| Deduction u/s 80IB allowable even if not claimed in ITR Posted: 24 Jun 2012 08:17 PM PDT The facts of the present case are similar only in the case in I.T.A. No.350/Del/.2009 wherein the Hon'ble Delhi Bench 'D' has dealt with the similar issue which was at ground No.3 of the appeal. The Tribunal has held in favour of the assessee and had remitted back file to the office of Assessing... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| Empanelment with Canara bank for Appointment as Concurrent Auditor Posted: 24 Jun 2012 08:16 PM PDT Canara Bank invites applications from the eligible/interested Individuals / Firms / Companies for empanelment as concurrent auditors for conducting concurrent audit in the identified 605 branches / units for the period from 01.07.2012 TO 30.06.2013. [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| Know Name from PAN in just one Click Posted: 24 Jun 2012 08:15 PM PDT For compliance of TDS provisions knowing correct name for a given PAN is vital. The 'ABCAUS- Know name from PAN utility' considerably shorten the process for knowing a name from PAN. [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| ICAI requests CBDT to review the ITR forms vis-à-vis Revised Schedule VI Posted: 24 Jun 2012 08:15 PM PDT The Ministry of Corporate Affairs (MCA) has notified the Schedule VI (Revised) which is applicable in respect of Balance Sheet and Profit and Loss Account prepared for the financial year commencing on or after 1.4.2011. The Revised Schedule VI had changed the nomenclature of certain items, modified... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| Awards Scheme For Income-tax Department's Officers & Staff Posted: 24 Jun 2012 08:14 PM PDT The awards would be called Certificate of Appreciation and Certificate of Meritorius Service. The Certificate of Appreciation would be conferred upon any employee for display of specific acts of exemplary devotion to duty including performance of an act of extremely arduous nature beyond the call... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| Mere change in ownership doesn't convert a stock-in-trade into a capital asset Posted: 24 Jun 2012 08:13 PM PDT Assessee, on partition of the joint family, had received the balance capital of the family in the real estate business comprising various assets, which were in the nature of stock-in-trade and it cannot be considered that the various assets or properties received by the assessee on partition are... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| If DTAA is silent on a particular type of income, it will not automatically become business Income Posted: 24 Jun 2012 07:57 PM PDT Chapter III of DTAA between India and Mauritius did not provide for taxing any fees paid for technical services. Only for a reason that DTAA is silent on a particular type of income, we cannot say that such income will automatically become business income of the recipient. In our opinion, when DTAA... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| Same officer cannot decide the appeal against the order passed by him as inferior authority Posted: 24 Jun 2012 07:39 PM PDT The principle is that one who has made the decision having a judicial flavour should not participate in appeal arising from such a decision. In view of the aforesaid facts and circumstances and the principles of law I am of the opinion that the Commissioner has manifestly erred in law and acted... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| Despite passing of assessment order, Valuation proceedings to be completed once it is referred to DVO Posted: 24 Jun 2012 07:30 PM PDT We do not think we would be justified in preventing the Assessing Officer from collecting evidence which may be used by him for the purpose of bringing what in his opinion is the proper amount of capital gains on the sale of Okhla land. As to how he proposes to use the evidence against the assessee... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| SEBI AIF REGULATIONS – whether this could lead to a change in private equity landscape in India Posted: 24 Jun 2012 06:54 PM PDT What are AIF Regulations and the need to VCF Regulations? The local managers and funds make investments across the investment spectrum—from early stage investments to PIPE investments on the one hand, and sector focussed investments on the other. However, in a one-shoe-fits-all policy, the only... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| Commission to working director-shareholder cannot be disallowed merely because assessee-company did not declare dividend Posted: 23 Jun 2012 11:59 PM PDT The plain reading of sec. 36(1)(ii) contemplates two situations. According to the first situation, any sum paid to an employee as a bonus or commission for services rendered would be allowed to the assessee. The second part exhibits the other condition that the deduction mentioned in the first... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| No TDS u/s. 194C in the absence of contract between assessee-contractor & sub-contractor Posted: 23 Jun 2012 11:39 PM PDT The assessee is solely responsible for executing the contract with the persons to whom he has given forklift vehicles on hire and it was only for fulfilment of this contract that he has also engaged the forklift vehicles from the outside parties. In case of hiring from outside parties the... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| S. 80-IB(10) – Exemption cannot be denied if Assessee complied with conditions Posted: 23 Jun 2012 10:50 PM PDT Assessee owned only 38 guntas of land when he started the construction, he acquired an extent of 1,440 sq. ft. of land adjoining the said land, thus making the total land in which the project was put up, to 44,470 sq.ft. more than 43,480 sq.ft. which is prescribed under the law. The modified... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| Small service provider exemption under Not. No. 6/2005-ST is a statutory benefit & cannot be disregarded Posted: 23 Jun 2012 10:44 PM PDT There being no dispute to the services rendered by the appellant under the category of Travel Agent Services, the benefit of notification which are there in the statute, should have been automatically be given to the assessee. Even in the absence of any such claim the benefit should have been... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| S. 80-IB – Deduction allowed for manufacturing not for processing Posted: 23 Jun 2012 10:39 PM PDT One has to examine the stages through which the mash feed is converted into pellet feed. In deciding the issue whether there had been any manufacture of pellet feed. It was to be held that there had been only processing while the production of pellet feed was done by following various stages,... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| Sec. 40A(2)(a) – Onus lies on department to prove excessive or unreasonable expense Posted: 23 Jun 2012 10:28 PM PDT In the instant case, there is nothing to suggest that the AO found the payment of remuneration to director excessive having regard to either (a) fair market value of the services or facilities; or (b) the legitimate needs of the business of the assessee; or (c) the benefits derived by or accruing... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| Company not eligible to bring rights issue till prohibitory orders against promoter group is in force Posted: 23 Jun 2012 09:55 PM PDT Regulation 4 appears under Chapter II providing common conditions for public issues and rights issues. It prescribes general conditions meaning thereby that unless the requirements laid down in these general conditions are satisfied, the Board will not proceed with granting its clearance for the... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| In case of Multiple Appeal for an A.Y. tax effect of all appeals to be considered to Compute Appeal Filing Limit Posted: 23 Jun 2012 09:51 PM PDT After taking into consideration the Instruction No. 5 of 2008, it is found that by virtue of the said Instruction, the revenue was prohibited from pre [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| Volatility Transmission in the Exchange Rate of India Rupee Posted: 23 Jun 2012 09:42 PM PDT In an environment of growing integration among the financial markets, volatility in the exchange rate of a currency could not only be attributed to domestic macroeconomic and global factors but also attributed to spillover effects emanating from other volatile markets due to market microstructure... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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