I-T – How to recover Password if we forget Registered email ID

S. 54 benefit cannot be denied merely because assessee purchases 2 house units Posted: 24 Jul 2012 09:00 PM PDT Two flats purchased by the assessee were situated side by side. Builder also stated that he had effected modifications to the flats to make them one unit by opening the door in between the two apartments. The fact that the assessee could not have purchased both the flats in one single sale deed or... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Deduction u/s. 54 / 54EC cannot be denied for investment in joint names Posted: 24 Jul 2012 08:51 PM PDT In the instant case, the assessee has purchased the property jointly with her husband. She has invested the money in rural bonds jointly with her husband. It is nobody's case that her husband contributed any portion of the consideration for acquisition of the property as well as bonds. The source... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] I-T – How to recover Password if we forget Registered email ID Posted: 24 Jul 2012 08:48 PM PDT Taxpayer who are registered on E-filing portal of Income Tax department i.e. https://incometaxindiaefiling.gov.in/portal/index.do may sometime forget the password which is required to login on to website. In that case one of the option to retrieve password is that taxpayer opt for send of new... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] I-T – 'Register for Home Visit' & 'Online Tax Help' Posted: 24 Jul 2012 08:47 PM PDT In order to make the Income Tax Return filing experience even more convenient, the Income Tax Department has started two more taxpayer friendly initiatives 'Register for Home Visit' and 'Online Tax Help'. To avail these facilities, a taxpayer must visit the website www.trpscheme.com and take help... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] I-T department adds new column in ITR for declaring foreign assets Posted: 24 Jul 2012 08:46 PM PDT Taxpayers, who hold foreign bank accounts or properties, will now have to furnish details of their foreign assets which include information like country name, address of the bank, name mentioned in the account and peak balance during the year etc. [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Manufacture or production of goods – an exemption or litigation in negative list Posted: 24 Jul 2012 08:45 PM PDT Exemptions and beneficial amendments are always prone to litigation – whether it is due to ambiguous language or due to creative interpretational skills of Revenue officers. Whatever be the reason, the departmental authorities are always less interested in extending the benefit of exemptions to the... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Method To Calculate FMV of Unquoted Shares Posted: 24 Jul 2012 08:43 PM PDT The fair market value of the shares= (i) as may be determined in accordance with such method as may be prescribed, or (ii) as may be substantiated by the company to the satisfaction of the Assessing Officer, based on the value, on the date of issue of shares [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Investment income of Co-Operative Banks eligible for deduction u/s. 80P(2)(a)(i) Posted: 24 Jul 2012 08:25 PM PDT Section 80P is applicable to regional rural banks. This position is undisputed in the instant case as well. The only question is the exigibility to deduction thereunder of the impugned incomes. The word 'investment' occurring in the definition of 'banking' in section 5(b) of the Banking Regulation... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Assessee not bound to keep record of parties to whom cash sales made Posted: 24 Jul 2012 07:45 PM PDT Ld. CIT(A) on pages 51-52 of his order that the assessee could not provide even the names and addresses of those parties to whom cash sales were claimed to have been made. This is the main basis on which Ld. CIT(A) has confirmed the decision of the A.O. In our considered opinion, it cannot be said... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Gain from foreign exchange fluctuation eligible for deduction u/s 80HHC Posted: 24 Jul 2012 07:28 PM PDT Tribunal decision in the case of ITO Vs Gyani Exports as reported in 94 TTJ 557 wherein, it was held that gain from foreign exchange fluctuation as eligible for deduction u/s 80HHC. No contrary decision was brought to our notice by Ld. D.R. and hence, on this issue also, we decline to interfere in... