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Archive: 01 February 2008

Posts in 01 February 2008

SEBI : Extending number of centres where refund shall be made through ECS in public/rights issues

February 1, 2008 307 Views 0 comment Print

.In consultation with RBI, it has now been decided to extend the facility of refund through ECS in public/rights issues to 68 centers. List of these 68 centers as provided by RBI is enclosed at Annexure I.

SEBI : Extending number of centres where refund shall be made through ECS in public/rights issues

February 1, 2008 169 Views 0 comment Print

In consultation with RBI, it has now been decided to extend the facility of refund through ECS in public/rights issues to 68 centers as provided by RBI. List of these 68 centers is enclosed at Annexure I.

Notification No. 15/2008-Income Tax Dated 1/2/2008

February 1, 2008 745 Views 0 comment Print

Notification No. 15-Income Tax It is hereby notified for general information that the organization BIOVED Research Society, Allahabad (U.P.) has been approved by the Central Government for the purpose of clause (ii) of sub-section (1) of section 35 of the Income-tax Act, 1961 (‘said Act’), read with rules 5C and 5E of the Income-tax Rules, 1962 (‘said Rules’), with effect from 1-4-2007 in the category of ‘other

Income Tax – No physical delivery of shares – Share trading loss is speculative loss – ITAT

February 1, 2008 501 Views 0 comment Print

THE Assessing Officer during the course of assessment proceedings observed that the assessee has claimed share trading loss of Rs.7,91,263/ -. From the various bills furnished by the assessee including the brokers notes, the Assessing Officer observed that the assessee has not taken physical delivery of shares purchased but only paid margin money. Since actual delivery of shares were not taken by the assessee the Assessing Officer treated the transactions as speculative transactions within the meaning of provisions of section 43(5) and treated the loss claimed by the assessee as speculative loss and allowed to be carried forward as per law.

Madras HC says blending and bottling of IMFL is 'manufacture' , eligible for deduction under Sec 80IB

February 1, 2008 2436 Views 0 comment Print

WHAT is ‘manufacture’ ? The Income Tax Act does not define it all. Nor does it say that the scope and meaning of this word may be borrowed from the sister taxing statute of Central Excise Act. As a result, it continues to be a major loosely defined concept, provoking the Income Tax AOs to disallow benefits claimed by the industry. This is what happened even in this case.

Term 'wholly charitable or religious' u/s 11 of I-T Act

February 1, 2008 1668 Views 0 comment Print

THE variety of information which is nowadays being sought under the RTI Act has indeed grown in quality and magnitude. One such quality question was volleyed at the CBDT which is related to Sec 11 of the Income Tax Act.

Depreciation and amortization on investments held in permanent category cannot be allowed to be deducted while computing taxable income : ITAT

February 1, 2008 6412 Views 0 comment Print

Computation u/s 115JA. The Assessing Officer while computing book profits u/s 115JA made disallowance on account of provisions made for (i) depreciation on investment, (ii) provision for amortization of securities, (iii) rebate allowed, (iv) provision for bad and doubtful debts, and (v) provision for fraud cases. It has been pleaded that in respect of first three items the nature of provisions has been explained under normal provisions. As regards provision for bad and doubtful debts, the same had been made as per RBI guidelines.

Tax Dept to use identity-search software to prevent evasion

February 1, 2008 352 Views 0 comment Print

The Income Tax Department is gearing up to use identity-search technology to manage the swelling data base of taxpayers, a move that will make tax evasion difficult and bring to book habitual defaulters. In order to effectively manage the database of taxpayers, the Director General of Income Tax (Investigation) has invited bids from companies for developing a software, which can undertake identity search of taxpayers across the country.

High Court quashes transfer of file from one ITO to another – time spent in litigation not excluded from limitation : AP High Court

February 1, 2008 417 Views 0 comment Print

THE High Court stays the transfer of a file from one ITO to another; the transferred ITO ignores the High Court order and proceeds with the assessment. Later on the High Court quashing the transfer, the old ITO proceeds with assessment. Tribunal rules that it is time barred; High Court concurs.The Income Tax Appellate Tribunal, Hyderabad Bench, by its order dated 23.01.1995, referred the following question, which according to it covered the controversy raised in the four questions proposed by the Revenue, for the opinion of this Court under Section 256(1) of the Income Tax Act

CBDT is duty bound to refer matter to transfer pricing officer of international transaction exceeding Rs. 5 crores

February 1, 2008 3128 Views 0 comment Print

This appeal by the taxpayer for the AY 2004-05 is directed against the order of Commissioner of Income-tax (CIT) partially setting aside assessment under Section 263 of IT. Act made vide order dated 30 March, 2005 with directions to the Assessing Officer for the fresh determination of Arm’s Length Price of international transaction with AEs in the light of his directions.

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