Deduction U/s. 80IB on income declared during the survey not available if Assessee fail to prove that same is generated from/derived from the industrial undertaking

Deduction U/s. 80IB on income declared during the survey not available if Assessee fail to prove that same is generated from/derived from the industrial undertaking Posted: 08 Nov 2011 07:11 PM PST Maa Vaishno Devi Ginning Pressing Udhyog Dhamnod Vs. DCIT (ITAT Indore) - No evidence was either found during survey or explained by the assessee which could establish that the surrendered income was earned from industrial undertaking. There is a... [[ This is a content summary only. Visit www.taxguru.in for full article ]] Govt. charging more then Rs. 25 per litre as taxes on Petrol Posted: 08 Nov 2011 06:49 PM PST About 38 per cent or Rs 26.22 in petrol price of Rs 68.64 a litre in Delhi is because of central and state government taxes. State-owned oil firms had last week hiked petrol price by Rs 1.80 a litre, the fifth increase this year as oil imports... [[ This is a content summary only. Visit www.taxguru.in for full article ]] Receipts on account of tender form and recovery of house accommodation and furniture & fixture provided with house accommodation are of capital nature. Posted: 08 Nov 2011 06:43 PM PST ACIT Vs Bharat Oman Refineries Limited (ITAT Mumbai) - So far as the receipts on account of tender forms and by way of water and electricity charges to the contractors were concerned, they would not be treated as arising out of a source of income... [[ This is a content summary only. Visit www.taxguru.in for full article ]] Draft Code of Conduct for Chartered Accountancy Students Posted: 08 Nov 2011 06:16 PM PST In order to govern the conduct of Chartered Accountancy Students during the period of practical training and also that of the students pursuing Professional Competence Course (PCC) / Integrated Professional Competence Course (IPCC), prior to... [[ This is a content summary only. Visit www.taxguru.in for full article ]] Gearing up for the Competitive Impulse in the Indian Banking in its defining decade Posted: 08 Nov 2011 06:04 PM PST Why is the next decade likely to be a defining decade? In my view, in the coming years, the Indian banking can unshackle several constraints that it faces today bringing about a transformation into an era of globally competitive banking. The biggest... [[ This is a content summary only. Visit www.taxguru.in for full article ]] Export Grows 10.8% in October at US $ 19.9 Billion: Commerce Secretary Posted: 08 Nov 2011 05:59 PM PST India's exports have registered a growth of 10.8% during October 2011, at US $ 19.9 billion. Imports in October 2011 stood at 39.5 Billion US$ registering a growth of 21.7%. Balance of Trade for the period was (-) 19.6 Billion US$. Cumulative Export... [[ This is a content summary only. Visit www.taxguru.in for full article ]] Review of the policy on Foreign Direct Investment in pharmaceuticals sectorinsertion of a new paragraph 6.2.25 to 'Circular 2 of 2011-Consolidated FDI Policy Posted: 08 Nov 2011 05:58 PM PST The Government of India has reviewed the extant policy on FDI and decided as under: (i) FDI, up to 100%, under the automatic route, would continue to be permitted for greenfield investments in the pharmaceuticals sector. (ii) FDI, up to 100%, would... [[ This is a content summary only. Visit www.taxguru.in for full article ]] Authorizations issued by DGFT not transmitted by message exchange to Customs to be registered / operated on production of physical copy of authorization only Posted: 08 Nov 2011 05:50 PM PST Message exchange between DGFT and Customs is operational only in respect of Advance Authorization (on and after 01.04.2009), Export Promotion Capital Goods (on and after 01.04.2009), Duty Free Import Authorization (on and after 13.10.2011) and DEPB... [[ This is a content summary only. Visit www.taxguru.in for full article ]] Clarification on applicability of exchange rate for the purpose of calculation for composition fee Posted: 08 Nov 2011 05:49 PM PST Attention is invited to para 4.28 (ii) of HBP v.1 regarding regularization of bona fide default by the authorization holders. In case of any shortfall in value, authorization holder is required to deposit an amount equal to 1% shortfall in FOB value... [[ This is a content summary only. Visit www.taxguru.in for full article ]] Suggestions from the Industry and Trade Associations for Budget 2012-13 regarding changes in direct and indirect taxes Posted: 08 Nov 2011 05:06 PM PST In the context of formulating the proposals for the Union Budget of 2012-13, the Ministry of Finance would like to be benefited by the suggestions and views of your Association. You may like to send your suggestions for changes in the duty... [[ This is a content summary only. Visit www.taxguru.in for full article ]] Press release regarding Vigilance Awareness Week (31st October to 5th November, 2011) organized by CBEC Posted: 08 Nov 2011 05:02 PM PST As a part of the Vigilance Awareness Week being observed from 31st October to 5th November, 2011, the Central Board of Excise and Customs (CBEC) organized an interaction with officers and staff, at Rajendra Bhawan Auditorium, Deen Dayal Upadhyay... [[ This is a content summary only. Visit www.taxguru.in for full article ]] President Communiqué November, 2011 Posted: 08 Nov 2011 04:59 PM PST Each era introduces new challenges to the humanity and society. Domain experts and Professionals with their skills and knowledge have become the champions of the key socio-economic transformations in today's world. It is however important for them... [[ This is a content summary only. Visit www.taxguru.in for full article ]] Gross direct tax collection during April-October of the current fiscal was up by 20.28 percent Posted: 08 Nov 2011 04:53 PM PST Gross direct tax collection during April-October of the current fiscal was up by 20.28 percent at Rs.284,081 crore as against Rs.236,176 crore in the same period last fiscal. While gross collection of corporate taxes was up 20.35 percent (Rs.... [[ This is a content summary only. Visit www.taxguru.in for full article ]] Netherlands Delegation Calls on Shri R.P.N. Singh; Issues of Bilateral Interest Discussed during the Meeting Posted: 07 Nov 2011 08:50 PM PST Dr.Henk Bleker, Minister for Agriculture and Foreign Trade, Kingdom of Netherlands along with his delegation, had a meeting with Shri R.P.N.Singh, Minister of State for Corporate Affairs here in New Delhi today. Mr.Bob Hiensch, Ambassador of the... [[ This is a content summary only. Visit www.taxguru.in for full article ]]