No Penalty for bona fide mistake in calculation of deduction u/s. 54F

No Penalty for bona fide mistake in calculation of deduction u/s. 54F Posted: 25 Oct 2012 08:40 PM PDT The mistake on the part of the assessee is that the assessee invested a part amount of sale consideration/ capital gain in residential house instead of gross sale consideration and claimed deduction under section 54F. It is relevant to note that for claiming deduction under section 54 of the Act... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Interest cannot be charged u/s. 234B on brought forward MAT credit balance -SC Posted: 25 Oct 2012 08:35 PM PDT A short question which arises for determination in this appeal is, whether the Department is entitled to charge interest under Section 234B of the Income Tax Act, 1961, on the assessee bringing forward the tax credit balance into the year of account relevant to Assessment Year 2001-2002? [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Property seller can forfeit buyer's earnest money – SC Posted: 25 Oct 2012 08:26 PM PDT To justify the forfeiture of advance money being part of 'earnest money' the terms of the contract should be clear and explicit. Earnest money is paid or given at the time when the contract is entered into and, as a pledge for its due performance by the depositor to be forfeited in case of... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Tax effect in a case means overall tax effect in respect of disputed issues in a particular year Posted: 25 Oct 2012 07:24 PM PDT Paragraph 2 of the Instruction No. 3/2011, dated 9-2-2011 shows that that it is the policy of the Government to file appeal before this Tribunal only in those cases where tax effect is more than Rs.3 lakhs. Tax effect has been defined in paragraph 4 of the said instructions as the difference... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Social works by Rajat Gupta helps him in getting milder Jail Term for Insider Trading Posted: 25 Oct 2012 06:59 PM PDT USDC held that no one really knows how much jail time is necessary to materially deter insider trading; but common sense suggests that most business executives fear even a modest prison term to a degree that more hardened types might not. Thus, a relatively modest prison term should be sufficient,... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Overview of the Micro, Small & Medium Enterprises Sector Posted: 25 Oct 2012 06:47 PM PDT Worldwide, the micro and small enterprises (MSEs) have been accepted as the engine of economic growth and for promoting equitable development. The MSEs constitute over 90% of total enterprises in most of the economies and are credited with generating the highest rates of employment growth and... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] PAN Application -Persons authorized to make Credit card / Debit card / Net banking payment Posted: 25 Oct 2012 06:28 PM PDT Persons authorized to make Credit card / Debit card / Net banking payment are as below: Category of Applicant Payment by Credit Card / Debit Card / Net Banking can be made by / for Individual Self, immediate family members (parents, spouse, children) HUF Karta of the HUF Company Any Director of the... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] XBRL filing due date extended to 15th December,2012 Posted: 24 Oct 2012 08:07 PM PDT In continuation of the Ministry's General Circular No. 16/2012 dated 06.07.2012, on the subject cited above, it is stated that the time limit to file the financial statements in the XBRL 'mode without any additional fee/ penalty has been extended up to 15th December,2012 or within 30 days from the... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] CMA in full time emplyment to sent their employment details to Institute if signing Compliance Report Posted: 24 Oct 2012 08:00 PM PDT The Central Government vide the following notifications, has allowed cost accountants in full time employment,in addition to certification by members in full-time practice, to certify the Compliance Report to be filed with the Central Government in compliance with the following rules, namely:- [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Assistant Commissioner of Central Excise & Customs Sentenced For Possession Of Disproportionate Assets Posted: 24 Oct 2012 07:54 PM PDT The Special Judge for CBI Cases, Saket Court, New Delhi has convicted Shri Kulwaran Singh, the then Assistant Commissioner (Imports), ICD, Customs & Central Excise and seven other persons. The Court has sentenced Shri Kulwaran Singh to undergo three years Rigorous Imprisonment with fine of Rs.... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] FTP – Duty credit scrips issued b/w 05.06.2012 to 26.7.2012 will have validity of 24 months Posted: 24 Oct 2012 07:36 PM PDT RAs have issued duty credit scrips during this period i.e. from 05.06.2012 to 26.7.2012 with a validity of 24 months. Keeping in view this situation and in order to avoid any increased transaction cost to exporters, it is clarified that duty credit scrips issued upto 26.07.2012 will continue to...