussing suggestions of stakeholders to modify direct tax code: FM Posted: 05 Nov 2009 06:33 PM PST Government would make all efforts to meet the aspirations and expectations of the taxpayers and the corporate sector before finalisation of the Direct Tax Code. The next steps in this direction would be taken only after a comprehensive review... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| FAQs for ICAI Members to become Members of ICAEW Posted: 05 Nov 2009 05:46 PM PST The MoU provides for Recognition and Examination arrangements for the members of the two largest Institutes. This agreement would facilitate mobility of members across the borders and further strengthen the ties between India and Great Britain. The... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| S. 80-IA (4) deduction is not available to contractors: ITAT Mumbai Larger Bench Posted: 05 Nov 2009 04:52 PM PST he assessee, a civil contractor, claimed deduction u/s 80-IA (4) in respect of the profits from infrastructure projects executed by it. The lower authorities rejected the claim on the ground that the assessee was a mere contractor and not a... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| Indexed cost of gifted assets has to be determined with reference to previous owner Posted: 05 Nov 2009 04:40 PM PST The assessee transferred a capital asset which was received by her by way of gift on 1.2.2003. The previous owner had acquired the capital asset on 29.1.1993. In computing capital gains, the assessee claimed that the indexed cost of acquisition had... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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