Income from sale of Agricultural Land to Real Estate Company is Business Income

Cenvat credit of basic excise duty for payment of NCCD Posted: 10 Sep 2012 08:30 PM PDT Representations have been received from certain industry associations seeking a clarification whether Cenvat credit of the duty of excise specified in the First Schedule to the Central Excise Tariff Act (commonly known as basic excise duty) paid on inputs used in or in relation to the manufacture... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Income from sale of Agricultural Land to Real Estate Company is Business Income Posted: 10 Sep 2012 07:44 PM PDT Main object clause suggests that the assessee's main business is to deal in real estate. After forming the company, the assessee started buying of land. The assessee has taken a plea before us that it has earned income by leasing these agricultural lands to other parties to carryon agricultural... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Addition cannot be made solely on the basis of Low G.P. Ratio Posted: 10 Sep 2012 07:31 PM PDT Assessing Officer made the addition merely on the ground of low gross profit rate. In our opinion, the low gross profit rate can be a reason for making an enquiry but, it cannot be the sole basis for making the addition. The trading result can be rejected only if the condition prescribed under... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Cash Receipt of Share Application Money is not violation of section 269SS Posted: 10 Sep 2012 07:26 PM PDT The AO in the said case did not examine whether the share application money can be treated as loan or deposit within the meaning of provisions of sec. 269SS of the Act nor the Addl. CIT. The ld. CIT(A) found as a fact that the shares were subsequently allotted to the applicant-companies as shown by... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Denying opportunity to petitioner to contest issue on merits amounts to miscarriage of justice Posted: 10 Sep 2012 07:14 PM PDT It is well settled that the Legislature has conferred power to condone the delay to enable the Courts and Tribunals to do substantial justice to parties by disposing of matters on merits. Similarly, if the delay is not inordinate and unexplained when is condoned the maximum that can happen is that... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Non or Inaccurate Submission of Assets bills makes Assessee liable to penalty u/s. 271(1)(c) Posted: 10 Sep 2012 12:21 PM PDT The contention of the assessee that Audit Reports and minutes of meeting of Board of Directors were enough to prove the genuineness of the transactions in the case under consideration was unacceptable. There is no doubt that Tax Audit Report is an important document, but it cannot take place of the... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Taxability on Conversion of Capital Asset in Stock in trade Posted: 10 Sep 2012 12:11 PM PDT The claim of the assessee of having converted the capital asset of land into stock in trade for the purpose of his business as envisaged in section 45(2) was not accepted by the Assessing Officer as well as by the Commissioner (Appeals) mainly for the reason that there was no business of real... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] ITAT directs AO to Consider 'Tax Residency Certificate' (TRC ) before deciding withholding tax issue Posted: 10 Sep 2012 11:48 AM PDT On perusal of the material on record, it is found that the assessee first of all seeks to get the benefit under the provisions of Indo UAE DTAA Treaty on the ground that payees were residents of UAE as per article 4(1). The other limb of its case is that the payment of fees for registration of... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Lower/Nil rate of tax deduction certificate for works contractors under Punjab VAT Act, 2005 Posted: 10 Sep 2012 11:34 AM PDT If the final tax liability of the contractor or sub-contractor is less or nil as the case may be than the tax deduction made u/s 27, then such contractor or sub-contractor must move an application u/s 27(10) to seek Nil or lower rate of tax deduction certificate and in such case granting of... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] All about Investor Education & Protection Fund [IEPF] Posted: 10 Sep 2012 09:05 AM PDT The Preamble of the SEBI describes the basic functions is to protect the interests of investors in securities and to promote the development of, and to regulate the securities market and for matters connected therewith or incidental thereto. The SEBI only act as market regulator and control the... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Right To Use –Tax Applicability & Tax Planning Posted: 10 Sep 2012 08:53 AM PDT Transfer of Right to use is a taxable event in the eye of law. A thin line of demarcation has been made as to when the activity will be covered under the provisions of Sales Tax law and when the same will be qualified as a service. To getting a clear understanding of the same, the provisions laid... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] MVAT- Latest Suspicious Dealers List of 1362 Dealers Posted: 10 Sep 2012 08:40 AM PDT The Department of Sales Tax, Maharashtra State has declared the List of Suspicious Dealers who has issued false bills without delivery of goods on their website http://mahavat.gov.in in Excel 2007 file containing 698 names firstly. An additional list making total 817 names was declared later and... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Auto Excel Income Tax Challan ITNS 280 & ITNS 281 Posted: 10 Sep 2012 08:38 AM PDT Excel based Challan Utility for ITNS 280 and ITNS 281 - The utility given below will fill your Income Tax Challan No. 280 (For Payment of Income tax) and Income Tax Challan No. 280 (Related to Payment of TDS/TCS). With the excel utility files we attached one help file in word format which can be... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Clarification on Reverse Charge Mechanism of Service Tax Posted: 10 Sep 2012 05:01 AM PDT The main question arise whether the service providers whose gross turnover is less than Rs. 10 lacs has to registered with service tax if they provide services mentioned under reverse mechanism. [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Advance to Joint Venture company, allowed as bad debt on its being declared as sick Posted: 09 Sep 2012 11:02 PM PDT The assessee had participated in promotion of EECL, in order to safeguard its business of explosives and detonators in West Bengal. The assessee and EECL are in the same line of business and their activities are inter-connected, the assessee being one of the promoters of the former company. The... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]