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Feb 11, 2013

Point of Taxation Rules, 2011 – Updated till 05.02.2013

Point of Taxation Rules, 2011 – Updated till 05.02.2013

Posted: 11 Feb 2013 07:23 PM PST

We are delighted to inform you that the Indirect Taxes Committee has come out with an "E-Handbook on Point of Taxation Rules, 2011".  The electronic form of the Handbook increases its portability and allows you to access the same at any time and from any place convenient to you, thereby making it a...

Govt urges Tax Payers to disclose true income & pay Tax

Posted: 11 Feb 2013 07:23 PM PST

Government Once again urges all Tax Payers to Disclose their true income and pay Appropriate Taxes within the Current Financial Year; Nodal Cell set up to Capture the Response and take Follow-up Action; an Online Monitoring System to Ensure Follow-up Action and Track Return Filing and Tax Payment...

Petition u/s. 397/398 cannot be dismissed for mere signature mismatch

Posted: 11 Feb 2013 06:10 PM PST

The documents have been perused. The CLB has noted the mismatching in the questioned and the admitted signatures yet on a perusal of the same and the submission of the learned counsel for the respondent which is to the effect that the signatures of a person do vary at different points of time which...

Forfeited earnest money arising out of property sale agreement is not liable to tax

Posted: 11 Feb 2013 06:05 PM PST

It is not disputed that there was an agreement to sell between the assessee and M/s Shinestar Buildcon P Ltd. and in terms of the agreement the assessee received Rs. 18 crores as earnest money. Subsequently, the said earnest money was forfeited by the assessee and the same was claimed as capital...

Section 10(23C) cannot be interpreted regressively to deny exemptions

Posted: 11 Feb 2013 06:03 PM PST

In the present case, the sole and dominant nature of the activity is education and the Petitioner exists solely for the purposes of imparting education. An incidental surplus which is generated, and which has resulted in additions to the fixed assets is utilized as the balance-sheet would indicate...

Writ petition against Order passed with biased mind is maintainable

Posted: 11 Feb 2013 06:00 PM PST

It is well established in law that no one can act in judicial capacity if his conduct gives ground for believing that he cannot act with an open mind or impartially. In the present case, we have a reasonable apprehension that the A.O. who has passed the impugned order does not have open mind and,...

AO cannot assess other escaped income if original reason for reassessment dropped

Posted: 10 Feb 2013 08:15 PM PST

Whether the Income-tax Appellate Tribunal was right in law in coming to the conclusion that when on the ground on which the reopening of assessment is based, no additions are made by the Assessing Officer in the order of assessment, he cannot make additions on some other grounds which did not form...

Conditions for Opening of NRO accounts by individuals of Bangladesh Nationality without RBI approval

Posted: 10 Feb 2013 07:16 PM PST

Authorised banks would be permitted to open NRO account of individual/s of Bangladesh nationality without the approval of the Reserve Bank subject to the following conditions:

MCA relaxes additional fees & extension of last date in filing of various forms

Posted: 10 Feb 2013 07:11 PM PST

I am directed to inform you that the Ministry of Corporate Affairs has decided to extend the last date of filing and to relax the additional fees applicable on forms as per the provisions of Companies Act read with rules made there-under, which have been ought to be filed post transition of MCA 21...

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