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Sep 10, 2012

Deduction u/s. 35(1) for scientific research available even for unsuccessful research

Deduction u/s. 35(1) for scientific research available even for unsuccessful research

Posted: 09 Sep 2012 08:59 PM PDT

Scientific research in the context of the deduction allowable under section 35(1) of the Act would include wide variety of activities. It can also be appreciated that every scientific research need not necessarily result into the ultimate goal with which it may have been undertaken. Often times in...

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Addition u/s. 68 cannot be made merely because addresses of customers are incomplete

Posted: 09 Sep 2012 08:56 PM PDT

Amounts in the accounts maintained by the assessee are deposits of the customers and/or not under the control of the assessee, and therefore, provisions of section 68 are not applicable to the bank. Further, society/bank not required to go for detailed verification of address/whereabouts of the...

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No section 14A disallowance where assessee incurred no expenditure to earn dividend

Posted: 09 Sep 2012 08:41 PM PDT

It is evident from the record that the assessee has earned dividend mainly from shares of a and 'C' Ltd. which was acquired through amalgamation of two companies. Further, it is also noticed that most of the expenses are directly attributable to assessee's business. Under these facts and...

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Depreciation to be considered in computing 85% threshold limit of application of trust's income

Posted: 09 Sep 2012 08:36 PM PDT

The C.B.D.T. vide Circular No. 72 dated 06.01.72 explained as to why section 11(A) has been inserted retrospectively by Finance (No. 2) Act 1971 with retrospective effect from 01.04.1962. A trust can claim exemption provided a specific position of income is applied for purposes of the Trust. Income...

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ICAI to take action against those misusing the name of CA firms

Posted: 09 Sep 2012 08:30 PM PDT

The Institute has been receiving complaints from members of the Institute, proprietary concerns and firms of Chartered Accountants alleging that they have come across audit reports, balance sheets, certificates etc. of different entities submitted by the said entities/someone with Banks, Financial...

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CBI arrests ITO & CA in bribe case

Posted: 09 Sep 2012 08:29 PM PDT

The Central Bureau Of Investigation has arrested an Income Tax Officer and a Chartered Accountant for demanding and accepting a bribe of Rs. Five Lakhs from the Complainant.

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In land development agreement, capital gain arises in year in which developer gets possession of property

Posted: 09 Sep 2012 08:27 PM PDT

The owners have entered into an agreement for development of the property and certain rights were assigned to the developer who in turn had made the substantial payment and, consequently, entered into the property and, thereafter, if the transferee has taken steps in relation to construction of the...

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Carrying charitable activities through other trust is to be treated as fulfillment of trust objects

Posted: 09 Sep 2012 04:46 PM PDT

As regards first objection, from the finding of the Director (Exemption) it is undisputed that the assessee was carrying on charitable activity through another trust. Once the evidence produced disclose that the funds of the trust is applied for carrying on charitable activities, the purpose of...

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