No deduction u/s 54B if Assessee purchases agricultural land in his son & daughter-in-laws name

No deduction u/s 54B if Assessee purchases agricultural land in his son & daughter-in-laws name Posted: 22 Jun 2012 08:27 PM PDT It is noticed that the appellant-assess sold the agricultural land, which was mutated in his name, for a sale consideration of Rs. 1,61,09,100/-. Thereafter out of the selling price, the appellant-assessee purchased land in the name of his son and daughter-in-law for a total consideration of Rs.... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Sec. 54F – House owned by wife not to be considered Posted: 22 Jun 2012 08:18 PM PDT In the instant case, the claim of the CIT is that the assessee is the owner of house properties situated at Trichy and Bangalroe and therefore, the said decision is not squarely applicable to the facts of the case. In our considered view, if the house properties situated at Trichy and Bangalore are... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Gift without love and affection between donor & donee not genuine Posted: 22 Jun 2012 08:17 PM PDT Without any motive it is quite unnatural that any individual would extend the monetary benefit to any person in this day to day world. The Hon'ble Delhi High Court in the case of Rajeev Tandon v. ACIT (supra) has observed that in such circumstances the taxation authorities were entitled to look... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Finance Act 2012 related to Excise, Custom, Service Tax Posted: 22 Jun 2012 08:16 PM PDT The following Act of Parliament received the assent of the President on the 28th May, 2012 and is hereby published for general information. In the Customs Act, 1962 (hereinafter referred to as the Customs Act), in section 2, in clause (10), after the words "to be a customs airport", the words,... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Trust running classes for and under authority of University is not a coaching centre Posted: 22 Jun 2012 07:35 PM PDT Assessee here, in our opinion, did fall within the concept of rendering a formal education and could not be equated with a coaching institute. We are, therefore, of the opinion that assessee could not have been denied the eligible exemption under Sections 11 and 12 of the Act for a reason that it... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Amendments to section 44BB & 44DA are prospective and applies from A.Y. 2011-12 Posted: 22 Jun 2012 07:14 PM PDT It has further been the contention of the revenue that the amendments vide Finance Act 2010, inserting mutually exclusionary clauses in s. 44BB and s.44DA are clarificatory, and hence are retrospective in operation, w.e.f. AY 2004-05. We find that this contention is not at all correct as the said... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Guidelines for Setting Up & Conversion Of Practicing CS Firms Into LLPs Posted: 22 Jun 2012 06:30 PM PDT . An existing CS firm desirous to convert itself into LLP shall be required to follow the provisions of Chapter-X of the Limited Liability Partnership Act, 2008 read with Second Schedule to the said Act containing provisions of conversion from existing firms into Limited Liability Partnership (LLP)... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] S. 194J Maintenance of hospital equipments is 'professional service' Posted: 22 Jun 2012 09:42 AM PDT The operation theatre and surgical are highly technical equipments for the operation of the persons. Therefore, they cannot be maintained in a routine or normal manner, but a technical person is required for maintenance of such equipments. Similar is the case with RO system, CT scan machine, MRI... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Taxability of Interest on sick loans, accrued but not recognised as per AS – 9 Posted: 22 Jun 2012 09:27 AM PDT In the instant case, the assessee did not account the interest income as there was uncertainty about its recovery. The apprehension or the situation foreseen by the assessee has been vindicated by the subsequent developments, which were well highlighted in the written submissions furnished before... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] No s. 14A disallowance if loan utilized for capital contribution in Partnership Firm Posted: 22 Jun 2012 09:20 AM PDT The appellant had raised interest bearing loan from Reliance Capital Ltd. The said Loan had been utilized by the appellant for the purchase of shares and also for making capital contribution to M/s Shreenath Enterprises in which the appellant was a partner. Thus, to the extent the interest bearing... