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Jul 8, 2012

All about Section 269SS & 269T of Income Tax Act,1961

All about Section 269SS & 269T of Income Tax Act,1961

Posted: 07 Jul 2012 05:36 PM PDT

Section 269SS - No Person shall, take or accept from any other person (herein after called "depositor)any loans or deposits otherwise than by an account payee cheque or account payee draft if:- (a) The amount of such loan or the aggregate amount of such loan and deposit, is Rs.20,000/- or more,...

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S.57 do not provide for deduction of any expenditure from salary income of an MLA

Posted: 06 Jul 2012 08:31 PM PDT

This finding of the Tribunal in the case of Jaswant Singh (supra), clearly upholds the view that the provisions of section 57 do not provide for any deduction of expenditure from such salary income, etc. of an MLA. Only those exemptions as laid out as per the provisions of section 10(14), read with...

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Period of holding to be reckoned from 'date of purchase' & not from date of demat

Posted: 06 Jul 2012 08:30 PM PDT

In case of securities the 'date of purchase' has to be taken from the broker's note/contract note and the period of holding is also to be reckoned from the 'date of purchase' and not from the 'date of dematerialization'. Since the holding period of the shares as per the broker's note and its...

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Payment by agent of assessee for purchases/ upgrades of software cannot be reimbursement

Posted: 06 Jul 2012 08:20 PM PDT

A plain reading of document on records demonstrate that FADV-US is acting as an agent of the assessee for various purchases/ upgrades. This cannot be a reimbursement. It is purchase on behalf of the assessee. In other words, what can be said is that the assessee has routed its purchases through...

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