Section 54EC exemption not available on deemed gain calculated u/s. 50C Posted: 29 Jul 2012 09:00 PM PDT Section 54EC provides for exemption from tax on long-term capital gain when the capital gain arises from the transfer of long-term capital asset and the whole or any part of the said capital gain is invested in certain bonds within the period of 6 months. Section 54EC speaks of the actual capital... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| S. 54F if assessee claims 2 flats as one, Exemption u/s 54EC if wife & daughters are co-holders? Posted: 29 Jul 2012 08:55 PM PDT Whether where assessee invested sale proceeds of tenancy rights in specified bonds, he was entitled to deduction under section 54EC even though his wife and daughters were co-holders of said bonds? Exemption Under Section 54F if Assessee claims two units as one he has to furnish Approved Municipal... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| Empanelment – Allahabad Bank – Concurrent / Revenue Audit Posted: 29 Jul 2012 08:45 PM PDT Allahabad Bank invites applications in the under noted prescribed format from practicing firms of Chartered Accountants of India who are willing to have their firm empanelled as Concurrent/ Revenue Auditor in the Bank. The last date for receipt of Bio-data is 6th August,2012. [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| Petitioner cannot be permitted to pursue parallel remedy before two forums at same time raising same issue Posted: 29 Jul 2012 08:32 PM PDT On the perusal of the record, it is noticed that the petitioner has already preferred an appeal before the Commissioner of Income Tax (Appeals), Range - Ujjain against the impugned order of assessment. The memo of appeal indicates that in the said appeal the petitioner has also questioned the... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| Consideration for transfer of right to use software in respect of copyright is 'royalty' Posted: 29 Jul 2012 08:25 PM PDT It was held that consideration paid by the Indian customers or end users to the assessee - a foreign supplier, for transfer of the right to use the software/computer programme in respect of the copyrights falls within the mischief of 'royalty' as defined under sub-clause [v] to Explanation 2 to... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| Development of infrastructure facility sufficient to claim deduction u/s. 80-IA(4) wef A.Y. 2002-03 Posted: 29 Jul 2012 08:21 PM PDT As per the amended law, development of infrastructure facility is sufficient for claim of deduction under section 80-IA(4) with effect from assessment year 2002-03. The relevant assessment year under consideration is also assessment year 2002-03 for which amended provisions of law is applicable. [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| Development authority established with profit motive not entitled for registration u/s. 12A Posted: 29 Jul 2012 08:14 PM PDT Jammu Development Authority is an Authority established with the motive of profit constituted under the Jammu & Kashmir Development Act, 1970 and that the activities of such Authority are hit by section 2(15) of the Act read with first and second proviso and are not in line with the objects of... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| Inordinate delay in filing appeal cannot be condoned without sufficient or good reason Posted: 29 Jul 2012 08:05 PM PDT A liberal view ought to be taken in terms of delay of few days. However, when there is inordinate delay, one should be very cautious while condoning the delay. The delay of 2491 days cannot be condoned simply because the assessee's case is hard and calls for sympathy or merely out of benevolence to... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| Unabsorbed depreciation of amalgamated company shall be added to arrive at actual cost of acquisition Posted: 29 Jul 2012 07:59 PM PDT We agree with the assessee's contention that the written down value of the assets at the hands of the amalgamated company will be the written down value at the hands of the amalgamating company for the immediate preceding previous year arrived at after reducing the depreciation actually allowed in... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| Fishing inquiries unconnected with reasons recorded in reassessment proceedings not allowed Posted: 29 Jul 2012 07:31 PM PDT It is generally seen in the reassessment proceedings u/s 147 of Income Tax Act, 1961, the assessing officers tend to make inquiries and ask questions even at the start of the reassessment proceedings which are totally unconnected to income that is believed to have escaped assessment in the reasons... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| Proportionate Interest on amount transferred to group concerns without commercial expediency not allowable Posted: 29 Jul 2012 05:18 AM PDT It is not in dispute that the assessee transferred funds to group concern. The only contention of the assessee is that the borrowed funds were not diverted. The funds generated in the course of business activity alone are diverted to group concern. Therefore, the assessee claims that no part of the... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| In cases where principle of mutuality applicable, registration u/s. 12AA cannot be cancelled simply by relying on first proviso to S. 2(15) Posted: 29 Jul 2012 05:13 AM PDT The assessee is a club and all its activities are restricted to among its members and, therefore, 'principle of mutuality' applies in the instant case. It has been clarified by the Board vide its Circular No. 11 of 2008, dated 19-12-2008 that in such cases where principle of mutuality are... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| HC may sanction non tax neutral demerger Posted: 29 Jul 2012 04:21 AM PDT The contention urged by the Applicant that the Scheme of Demerger must necessarily comply with Section 2(19AA) which is meant for availing tax concession cannot be read as a mandatory requirement for all schemes of amalgamation / arrangement/de-merger under Sections 391/392/394 of 1956 Act . The... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| I-T Dept detects undisclosed income of Rs. 565 crore Posted: 28 Jul 2012 11:46 PM PDT Income Tax authorities say, undisclosed income of Indians totalling 565 crore rupees has been detected in France. The figure was disclosed in the information that India received from France on Indians having bank accounts, under the exchange of information clause of the Double Taxation Avoidance...
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