Assessee engaged in property trading too can claim exemption u/s 54F

Assessee engaged in property trading too can claim exemption u/s 54F There is no dispute regarding the source of income of the assessee which is mainly from the business of purchase and sale of plots/lands. But it does not mean that such an assessee is debarred from purchasing and holding some plots/land as capital asset and claim benefit u/s 54F. Reason for Mismatch of TDS & Correction Statement Deductor related reasons : • Non filing of quarterly TDS statements • Omission to include details of challan in TDS statement • Quoting wrong CIN in challan details in the TDS statement • Entering wrong amount in challan details • Quoting of wrong TAN in the challan while remitting the TDS in the... Fixed deposit cannot be considered as deposit in capital gain bond to claim exemption U/s. 54EC The taxpayers have deposited the amount in the fixed deposit in State Bank of Travancore, Pettah Branch, Trivandrum. The amount was not deposited in the capital gain bond. The claim of the taxpayers before this Tribunal is that the money was intended to be deposited in the capital gain bond.... Search cannot be initiated on the basis of surmises, assumptions, presumption or conjectures It has been mentioned that he got information that there was a "likelihood" of the documents belonging to the DS Group being found at the residence of the petitioner. That by itself would amount only to a surmise and conjecture Mere non-payment of duties is not collusion or willful misstatement or suppression of facts It is settled law that for invoking the extended period of limitation duty should not have been paid, short levied or short paid or erroneously refunded because of either fraud, collusion, wilful misstatement, suppression of facts or contravention of any provision or rules. One Person Company – Salient Features of Proposed Law Companies Bill, 2012 defines 'One Person Company' (OPS)as a Company which has only one person as member. Further, clause 3of the Bill provides that a Company may be formed for any lawful purpose by one person. One Person Company is a Private Company formed by subscribing the name of such one person... SEBI orders attachment of properties owned by Sahara India Red Estate & its directors I further direct the attachment of all movable and immovable properties standing in the names of Shri Subrata Roy Sahara, Ms Vandana Bhargava, Shri Ravi Shanker Dubey and Shri Ashok Roy Choudhary with immediate effect. These individuals are directed to furnish details of all movable and immovable... Introduction of Periodic Call Auction for Illiquid Scrips and Extension of Pre-open Session to all Scrips The issue of extending call auction mechanism in pre-open session to all scrips was deliberated in Secondary Market Advisory Committee (SMAC). SMAC also made recommendation on introduction of trading through periodic call auction mechanism for illiquid scrips in the equity market. Accordingly, it... Necessary Measures been taken to Resolve Difficulties in MCA 21 e-Governance Portal Ministry of Corporate Affairs Taking Necessary Measures to Resolve the Temporary Difficulties in the Ministry's MCA 21 e-Governance Portal The Ministry of Corporate Affairs is taking necessary measures to resolve the temporary difficulties that have arisen in the MCA 21 e-Governance portal of the... Provision for gratuity liability cannot be added back in computation of book profit u/s. 115JB In case of Rotork Controls India (P.) Ltd. v. CIT [2009] 314 ITR 62, the Supreme Court in the context of an assessee making provision for estimated expenditure towards warranty observed that provision is a liability which can be measured only by using substantial degree of estimation. Such... FTP – SION – Pesticides deleted as permissible input Pesticides (Biocides/Fungicides/ Herbicides/Insecticides) under SION J-373 stands deleted as a permissible input with immediate effect. Regarding import of catalyst for one subsequent charge under EPCG scheme That the catalyst for one subsequent charge shall be allowed, under the authorization in which plant, machinery or equipment and catalyst for initial charge have been imported, except in cases where the Regional Authority issues a separate authorization for catalyst for one subsequent charge after... Testing services through machines are technical services, but cannot be taxed as FTS if human intervention is missing Coming to the facts of the present case, whether standard service provided at the Laboratory of PTL for the purpose of testing the equipments is done automatically by the machines or purely by human intervention. Assessee before the AO after drawing his attention to the flyer received from the PTL...