How to know PAN, File IT return, Open Acknowledgement of HUF if incorporation date in PAN card mentioned as ANCESTRAL Posted: 01 Dec 2011 07:30 PM PST Recently I have faced a very interesting situation. I have to file ITR of one of my client online. My client is a HUF and his turnover is more then Tax Audit limit so as per Recent Income tax circular, I was required to file his Income Tax Return... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] 
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| Sum received on surrender of tenancy right is capital receipt and hence, not taxable – Delhi HC Posted: 01 Dec 2011 06:18 PM PST CIT Vs Meera Chatterjee (Delhi High Court)- In the present case, the Assessing Officer has not held that it is possible to compute and calculate the cost of acquisition of the tenancy rights in the hands of the original tenant Ram Krishan Dalmia.... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] 
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| SC asks Ketan Ketan Parikh and Co to Deposit deposit 50 percent of penalty imposed for Fema violations Posted: 01 Dec 2011 05:56 PM PST Ketan V. Parekh Vs. Special Director, Directorate of Enforcement and another (Supreme Court)- Ketan Parikh, Kartik Parikh and M/s. Panther Fincap and Management Services Ltd, were imposed a penalty of Rs. 80 Crores, 12 Crores and 40 Crores... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] 
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| In response to Bribe demand farmers emptied three bags filled with 40 snakes in IT office Posted: 01 Dec 2011 05:39 PM PST Two farmers fed up with alleged bribery demands emptied three bags filled with slithering snakes in a busy tax office in northern India, an official said Wednesday. The 40 or so snakes of different sizes and species — including at least four deadly... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] 
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| Scope of scrutiny assessment in AIR cases under Income Tax Act 1961 Posted: 01 Dec 2011 08:49 AM PST Income Tax Department nowadays selects almost all cases for scrutiny assessment under section 143(2) of Income Tax Act 1961 based upon AIR(Annual Information Return) transactions or through CASS. It is sometimes seen that when a case is selected for... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] 
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| Capital Gain on Conversion of Capital Asset into Stock In Trade Posted: 01 Dec 2011 08:03 AM PST Section 45(2) of Income Tax Act deals with the cases where a capital asset is converted into stock in trade. Whenever a capital asset is converted into stock in trade by an assessee it is deemed as transfer of capital asset and attracts capital gain... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] 
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| Payment to Foreign healthcare services companies for advising, recommending ,assisting in healthcare projects and for conducting education and training programmes are not royalty Posted: 01 Dec 2011 05:18 AM PST JDIT-OSD(IT) Vs. Harvard Medical International USA (ITAT Mumbai) The payment in question was purely for the purpose of advising, recommending and assisting in relation to healthcare projects. It was also for conducting education and training... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] 
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| Gains arising on sale of shares of foreign company by Non Resident (NR) to NR taxable in India if the foreign co only held Indian assets – AAR Posted: 01 Dec 2011 04:33 AM PST In Re Groupe Industrial Marcel Dassault (AAR) - It is true that a Double Taxation Avoidance Convention has to be construed on its terms. On a literal construction paragraph 5 would lead to the position that the transfer of shares of ShanH in this... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] 
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| Negligent Assessee should not be given many opportunities just because that quantum of amount involved is high Posted: 01 Dec 2011 04:06 AM PST CIT Vs. Gold Leaf Capital Corporation Ltd. (Delhi HC) - Tribunal noticed that there were two coursed open to it. First course was to draw an adverse inference against the assessee and second course was to restore the matter back to the AO. It chose... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] 
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| JM Shanti Sundharam becomes Fourth Lady member of CBEC in Six member board Posted: 01 Dec 2011 02:41 AM PST The President has appointed JM Shanti Sundharam as the new Member of CBEC in the vacancy arising on the retirement of Rajesh Dhingra yesterday. Now the CBEC will have four lady Members out of the total of six Members. It is possible that soon we... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] 
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| To add the difference between Market Value and sale value , department has to prove that the assessee had received more than what is declared Posted: 01 Dec 2011 12:58 AM PST CIT Vs. Rajendra Seclease Ltd.(Delhi HC) - In absence of evidence to show either that the sales were sham transactions or that the market prices were in fact paid by the purchasers; the mere fact that the goods were sold at a concessional rate to... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] 
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| Tourist Visa on Arrival for Citizens of Eleven Countries Posted: 01 Dec 2011 12:43 AM PST Tourist Visa on Arrival for Citizens of Eleven Countries The Government of India has provided Tourist Visa on Arrival (TVOA) facility for the citizens of 11 countries viz. Japan, Singapore, Finland, Luxembourg, New Zealand, Cambodia, Laos, Vietnam,... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] 
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| New Pictorial Health Warning – Implementation of the Cigarettes and other Tobacco Products (Packaging and Labelling) Rules, 2008 regarding Posted: 30 Nov 2011 08:30 PM PST F.No. 528/133/2011-STO (TU) he Cigarettes and other Tobacco Products (Packaging and Labelling) Rules, 2008 Rules prescribe the manner in which the specified health warning shall be displayed on the tobacco product packs covering all types of tobacco... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] 
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| Govt consulted stakeholders including UPA allies before allowing FDI in retail – Montek Posted: 30 Nov 2011 08:25 PM PST Planning Commission Deputy Chairman Montek Singh Ahluwalia has said the government has consulted all stakeholders, including UPA allies, before opening the multi-brand retail to foreign investment. Participating in a TV programme he said the... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] 
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| ICAI President's Message – December 2011 Posted: 30 Nov 2011 08:20 PM PST While presenting the Annual Budget for 1956-1957, the then Union Finance Minister Shri C. D. Deshmukh had said: It is enough to state broadly my view that by means of the First Five Year Plan we have laid sound foundations for a more massive... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] 
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| India's Foreign Trade – October, 2011 Posted: 30 Nov 2011 08:18 PM PST EXPORTS (including re-exports) India's exports during October, 2011 were valued at US$ 19869.97 million (Rs.97875.32 crore) which was 10.82 per cent higher in Dollar terms (22.92 per cent higher in Rupee terms) than the level of US$ 17929.64...
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