Taxation of Gift given by cessation of Trading Liability

Taxation of Income Received for services contract spread over various years Posted: 30 Aug 2012 08:29 PM PDT Admittedly, the assessee has not served for the period of five years. The assessee has not rendered enough services to warrant emoluments of Rs. 1,21,83,494. It is assessee's submission that during the year under consideration he has not created a debt or a right to receive the payment equivalent... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Taxation of Gift given by cessation of Trading Liability Posted: 30 Aug 2012 08:22 PM PDT While the gift is given by a person to another person who is personally related to him, the remission of trading liability takes place in business relationships. Normally, the remission of trading liability takes place only due to adverse business situation faced by a business concern. [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Advance against property cannot be taxed as capital gain if possession not given Posted: 30 Aug 2012 08:13 PM PDT In the instant case, it was noticed that the agreement clearly stated that the owner would continue to be in possession of the scheduled property till such time the developer completes the construction of the said complex and delivers their areas infra. In the instant case, nothing was brought on... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Govt exempts Additional services from service tax Posted: 30 Aug 2012 07:20 PM PDT At present there are 17 items in the negative list (Section 66 D of the Finance Act, 1994) and 39 items in the mega exemption notification 25/2012-ST dated 20.6.2012. Government has recently exempted more services from the purview of service tax. [[ This is a content summary only. Visit my website for full links, other content, and more! ]] SEBI launches Toll-free Helpline Service for Investors Posted: 30 Aug 2012 07:11 PM PDT SEBI has extended its toll free helpline service (1800 22 7575 / 1800 266 7575) to Saturday and Sunday from the existing Monday to Friday. The service on Saturday and Sunday would be available initially to investors from all over India in English, Hindi, Marathi and Gujarati from 9:30 a.m. to 5:30... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Form AS Viewed for 5.69 Crore Times this Year Posted: 30 Aug 2012 06:49 PM PDT No. of times Form 26AS viewed 5.69 cr . No. Of distinct PANs for which Form 26AS viewed 1.38 cr . Statistics as on 23/08/2012 [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Assessment cannot be reopened u/s 147 in absence of tangible material Posted: 30 Aug 2012 06:38 PM PDT In the present case, we notice that in two out of four reasons recorded by the Assessing Officer for reopening the assessment, he stated that he need to verify the claims. In the second ground, he had recorded that admissibility of the bad debts written off required to be verified. In the fourth... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] FTP – Import of Night Vision Binoculars – Authorisation Required Posted: 30 Aug 2012 06:23 PM PDT NOTIFICATION NO.15 (RE-2012)/2009-2014 Presently, the import policy for Binoculars (HS Code: 9005.10.00) is free. Night Vision Binoculars/ Passive Night Vision Devices (PNVs) are classified under the same HS Code: 9005.10.00. But these items will be 'restricted' for import. So the amended entry HS... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Bad debt cannot be claimed for first time in revised return filed pursuant to section 153A Posted: 30 Aug 2012 05:45 PM PDT The assessment is framed u/s. 153A of the IT Act, which is specifically meant for computation of undisclosed income, which is found during the course of search. The assessee in order to circumvent the provisions of law have tried to reduce the amount in question out of total undisclosed income... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Anti-dumping duty on imports of Metronidazole, originating in, or exported from China Posted: 29 Aug 2012 06:41 PM PDT Notification No.40 /2012-Customs (ADD) Seeks to levy anti-dumping duty on imports of Metronidazole, originating in, or exported from People's Republic of China, for a further period of five years [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Applicable rate of CVD on imported Fertilizers-regarding Posted: 29 Aug 2012 06:38 PM PDT Representations have been received from trade as well as the field formations regarding the applicable rate of additional duty of customs (CVD) on Fertilizers when imported into India. Doubts have arisen in view of the fact that in Notification No. 12/2012-Customs, dated 17-03-2012, except for... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]