If Assessment order Silent, Interest U/s. 234B cannot be charged in demand notice

If Assessment order Silent, Interest U/s. 234B cannot be charged in demand notice Posted: 30 Oct 2012 08:38 PM PDT No doubt, payment of interest under Sections 234A, 234B and 234C is mandatory but it is for the Assessing Authority while passing the original assessment order or while passing the reassessment or rectification order to direct payment of interest. Income from solitary sale of shares is not business income Posted: 30 Oct 2012 08:32 PM PDT To implement the objects of the company two of the shareholders gifted 25000 shares of M/s. Infosys Technologies Limited. The said shares were shown as investment. Merely because the company has earned profits by selling some of the shares, that doesn't mean that the company is engaged in shares... Bottling of LPG into cylinders for use in kitchen amounts to 'manufacture' Posted: 30 Oct 2012 07:17 PM PDT Bottling plant wherein the LPG is filled in the cylinders for domestic and non-domestic kitchen use involves various specialized process and therefore, it is an activity of manufacture/production. Accordingly, the assessee's claim for deduction has to be allowed. Non-compete fees to form part of price offered to public shareholders if payment to promoters not justified Posted: 30 Oct 2012 07:12 PM PDT It was argued by the appellants that the covenants in the non-compete agreement provide for both non-compete obligations as well as an obligation to maintain confidentiality. According to them, it is necessary and advisable to do so as a non-compete obligation without a corresponding obligation to... Compulsory online filing of Annual Return in Form VAT 20 in Punjab Posted: 30 Oct 2012 07:04 PM PDT No Manual Annual Return in Form VAT 20 after 31st October 2012 for Assessment Year 2011-12 under Punjab Value Added Tax Act, 2005 Consultancy Service used for modernisation of Plant eligible for Cenvat credit Posted: 30 Oct 2012 06:51 PM PDT Installing projects of high technical equipment is nothing but Modernisation of a factory and as per Cenvat credit Rules, 2004, services used in relation to modernisation are eligible for Cenvat credit. Section 56 not Applicable to Gift in Kind Received prior to 1st Oct., 2009 Posted: 30 Oct 2012 06:30 PM PDT There is also force in the submissions of the counsel for the assessee that prior to introduction of S. 56(2)(vii) by the Finance Act, 2009, w.e.f. 1st Oct., 2009, gifts in kind were outside the purview of s. 56(2)(v) or (vi). To Claim deduction u/s. 35DDA, VRS need not be in compliance of condition of rule 2BA of Income-tax Rules, 1962 Posted: 30 Oct 2012 05:39 PM PDT Rule 2BA is in the form of guidelines for the purpose of section 10(10C), which relates to taxation of income/amount received by an employee under VRS scheme. The said rule does not deal with the expenditure incurred by the employer when the assessee makes payment under the VRS scheme formulated by... 2nd Quarter Review of Monetary Policy 2012-13 – RBI Cuts CRR by 25 basis points Posted: 30 Oct 2012 07:34 AM PDT A short while ago, we put out the Second Quarter Review. Based on an assessment of the current macroeconomic situation, we have decided to: Cut the cash reserve ratio (CRR) of scheduled banks by 25 basis points from 4.5 per cent to 4.25 per cent of their net demand and time liabilities (NDTL)... Taxability of Income from Real Estate Posted: 30 Oct 2012 07:22 AM PDT Real Estate is an ever green investment option in India and it has always given good returns. It can be a residential or commercial property. Real Estate gives recurring income in form of rent and appreciation in value in case of re-sale. As it gives good return, so taxability of income earned... CBDT assures HC that there would be no laxity in assistance rendered to court in future Posted: 30 Oct 2012 06:22 AM PDT It is stated by them that insofar as the revamping the system and giving better assistance to the court is concerned, all necessary action as they would take has been taken. We would thus naturally expect that now there would no lack of proper assistance to the court. Non Explanation of Fund Received from partner sufficient ground for Reassessment Posted: 29 Oct 2012 10:38 PM PDT Ultimately the assessing officer was of the opinion that a firm, which had the capacity to lend an amount of Rs. 71,50,000/- that too, to one of its partners or others is reasonably presumed to have the taxable income and if the assessee had never disclosed its expenditure or otherwise earlier and... CA given life term for creating mid-air hijack scare Posted: 29 Oct 2012 10:02 PM PDT A chartered accountant was today sentenced to life imprisonment by a court here for triggering a mid-air hijack scare in February 2009 by claiming aboard a Goa-Delhi Indigo airlines flight that he had infected needles and a gun. RBI permits Urban Cooperative Banks to undertake ready forward contracts in corporate debt securities Posted: 29 Oct 2012 09:00 PM PDT As announced in the Second Quarter Review of the Monetary Policy Statement 2012-13 (para 77) and in exercise of powers conferred on Reserve Bank under the Repo in Corporate Debt Securities (Reserve Bank) Directions 2010, it has now been decided to permit scheduled Urban Cooperative Banks to... Notification No. 45/2012 approving 'National Institute of Ocean Technology, Chennai' u/s. 35(1)(ii) of Income-Tax Act, 1961 Posted: 29 Oct 2012 08:58 PM PDT NOTIFICATION NO. 45/2012 It is hereby notified for general information that the organization National Institute of Ocean Technology, Chennai has been approved by the Central Government for the purpose of clause (ii) of sub-section (1) of section 35 of the Income-tax Act, 1961 [said Act], read with...