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Power of TPO to determine ALP of international transaction not referred to him by A.O. Posted: 22 Jun 2012 09:14 AM PDT Finance Act, 2012 has amended the provisions of sec. 92CA of the Act retrospectively to empower the TPO to determine the arm's length price of international transactions noticed by him in the course of proceedings before him, even if said transaction was not reported by the assessing officer. [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Prepayment penalty charges & upfront fees are revenue expenditure Posted: 22 Jun 2012 09:11 AM PDT There is no need to capitalize the upfront fee for term loan in connection with the transfer of the loans from one bank to another against prepayment penalty charges paid to the existing banks to migrate from a costly 15% p.a. loan to chaper 10% p.a. loan offered by another bank. [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Gross Amount' of royalty under Indo-USA DTAA includes tax withheld Posted: 22 Jun 2012 08:58 AM PDT It was held that the 'gross amount' royalty under the India-US DTAA includes not only the actual payment by way of royalty but also the tax withheld by the payer which is borne by him and paid to Central Government on behalf of the payee as agreed between the parties. In short, the ITAT held that... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Rupee slide and its impact on Indian economy Posted: 22 Jun 2012 06:05 AM PDT CA Srikant Agarwal The exchange rate plays an important role on the whole financial economy of any country including Indian Economy. In the recent past Indian currency (i.e Rupee) has depreciated against all the major currencies (i.e US $, Pound sterling £ , Euro € and Yen ¥) of the world and has... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Helpline related to online filing of Income Tax Return Posted: 21 Jun 2012 10:54 PM PDT For any query relating to online filing of Income Tax Return, please call 080-26982000 between 9am to 6 pm on all working days. [[ This is a content summary only. Visit my website for full links, other content, and more! ]] MCA Mandates filing details of unclaimed & unpaid dividend Posted: 21 Jun 2012 09:56 PM PDT The Ministry of Corporate Affairs has notified that Investor Education and Protection Fund (Uploading of information regarding unpaid and unclaimed amounts lying with companies) Rules, 2012, has mandated every company to file e-Form 5INV containing the information of unclaimed and unpaid amounts as... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Acceptance of records bars AO to make addition due to non-production of books Posted: 21 Jun 2012 09:53 PM PDT We find that during original assessment proceedings the Assessing Officer himself had accepted the position that the assessee had maintained quantitative details and that the general profit was on the higher side. We further find that in remand report also, the Assessing Officer could not justify... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] No Scope for Calculations or recalculations of income declared u/s. 44BB Posted: 21 Jun 2012 09:44 PM PDT The assessee entered into a composite contract with ONGC to provide complete Mud Engineering Services which have been termed as 'Mud Services & supply Mud Chemicals' to ONGC in the contract. Both the services as well as the material required to provide such services is a composite and integral... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] MVAT – Disallowance of Input Tax Credit Posted: 21 Jun 2012 09:31 PM PDT No Input Tax Credit claim shall be allowed unless the corresponding tax is paid by the selling dealer into the Government treasury. In the case of mismatch in the sales and purchases in electronic matching of annexure Jl and J2 of form 704, then to the extent... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Clarification to Guidelines for Business Continuity Plan & Disaster Recovery Circular Posted: 21 Jun 2012 09:00 PM PDT SEBI vide circular no CIR/MRD/DMS/12/2012 dated April 13, 2012 had issued broad guidelines for Business Continuity Plan and Disaster Recovery for Stock Exchanges and Depositories. 2. In this regard, Stock Exchanges and Depositories have sought guidance and clarifications regarding some of the... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Reporting Platform for OTC Foreign Exchange & Interest Rate Derivatives Posted: 21 Jun 2012 08:51 PM PDT Reserve Bank, vide it's circular No.FMD.MSRG.No.67/02.05.002/2011-12 dated March 9, 2012, had advised that all inter-bank OTC foreign exchange derivatives transactions should be reported on a platform to be developed by the CCIL. The CCIL has since completed development of the platform for... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Notification No. 53/2012-Customs- (N.T.) Posted: 21 Jun 2012 09:48 AM PDT Notification No. 53/ 2012-Customs- (N.T.) In exercise of the powers conferred by sub-section (34) of section 2 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise and Customs, being satisfied that it is necessary in the public interest so to do, hereby directs that each of the... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Assessee can't beg immunity for third person from Settlement Commission Posted: 20 Jun 2012 09:50 PM PDT The impugned order passed by the Settlement Commission deserves to be upheld as the assessee, it is apparent, is caught in its own web, which it stoutly and strongly deny. Even now in the writ petition they have urged and argued that their conduct and actions were bona fide and solely guided by the... 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