Addition u/s 68 can be made for non production of lenders

Addition u/s 68 can be made for non production of lenders Posted: 14 Sep 2012 07:41 PM PDT It is not in dispute that there were cash deposits of the equivalent amounts in the bank accounts of the creditors just before advancing loan to the assessee or on the date of issuing cheques to the assessee. In the case of the creditor, 'RS', his bank statement is filed in which Rs. 2,50,000 has... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Deduction under section 54F available on construction of building Posted: 14 Sep 2012 07:34 PM PDT Assessee having constructed the building and invested the capital gain, the assessee is entitled for deduction u/s. 54F of the Act if other conditions discussed herein below are fulfilled. [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Derivative transaction through MCX after 1-4-2006 to be treated as non-speculative Posted: 14 Sep 2012 07:18 PM PDT Issue is whether such a notification given on 22nd May 2009, thorugh which MCX Stock Exchange has been recognized, can be held to be applicable for the transaction undertaken in the assessment year 2007-08 i.e., after 1st April 2006. From the combined reading of clause (d) of proviso to section... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Mere contract for sale of immovable property does not create any interest therein Posted: 14 Sep 2012 06:57 PM PDT On a plain reading of the statutory provisions of section 54, it is clear that an agreement for sale or an agreement to sell itself does not create any interest or charge in such property. Mulla on 'Transfer of Property Act' clearly states that section 54 enacts that an agreement for the sale of... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Interest cannot be disallowed if interest-free funds advanced to sister concerns without interest-free Posted: 14 Sep 2012 04:31 PM PDT The Assessing Officer has deleted the interest on borrowed capital without recording any finding to the effect that the borrowed capital on which interest was paid by the assessee was diverted by the assessee for providing interest-free advances to its sister concerns. It is not the case of the... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Regarding Change in Excise Duty rate on Petrol & Diesel Posted: 14 Sep 2012 12:04 PM PDT Notification No.35/2012 –Central Excise Central Government, on being satisfied that it is necessary in the public interest so to do, hereby makes the following further amendments in the notification of the Government of India, in the Ministry of Finance (Department of Revenue), No. 12/2012-Central... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Maintenance & development of park is charitable activity Posted: 14 Sep 2012 11:37 AM PDT On going through the remaining object of the trust, read with the provisions of sections 2(15), 12A, 12AA of the Income Tax Act, and the case laws cited by the AR, we find that there has been compliance to section 12A as required under the provisions, so far as provisions of section 2(15) are... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Assessee can claim Refund of TDS paid twice or excess Posted: 13 Sep 2012 09:22 PM PDT Since no provision is made in the Act or the Rules for claiming refund of excess TDS deducted with respect to remittance to the foreign company, CBDT issued its circular No. 769, dated 6-8-1998 and made provision for granting such refund to the Indian assessee deductee under the following... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Misuse charges & interest on the same not deductible in computing total income Posted: 13 Sep 2012 09:12 PM PDT Explanation-I to section 37(1) provides inter-alia that any expenditure incurred for any purpose which is prohibited by law shall not be deemed to have been incurred for the purpose of business and no deduction or allowance shall be made in respect of such expenditure. This provision is clearly... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Govt approves FDI in multi-brand product retail trading subject to conditions Posted: 13 Sep 2012 08:23 PM PDT The Cabinet has approved the proposal of the Department of Industrial Policy & Promotion for permitting FDI in multi-brand retail trading, subject to specified conditions. [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Review of the policy of Foreign Investment in Companies Operating in the Broadcasting Sector Posted: 13 Sep 2012 08:20 PM PDT The Cabinet Committee on Economic Affairs has approved the proposal of the Department of Industrial Policy & Promotion for Review of the policy on Foreign Investment (FI) in companies operating in the Broadcasting Sector. [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Govt approves foreign investment up to 49 percent, in Power Trading Exchanges Posted: 13 Sep 2012 08:19 PM PDT The Cabinet Committee on Economic Affairs has approved the proposal of the Department of Industrial Policy & Promotion for permitting foreign investment up to 49 percent, in Power Trading Exchanges. [[ This is a content summary only. Visit my website for full links, other content, and more! ]] FDI in Civil Aviation Sector – Foreign airlines permitted to make foreign investment, up to 49 percent Posted: 13 Sep 2012 08:15 PM PDT The Cabinet Committee on Economic Affairs has approved the proposal of the Department of Industrial Policy and Promotion for permitting foreign airlines to make foreign investment, up to 49 percent in scheduled and non-scheduled air transport services. [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Do not respond to Mails asking for your Internet Banking Account Details Posted: 13 Sep 2012 07:45 PM PDT It has come to the notice of the Reserve Bank of India (RBI) that a fraudulent email has been sent and signed in its name as `Reserve Bank of India'. The mail has referred to provisions of Banking Regulation act, 1949 and Prevention of Money Laundering Rules, 2005 [[ This is a content summary only. Visit my website for full links, other content, and more! ]] The Non-Banking Financial Company –Factors (Reserve Bank) Directions, 2012 Posted: 13 Sep 2012 05:47 PM PDT It may be recalled that the Bank had issued the captioned Directions on July 23, 2012. In continuation, notifications amending the Non-Banking Financial (Deposit Accepting or Holding) Companies Prudential Norms (Reserve Bank) Directions, 2007, [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Regarding concessional rate of duty on Gold Findings Posted: 13 Sep 2012 04:52 PM PDT Notification No. 51 / 2012 - Customs Seeks to amend notification No.12/2012-Cus,dated 17.03.2012 to provide concessional rate of duty on Gold Findings and to extend the list of items under Sr. No.282 [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Regarding anti-dumping duty on imports of Ductile Iron Pipes , originating in, or exported from, China PR Posted: 13 Sep 2012 04:50 PM PDT Notification No. 41/2012-Customs (ADD) Notwithstanding anything contained in para 2 above, the antidumping duty imposed under this notification shall remain in force up to and inclusive of 12th September, 2013 unless the notification is revoked earlier [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Strong financial no ground to reject winding up petition filed against company defaulting in payments Posted: 13 Sep 2012 12:01 PM PDT Even if a company which has good and solid financial foundation and also has capacity to pay, cannot avoid its obligation to pay and be allowed to neglect its financial obligations and when a company which is really financially sound and healthy does not make and neglects to make payment of the... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Notification No. 52 /2012-Customs Dated 13th September, 2012 Posted: 12 Sep 2012 04:57 PM PDT Notification  No. 52 /2012-Customs   New Delhi, the 13th September, 2012             G.S.R.     (E).- In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government being satisfied that it is necessary in the public interest so to...