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Dec 16, 2012

Fw: TaxGuru : “If there is no permission to carry on money lending business, Amount advanced to assessee-director is deemed dividend” plus 10 more

If there is no permission to carry on money lending business, Amount advanced to assessee-director is deemed dividend

Posted: 15 Dec 2012 11:24 PM PST

Assessee has failed to establish that the substantial part of business of the company is money lending and the loans and advances received to the assessee is the in the ordinary course of money lending business. Unless the assessee establishes that money lending business was the substantial part of...

Interest on deposits of non SLR funds eligible for deduction u/s. 80P(2)(a)(i)

Posted: 15 Dec 2012 11:14 PM PST

The ratio of the judgments, which are applicable to SLR funds, would also be equally applied to non SLR funds, as it cannot be said that the interest earned out of deposits of non SLR funds cannot be treated as profits and gains of business attributable to the activity of carrying on business of...

Interest on payment overdue from customer is deductible u/s. 80-IC

Posted: 15 Dec 2012 11:07 PM PST

On a consideration of the pleaded facts as well as the findings arrived at by the learned Tribunal on the analysis thereof, we are constrained to sustain the plea raised on behalf of the respondent-assessee. Not only, the learned counsel for the Revenue in course of the arguments could controvert...

Even if partners not examined during assessment documents seized from them still a material evidence

Posted: 15 Dec 2012 11:01 PM PST

The Tribunal has reasoned that the seized papers are loose papers and not books of accounts. We are unable to appreciate the significance or sequitur of the statement made by the Tribunal. It is not necessary that the seized documents should be in the form of proper books of accounts so that they...

Country who is party to a Treaty cannot unilaterally alter its provisions

Posted: 15 Dec 2012 10:51 PM PST

Article 3(2) in most of the Treaties including the India-USA DTAA provides that any term not defined in the Convention shall unless the context otherwise requires, have the meaning which it has under the laws of that State concerning tax to which the Convention applies. The nitty-gritty of Article...

Deemed Conveyance Scheme for Co-Op. Hsg Societies in Maharashtra

Posted: 15 Dec 2012 10:23 PM PST

Maharashtra State has introduced the DEEMED CONVEYANCE SCHEME FOR CO-OP. HSG SOCIETIES.This scheme will help societies in getting conveyance of the land in their name in a fast track manner. Scheme is starting from 15/12/2012 to 30/06/2013.One more scheme for Registration of societies is also...

Guidelines for Quasi-judicial Proceedings u/s. 7A of EPF Act

Posted: 15 Dec 2012 09:31 PM PST

The Central Provident Fund Commissioner has circulated Notification No. 7(1)2012/RCs Review Meeting/345 dated 30 November 2012 [read with No. 7(1)2012/RCs Review Meeting/ dated 5 December 2012] for streamlining and standardizing the assessment procedures under Section 7A of the Employees' Provident...

Expenditure on replacement of machinery cannot be regarded as current repairs

Posted: 15 Dec 2012 09:00 PM PST

In these appeals filed by the Department, the issue which arises for determination is, whether the expenditure incurred by the assessee during the Accounting Year towards cost of replacement of machinery is an amount paid on account of current repairs allowable under Section 31 of the Income Tax...

Whether subscription made by garment manufacturer to online fashion website is royalty or not?

Posted: 15 Dec 2012 08:24 PM PST

It is clear that in the case of Wipro Ltd. (supra), the assessee has contended that the payment was made for subscription for a journal or a magazine of a foreign publisher which is similar to the facts of the case in hand where the assessee has also claimed that the payment is towards subscription...

Director of public company can be held liable for recovery of co. dues by lifting 'Corporate veil'

Posted: 15 Dec 2012 08:11 PM PST

Second dispute that we have with the Assistant Commissioner's order is that same suffers from gross violation of principles of natural justice. In his notice under section 179(1) of the Act, he only put the petitioner to notice that he proposed to hold him liable for recovery of the tax dues...

FEMA – Review of ECB Policy – Applicability of all-in-cost ceiling extended till 31-03-2013

Posted: 15 Dec 2012 07:50 PM PST

It has been decided that the all-in-cost ceiling as specified in A.P. (DIR Series) Circular No. 99 dated March 30, 2012 will continue to be applicable till March 31, 2013 and subject to review thereafter. All other aspects of ECB policy remain unchanged.

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