S.54E exemption available on gain on sale of depreciable Assets

Banks to pay compensation for delay in Clearance of Local Cheques Posted: 13 Aug 2012 08:59 PM PDT As you may be aware, banks are required to specify the time line for realisation of local and outstation cheques in their Cheque Collection Policies (CCP) including the compensation payable for delayed credit, if any. However, on perusal of the Cheque Collection Policies (CCPs) and Compensation... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] S.54E exemption available on gain on sale of depreciable Assets Posted: 13 Aug 2012 08:30 PM PDT Exemption under section 54E of the Income-tax Act cannot be denied to the assessee on account of the fiction created in section 50. It is true that section 50 is enacted with the object of denying multiple benefits to the owners of depreciable assets. However, that restriction is limited to the... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Empanelment for internal audit with Can Fin Homes Ltd. Posted: 13 Aug 2012 08:24 PM PDT Can Fin Homes Ltd.(CFHL), invites applications from the eligible/interested Firms/ Companies for empanelment as External Auditors for conducting Internal Audit at half yearly intervals in the identified 13 branches as per Annexure 1 for the period from 01.07.2012 to 30.06.2015, subject to our... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Deduction u/s 54F available for flat purchased in daughters name Posted: 13 Aug 2012 08:15 PM PDT Hon'ble Delhi High Court in case of CIT vs. Ravinder Kumar Arora (supra) and also by the ITAT, Madras Bench in 33 TTJ 466 (supra), we hold that the assessee will be entitled for deduction u/s 54F for the flat purchased in the name of his daughter subject to the restrictions under the proviso to... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Last Date for MEF submission extended upto 31st August, 2012 Posted: 13 Aug 2012 07:46 PM PDT This is to inform that Multipurpose Empanelment form for the year 2012-13 (including form for empanelment of Bank Branch Auditors for the year 2012-13) has been hosted on the website www.meficai.org. Last date for submission of online applications on www.meficai.org has been extended upto 31st... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Sec 50C – Fair market value assessed by DVO cannot be adopted for computing capital gain Posted: 13 Aug 2012 07:39 PM PDT The only issue arising in the appeal was whether while computing the income from capital gains, the fair market value of the property on the date of sale could be adopted as against the sale consideration received by the assessee. In the facts of the instant case, the assessee had sold the... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] CIT can review registration granted u/s. 12A Posted: 13 Aug 2012 07:08 PM PDT CIT can review the grant of registration at any time because the words used in the provision are, and subsequently the Commissioner is satisfied, which means that registration can be reviewed at any given point of time. There is no question, that once the registration is granted, the issue of... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] If Assessee challenges adoption of Section 50C than A.O. must refer valuation to Valuation Officer Posted: 13 Aug 2012 07:02 PM PDT From a reading of the provisions of section 50C(2), it is clearly mandated that if an assessee challenges or objects to the Assessing Officer adopting the guideli ne value of the property for stamp duty purposes in place of the stated consideration in the sale deed for the purposes of computing... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Income from unknown sources u/s 68 cannot be taxed as income from other sources Posted: 13 Aug 2012 06:53 PM PDT Though the incomes assessable under them are part of total income as defined in sections 2(45)/4/5 yet that does not mean that the income assessable under section 68 has to be assessed under section 56. In the instant case, source of unexplained cash credits was not known therefore same be linked... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] S. 12A Registration cannot be denied for investment of surplus fund in immovable property Posted: 13 Aug 2012 06:44 PM PDT Plain reading of provisions of section 11(2)(b) lays down that 85 per cent of the income is to be applied to charitable purposes or set apart and the moneys accumulated or set apart can be invested or deposited in the forms or modes specified in sub-section (5). Clause (x) of sub-section (5) to... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Exemption u/s. 11 cannot be denied for non -registration under other statue Posted: 13 Aug 2012 06:33 PM PDT The other ground raised by the revenue that the assessee has not registered under A.P. Charitable & Hindu Religious Institutions and Endowments Act, 1987 and hence the assessee is a non charitable one, is an argument to be admitted only to be rejected. The provisions of Sections 2(15), 11 to... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] A.O cannot reassess other issues if issues in respect of which proceedings initiated ceased to survive Posted: 13 Aug 2012 06:25 PM PDT It thus remains an undisputed fact that no addition has been made on the reasons recorded for reopening the completed assessment. Now, what is to be seen is as to whether, as contended by the assessee, since no addition has been made on the reasons recorded, no reasons for reopening the completed... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Govt permission not required for increase in remuneration beyond prescribed limit due to imposition of service tax on directors remuneration Posted: 13 Aug 2012 06:00 PM PDT General Circular No. 24/2012 It has now been decided that any increase in remuneration of Non-Whole Time Director(s) of a company solely on account of payment of service tax on commission payable to them by the company shall not require approval of Central Government under section 309 and 310 of... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 500 Files stolen from Income tax Office Posted: 13 Aug 2012 05:27 PM PDT Files go missing from government offices all the time. But on this occasion the Income Tax (I-T) department has a legitimate reason. Thousands of files belonging to various business enterprises are believed stolen from one of the I-T offices at Bandra-Kurla Complex (BKC) after burglars broke into... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] SEBI recognised Aadhaar letter as admissible Proof of Address Posted: 13 Aug 2012 04:05 PM PDT In consultation with Unique Identification Authority of India (UIDAI), Government of India, it has now been decided that the Aadhaar Letter issued by UIDAI shall be admissible as Proof of Address in addition to its presently being recognized as Proof of Identity. [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Cost to be allocated for credit monitoring by Indian branch for its peer foreign branch Posted: 12 Aug 2012 10:11 PM PDT The assessee had submitted that direct salary cost should be considered and indirect overhead cost should not be considered as concerned employees performed insignificant role for the credit monitoring assistance done for the overseas associate enterprises. However, it is true that no fresh ECB... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Contractor to deduct TDS u/s. 194C on work he got done from sub-contractor even if sub-contractor raises bill directly in the name of party Posted: 12 Aug 2012 09:34 PM PDT Entire nature of work comes squarely within the realm of 'carrying out any work in pursuance of a contract' as stipulated in section 194C. 'Carrying out any work' has a very wide import, which includes within its ambit not only simply works contract but also all kind of work, which a person carries... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Fees for 'routine technical repairs' not assessable as 'fees for technical services' Posted: 12 Aug 2012 09:32 PM PDT The activities carried out by the foreign parties involved assembly, disassembly, inspection, reporting and evaluation. These are routine maintenance repairs and do not involve services of technical nature so as to be assessable as fees for technical services u/s 9(1)(vii). Routine repairs do not... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Provisions of Section 44AD – As Amended by Finance Act 2012 Posted: 12 Aug 2012 09:17 PM PDT i. Section 44AD is a part of the Presumptive Scheme of Taxation which reads as Special Provisions for computing profits and gains of business on presumptive basis. ii. Such presumptive taxation u/s 44AD and 44AE was introduced by Finance Act 1994 w.e.f. A.Y. 1994-95. Under that regime, section 44AD... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] SEBi advises listed companies to obtain SCORES authentication by September 14, 2012 Posted: 12 Aug 2012 09:08 PM PDT All companies whose securities are listed on stock exchanges, are hereby advised to obtain SCORES authentication by September 14, 2012. All companies against whom complaints are pending on SCORES, shall take appropriate necessary steps within 7 days of receipt of complaint by the concerned company... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]