S. 54/54F exemption available on Investment in purchase of plot for construction of house

HC dismisses petition of CA alleging harassment by ITAT Members Posted: 10 May 2013 08:25 PM PDT Issue- The petitioner is a Chartered Accountant and has been appearing before the Income Tax Authorities as well as before various Benches of the Income Tax Appellate Tribunal. The grievance of the petitioner is that the petitioner is facing lot of harassment at the hands of respondents No.2 and 3,... S. 54/54F exemption available on Investment in purchase of plot for construction of house Posted: 10 May 2013 08:21 PM PDT Exemption claimed by the assessee under S.54 of the Act cannot be denied on the ground that the assessee has not utilised the sale consideration received from the sale of flats itself, in purchasing the plot. Law is well settled by the judicial precedents that investment in purchase of pot for... FAQ on 'Business Responsibility Reports' to be submitted with Annual Reports of listed companies Posted: 10 May 2013 08:20 PM PDT In the larger interest of public disclosure regarding steps taken by listed companies from Environmental, Social and Governance ("ESG") perspective, SEBI had mandated inclusion of BR Reports as part of the Annual Reports of listed companies. As per the SEBI Circular dated August 13, 2012, it is... Foreign Currency Forward Contract Loss is not Speculation Loss Posted: 10 May 2013 08:12 PM PDT Admittedly, the assessee is not a dealer in foreign exchange. For the purpose of hedging the loss due to fluctuation in foreign exchange while implementing   the export contracts, the assessee had entered into forward contract with   the banks.  In some cases,   the export could not be executed and... S. 40(a)(ia) TDS – Special Bench verdict in Merilyn Shipping does not lay down correct law Posted: 10 May 2013 07:14 PM PDT debates in the Parliament are ordinarily not considered as the aids for interpretation of the ultimate provision which may be brought into the statute. The debates at best indicate the opinion of the individual members and are ordinarily not relied upon for interpreting the provisions, particularly... No Penalty on tax liability which is based on decision not available at the time of filing ROI Posted: 10 May 2013 07:12 PM PDT The    revenue authorities had imposed penalty on the ground that deduction under section 80HHC of the Act was   wrongly claimed. The Tribunal however, deleted  such penalty. The Tribunal noted that    tax liability against the assessee was confirmed on the basis of the decision of the Apex Court... S. 40A(2)(b) Interest Payment at 15% to related parties is not excessive Posted: 10 May 2013 07:00 PM PDT Only reason advanced for making disallowance out of the interest paid to two coparceners was that the interest paid to other parties was at 12% per annum. We find that the interest paid to two coparceners at the rate of 15% could not be said to be excessive, considering the prevailing rate of... Liquidated damages allowable as business expenditure Posted: 10 May 2013 06:55 PM PDT The impugned amount was not in the nature of penalty on account of disobedience or infraction of any law. In fact, the assessee being in the business of execution of Civil Construction work, therefore under an obligation to complete the contract within a specified time and in case of delay, he is... Fire at Income Tax office – Aayakar Bhavan, Mumbai Posted: 09 May 2013 10:44 PM PDT A fire broke out at the 6th floor of Aayakar Bhavan, Income-Tax office, at New Marine Lines on Thursday night. A source said that the fire broke out in staff room where several sensitive files stored.   Ten fire engines have been rushed to the spot, fire brigade sources said. The officials also...