Exemption u/s 54EC on investment made before transfer not allowable

CLB have no jurisdiction over asset acquired & sold by director on companies behalf but in his own name Posted: 26 Jun 2012 10:14 AM PDT In the instant case, admittedly, sale deed was executed in favour of the respondent-director in the year 1989, while purchasing the land on behalf of the company. The property was mortgaged by the respondent-director in his individual capacity. The parties also came to know about the property being... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Board Meetings without quorum & irregularities in filing Form 32 is Oppression & Mismanagement Posted: 26 Jun 2012 09:45 AM PDT The fiduciary capacity within which directors have to act enjoins duty upon them to act on behalf of the company with utmost care and skill and due diligence and in the interest of the company. More so, in a family company where even directorial complaints can be looked into. Directors have a duty... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Transfers & Postings Of Additional/ Joint Commissioners of Income-tax – Order No. 131 of 2012 Posted: 26 Jun 2012 09:18 AM PDT Vide Order No. 131 dated 26.06.2012 the CBDT has transferred and posted several officers in the grade of Additional/ Joint Commissioners of Income-tax with immediate effect. [[ This is a content summary only. Visit my website for full links, other content, and more! ]] If fees for technical service not taxable as Business Income it cant taxed as Other Income too Posted: 26 Jun 2012 09:15 AM PDT The applicant's counsel submitted that an item of income can be said to have been dealt with in an article of the Treaty only if it defines its scope as well as allocates the right to tax such income between the two Contracting States. Mere exclusion of shipping business profits from article 7 does... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] No disallowance u/s 14A if tax-free investments capable of taxable income Posted: 26 Jun 2012 09:04 AM PDT As regards the applicability of section 14A, it was submitted that the only income by way of dividend on shares was exempt from tax in respect of securities notified for the purpose of section 10(23G). It was submitted that since the said shares were also capable of generating other income in the... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Tax Compliance & Planning For Salaried Individuals Posted: 26 Jun 2012 06:44 AM PDT The Article aims at creating awareness amongst salaried employees about various tax compliance and possible tax planning over the year. We are in the month of June wherein the last financial year (FY) 2011-12 has gotten over and due date to file Return of Income stares in the face and also it is... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Proceedings u/s. 543 cannot be initiated merely based on realizable value of assets Posted: 25 Jun 2012 09:16 PM PDT Considering the fact that the entire claim in the instant application is based on the declaration made in the statement of affairs which was on the basis of the realisable value indicated in Ex. R1 and in that regard, if the view taken by this Court in the case of the Official Liquidator, Bangalore... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] All income of recovery agent may not be for services rendered as recovery agent Posted: 25 Jun 2012 09:15 PM PDT we find that the appellant's claim that they have produced some records and the documents, indicating that the income mentioned in the balance sheet may not be totally out of the income as a recovery agent is borne out from the Chartered Accountant's certificate and adjudicating authority has... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Exemption u/s 54EC on investment made before transfer not allowable Posted: 25 Jun 2012 08:30 PM PDT Section 54EC clearly states that the investment in specified bond is to be made "within a period of six months after the date of such transfer. The intention of the legislature is clear. It was not desired by them to give the exemption u/s 54EC even investment made before the transfer of the long... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Service Tax – Demat charges, stock exchange turnover charges, stamp duty, BSE charges, SEBI fees will not form part of gross value Posted: 25 Jun 2012 06:04 PM PDT The assessee received 'turnover charges', stamp duty, BSE charges, SEBI fees and Demat charges contending that the same was payable to different authorities and claimed that the same is not taxable. But the revenue taxed the same on the ground that such receipt by stock broker was liable to tax.... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Appeal not admitted for non payment of admitted tax can be admitted on tax payment Posted: 25 Jun 2012 05:59 PM PDT The next issue for our adjudication is whether sufficient reasons exist for curing defect after expiry of limitation provided under Section 249(2) of the Act. Since, we have held in the upper part of the order that appeal filed in violation of Section 249(4) would be termed as a defective one and... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]