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Jan 29, 2013

Deduction u/s 54F available on portion of investment made in wife’s name

Third Quarter Review of RBI Monetary Policy 2012-13

Posted: 29 Jan 2013 07:03 PM PST

Since the Second Quarter Review (SQR) of Monetary Policy in October 2012, headwinds holding back the global economy have begun to abate gradually, although sluggish conditions prevail. In the US, activity gathered momentum in Q3 of 2012 but this is unlikely to have been sustained in Q4. While a...

Deduction u/s 54F available on portion of investment made in wife's name

Posted: 29 Jan 2013 06:31 PM PST

The new residential property was acquired in the joint names of the assessee and his wife. The income tax authorities restricted the deduction under Section 54F to 50% on the footing that the deduction was not available on the portion of the investment which stands in the name of the assessee's...

Reopening based on Directors complain with CLB of illegal fund siphoning justified

Posted: 29 Jan 2013 06:16 PM PST

Whether a complaint filed by one of the directors before the Common Law Board alleging irregularities such as illegal siphoning off of the company's funds by two other directors constitutes tangible material, on the basis of which reopening U/s 147 is possible?

Penalty justified on income Surrendered during survey without explanation

Posted: 29 Jan 2013 05:53 PM PST

The absence of any explanation is statutorily considered as amounting to concealment of income. In the absence of any explanation regarding the receipt of the money, which is in the exclusive knowledge of the assessee, an adverse inference is sought to be drawn against the assessee under the first...

Exemption U/s. 54EC available on STCG calculated u/s. 50 on sale of depreciable assets held for more than 36 months

Posted: 29 Jan 2013 10:40 AM PST

In case of transfer of capital asset forming part of block of assets in respect of which depreciation has been allowed, mode of computation and cost of acquisition shall be as per modifications provided in section 50. Thus, special provision made for computation of capital assets in respect of...

Companies May Find It Difficult To Get Auditors For Filling Up The Casual Vacancy In Their Office

Posted: 29 Jan 2013 10:12 AM PST

The existing provisions of the Companies Act, 1956 (hereinafter referred to as the Act) contemplate two situations, viz; (a) where the company has only one auditor; and (b) where it has more than one auditor.

Cenvat credit is admissible on the basis of invoices issued by consignment agent

Posted: 28 Jan 2013 07:47 PM PST

In the case of Kushboo Plastics (P.) Ltd. v. CCE 2002 (149) ELT 694 (Tri.-Delhi), it was held that credit is admissible on the basis of invoices issued by the consignment agent who are registered as a dealer. Clarification issued by the Jaipur Commissionerate, which was based on the Chief...

Cenvat credit admissible on Dismantling service of existing structure for renovation

Posted: 28 Jan 2013 07:40 PM PST

Hence, the Cenvat credit is admissible to the appellant of the service tax paid by them on the service of 'dismantling' as the same is duly covered under the definition of input service.

Department appeal not valid if review committee not records its satisfaction for filing of appeal

Posted: 28 Jan 2013 07:33 PM PST

We are of the view that there should be a meaningful consideration which should be reflected on the note sheets in order to comply with the requirement of Section 35(2) of the Act. In this case, the file does not show any such satisfaction or opinion having been recorded by the Committee of...

Financial Inclusion of Urban Poor in India

Posted: 28 Jan 2013 07:06 PM PST

Though the Indian economy has witnessed tremendous growth lately, vast sections of our society have remained excluded from the India growth story due to various socio-economic factors. It is ironic that despite our cities seeing widespread affluence, large pockets of financial exclusion should...

Statement of RBI Governor on 3rd Quarter Review of Monetary Policy 2012-13

Posted: 28 Jan 2013 07:03 PM PST

Based on an assessment of the current macroeconomic situation, we have decided to reduce the policy repo rate under the liquidity adjustment facility (LAF) by 25 basis points from 8.0 per cent to 7.75 per cent.

RBI reduces Repo & Reverse Repo rate by 25 basis points

Posted: 28 Jan 2013 06:55 PM PST

As announced today by the Governor in the Third Quarter Review of the Monetary Policy 2012-13, it has been decided to reduce the Repo rate under the Liquidity Adjustment Facility (LAF) by 25 basis points from 8.00 per cent to 7.75 per cent with immediate effect.

RBI reduces CRR by 25 basis point to 4 per cent

Posted: 28 Jan 2013 06:51 PM PST

As set out in the Reserve Bank's Press Release 2012-2013/1267 dated January 29, 2013, it has been decided to reduce the Cash Reserve Ratio (CRR) of Scheduled Commercial Banks by 25 basis points from 4.25 per cent to 4.00 per cent of their Net Demand and Time Liabilities (NDTL

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