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Nov 6, 2012

A.O. to certify correctness of demand before adjustment against refund

A.O. to certify correctness of demand before adjustment against refund

Posted: 05 Nov 2012 07:40 PM PST

. The assessing officers are required to verify uploaded arrear demands in CPC portal in these cases and certify their correctness before they are considered for adjustment against refunds. This is to ensure that no undue hardship is faced by tax payers, consequently generating grievances. 

Trust not entitled to exemption if carrying only incidental objects which are not charitable

Posted: 05 Nov 2012 07:32 PM PST

An assessee that engages itself only or predominantly in activities relating to its ancillary or incidental objects which do not relate to any charitable purpose and does not carry on any activity relating to its main object which pertains to a charitable purpose is not entitled to an exemption...

Cost auditors to intimate their appointment to till 17-12-2012 to avoid disciplinary proceedings

Posted: 05 Nov 2012 06:59 PM PST

GENERAL CIRCULAR NO. 35/2012 Ministry of Corporate Affairs vide General Circular No. 15/2011, dated April 11, 2011 had prescribed a revised procedure to be followed for appointment of cost auditors. As per the revised procedure, each company is required to e-file its application with the Central...

Notional interest on deposit not includible in Annual Letting Value (ALV)

Posted: 05 Nov 2012 05:14 PM PST

While deciding the issue relating to determination of actual value of the assessee' s property in Mumbai the income from house property must be computed on the basis of the sum which might reasonably be expected to let from year to year and with the annual Municipal value provided such a value is...

SEZ units continue to be exempt from MAT

Posted: 05 Nov 2012 05:00 PM PST

Unit in SEZ will be covered by sub-section(6) to section 115JB of the Act irrespective of the fact that those units were claiming deduction u/s.10A of the Act. We also observe that benefit given to SEZ unit from the applicability of provisions of section 115JB has been withdrawn by the Finance Act,...

Overview of insurance laws in India

Posted: 05 Nov 2012 04:33 PM PST

Insurance may be described as a social device to reduce or eliminate risk of life and property. Under the plan of insurance, a large number of people associate themselves by sharing risk, attached to individual. The risk, which can be insured against include fire, the peril of sea, death, incident,...

Whether ratio of expenditure disallowance in lieu of interest payments u/s 14A has to be in the ratio of dividend income to total turnover?

Posted: 05 Nov 2012 02:33 PM PST

Once it is not in dispute that the facts of the case are materially similar to the facts of ISG Traders Ltd. vs. CIT, WB-II, Kolkata (I.T,A No.264 of 2003-2011- TIOL-621-HC-KOL-IT). And that the said decision applies in this case, the computation of disallowance has to be done on the same basis as...

Additions u/s. 69A without providing basis of such additions not valid

Posted: 05 Nov 2012 10:46 AM PST

The assessment order is bereft of any discussion as to what were the materials adverse to the assessee and what was the inference that could be drawn in the light of those materials and documents. Consequently, even while we do not fault the Tribunal's reasoning about the denial of...

SC refuses to interfere with policy on FDI in retail

Posted: 05 Nov 2012 10:40 AM PST

The Supreme Court today refused to interfere with the policy on FDI in retail, saying that if it does not stand in Parliament then it would be at government's peril. A Bench of Justices R.M. Lodha and A.R. Dave said that the policy making is the sole prerogative of the executive and refused to...

Standard assets of banks are not provision for bad and doubtful debts

Posted: 05 Nov 2012 10:39 AM PST

A look into the original assessment order clearly show that but for the deduction allowed to the assessee as claimed by it in its return, there was no discussion as to how Section 36(1)(viia) was applied and whether the limits were corrected worked out. Admittedly, no question was asked to the...

Excise duty is to be excluded from value of closing stock of finished goods

Posted: 05 Nov 2012 10:34 AM PST

The judgement of the Bombay High Court in the case of CIT v. Indo Nippon Chemical Co. Ltd. [2000] 245 ITR 384 squarely applies to this case and the same has been affirmed by this Court, which is reported in CIT v. Indo Nippon Chemicals Co. Ltd. [2003] 261 ITR 275 . The assessee followed the net...

How to calculate Installment on term loan?

Posted: 05 Nov 2012 05:50 AM PST

The given sheet is a simple example of the subject matter and by this you can easily understand that what is the methodology is being adopted for calculation of installment. actually it is the implication of PV Factor that we used for calculation. Following steps are used for calculation: 1....

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