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] S. 50C cannot be invoked against the purchaser Posted: 24 Jul 2012 07:10 PM PDT It has not been disputed that the four sellers of the agricultural lands were neither examined nor their statements recorded, nor sec. 50C was invoked against them. Under these circumstances, the addition on the basis of a presumption which according to I.T. Act can only be raised against seller,... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Donation to corpus fund not asssassable u/s. 68 Posted: 24 Jul 2012 07:04 PM PDT Corpus fund is the property of the Trust. The donors contributed the donations therefore could not form part of the income & expenditure account as prescribed by law. The development fees received later on was from students was to be identified by the assessee over and above the corpus funds... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Assessee cannot be allowed deduction under both Section 10B(6)(iii) & 80HHF Posted: 24 Jul 2012 05:38 PM PDT Amended section 10B as well as section 10A, 10AA, 10BA were introduced in the Act with a specific purpose. All these sections can be classified as 'special provisions' with regard to allowable deductions in certain areas. Said sections contain an in-built mechanism for computing the profits arising... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] SC advocate association complains to SC Posted: 24 Jul 2012 11:39 AM PDT P resident of Supreme Court Advocates On Record Association (SCAORA) , Mr. Sushil Kumar Jain has written a detailed complaint letter to Chief Justice of India stating that the Honorable Supreme Court should consult the Bar Association before making practice-related decisions. We are attaching... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Considering 'VALUE OF ASSET' in SARFAESI matters? Posted: 24 Jul 2012 09:26 AM PDT It has become very easy in most of the cases for the Bank now to recover their dues under 'The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act)". Under the Act, the Bank classifies the loan account as 'NPA' as per the RBI... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Fees on Certain E-Forms Filed with ROC, RD OR MCA(HQ) Posted: 24 Jul 2012 12:14 AM PDT Imposing Fees on Certain E-Forms Filed with ROC, RD OR MCA(HQ) under MCA-21 Where at Present No Fee is Prescribed The Ministry of Corporate Affairs  has decided to impose a certain amount of fee on the following forms at the rates indicated in the table below:-   S.No. Form No. Particulars of... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Service tax Cannot be levied on the basis of report of a anti-evasion branch, without first furnishing the same to assessee Posted: 23 Jul 2012 11:13 PM PDT The main grievance of the appellant is that the Commissioner got a verification report dated 30.12.2009 from the Assistant Commissioner (Anti-Evasion) which indicated the Service Tax liability as Rs. 55,80,580/- and the said report was not made available to them and the Commissioner has accepted... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Longer period of limitation cannot be invoked for raising service tax demand in matters interpreted by judicial forums in different ways Posted: 23 Jul 2012 11:06 PM PDT We find that show cause notice stands issued on 7-2-2007 for the period 1-7-2003 to 31-8-2004, thus invoking the longer period of limitation. Tribunal in the case of Brij Motors (P.) Ltd. v. CCE [Final Order No. ST/601/2011, dated 22-11-2011] as [2012 (25) STR 489 (Tri - Delhi)] has taken note of... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Mere comment that there was a fake gift racket do not make gift not-genuine Posted: 23 Jul 2012 08:45 PM PDT It is not a case where the Assessing Officer has brought any material on record to indicate that the revenue was aware of the non-genuineness of the gift received by the assessee. Except vague observations that there was a fake gift racket nothing specific has been pointed out in the case of the... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Online I-T Return with & Without Digital SIgnature For A.Y. 2012-13 Posted: 23 Jul 2012 08:30 PM PDT e-filing is compulsory for the A.Y. 2012-13 onwards, for an individual or a Hindu Undivided Family if the total income exceeded Rs. 10 lakh. However, digital signature is not mandatory. Taxpayers, can also transmit the data in the return electronically, and thereafter submit verification of the... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Amendment in ITC (HS) 2012 Schedule 1 – Import Policy Posted: 23 Jul 2012 05:59 PM PDT Notification No. 7 (RE – 2012)/2009-2014, Amendments carried out in the Budget 2012 have been incorporated in the ITC (HS), 2012. [[ This is a content summary only. Visit my website for full links, other content, and more! ]]