"November, 2009" Archive - Page 40

Allowability of exemption to partly charitable and partly religious trust

The Society of Presentation Sisters Vs. ITO (ITAT Cochin-Third Bench)

It is clear from plethora of authorities where after considering provisions of section 1l(l)(a) that so for as aforesaid provision is concerned, no distinction is made between charitable and religious purposes. A charitable institution can have religious purposes; whereas a religious institution may be partly charitable. Most of the decis...

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When a part of the surrender can be accepted on proper explanation the rest can also be allowed to be explained

Dr. Rakesh Agarwal Vs DCIT (ITAT Agra-Third Bench)

When a part of the surrender can be accepted on proper explanation the rest can also be allowed to be explained. The assessee's claim that balance was from cash withdrawals from cash book has to be tested on the facts appearing in the case. For that test it would be necessary that cash book be examined. Both members agree to that effect -...

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Two Income tax officer caught red handed on CCTV trying to break fellow officer's safe to steal files

Mumbai: A late-night adventure by two senior income-tax (IT) officers, who sneaked into the room of one of their colleagues and broke open a cupboard to gather information on a leading city builder, went awry recently, leaving the investigation wing of IT red in the face. The duo was caught on the closed-circuit television at Aaykar Bhava...

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Posted Under: Income Tax |

ICAI to issue fresh notice to PriceWaterhouse, Delhi after Delhi High Court objection

Accounting regulator ICAI on Wednesday said it will issue fresh notices to PriceWaterhouse, Delhi, in relation to the Satyam scam after the Delhi High Court objected to its action against the firm without any evidence that it was related to PW, Bangalore, the statutory auditors of scam-hit company. ...

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Posted Under: Income Tax |

Government discussing suggestions of stakeholders to modify direct tax code: FM

Government would make all efforts to meet the aspirations and expectations of the taxpayers and the corporate sector before finalisation of the Direct Tax Code. The next steps in this direction would be taken only after a comprehensive review of the draft Direct Tax Code by taking on board the suggestions received. This was stated ...

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Posted Under: Income Tax |

FAQs for ICAI Members to become Members of ICAEW

The MoU provides for Recognition and Examination arrangements for the members of the two largest Institutes. This agreement would facilitate mobility of members across the borders and further strengthen the ties between India and Great Britain. The MoU entitles Institute membership without license to practice. General practice rights excl...

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Posted Under: Income Tax |

S. 80-IA(4) deduction is not available to contractors

M/s.B.T.Patil & Sons Belgaum Construction Pvt. Ltd. Vs. The Asstt.CIT, Kolhapur (ITAT Mumbai Larger Bench)

he assessee, a civil contractor, claimed deduction u/s 80-IA (4) in respect of the profits from infrastructure projects executed by it. The lower authorities rejected the claim on the ground that the assessee was a mere contractor and not a developer. On appeal, the Judicial Member upheld the claim on the ground that the assessee was a de...

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Indexed cost of gifted assets has to be determined with reference to previous owner

DCIT (Mumbai) Vs. Manjula J. Shah [ITAT Mumbai (Special Bench- B-1)]

The assessee transferred a capital asset which was received by her by way of gift on 1.2.2003. The previous owner had acquired the capital asset on 29.1.1993. In computing capital gains, the assessee claimed that the indexed cost of acquisition had to be worked out by taking the date of acquisition by the previous owner....

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MVAT Notification on sales made to the diplomatic authorities and international bodies or organisations

Notification No. VAT. 1509/CR-89/Taxation -1 05/11/2009

In suppression of the Government Notification, Finance Department, No.VAT-1507/ CR-41/ Taxation-1, dated the 25th June 2007, the Government of Maharashtra hereby provides for grant of refund of the tax, collected by any registered dealer on his sales made to the diplomatic authorities and international bodies or organisations mentioned in...

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Grant of VKGUY and FPS/FMS benefits against self attested EP copy of Shipping Bills (in cases where original EP copy of Shipping Bill has been negotiated by the Bank)

Policy Circular No. 15/2009-14 05/11/2009

Requests have been received from few firms stating that original EP-cum-Exchange Control copy of Shipping Bill have been submitted to the Bank by them for negotiation purpose and the same is not receivable from the Bank and they have requested to consider their claims under VKGUY and FMS/FPS Schemes on the basis of submission of self att...

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