"06 March 2010" Archive

Speculation loss can be set off against delivery based profits

CIT Vs. Lokmat Newspapers (Bombay High Court)

The assessee earned a profit on sale of shares held as stock-in-trade. This profit was offered as profit from a ’speculation business’ and was set off against a ’speculation loss’ brought forward from an earlier assessment year. The AO took the view that the profit from sale of shares was not from a ’speculation business’ on t...

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Things to considering while selling property

Rights and liabilities:- In any contract for sale or purchase of property, both the buyer and the seller have certain rights and corresponding liabilities to each other. The law also establishes such rights in the rule book. The main provisions that relate to this aspect are covered under the Transfer of Property Act. According to the act...

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Posted Under: Income Tax |

ITAT has no power u/s 254 (2) to re-evaluate correctness on merits of earlier decision

CIT Vs. Earnest Exports (Bombay High Court)

The assessee claimed deduction u/s 80HHC which was allowed to the extent of Rs. 32.17 crs by the AO. The claim included DEPB license sale proceeds. The CIT revised the assessment u/s 263 on the ground that s. 28 (iiia) did not apply to a DEPB license and its proceeds were not eligible for deduction u/s 80HHC. The assessee filed an appeal ...

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SEBI extends ambit of employee’s quota to include staff of subsidiaries in public issue of Parent Company

Market regulator SEBI today decided to expand the scope of employees quota in public issues of companies by making staff of subsidiaries eligible to paticipate in such offers made by the parent firm. Besides, the Securities and Exchange Board of India (SEBI), in its meeting here decided that institutional investors will have to pay upfron...

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Posted Under: Income Tax |

ICAI presidents Message on Enhanced Students Initiatives, Harnessing Information Technology, Expanding Infrastructure, Creating Global CAs etc

Chinese philosopher Confucius had once said, ' The journey of a thousand miles begins with a single step.' As I take this first step as 58th President of the second largest accountancy body of the world, I wish to thank all those who have supported and guided me to reach this position today. I thank the members of both 20th as well as 21s...

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Posted Under: Income Tax | ,

Is Arbitration better suited to get corporate disputes resolved?

Unless there is an express bar under law and when there is an arbitration agreement either express or implied, a dispute between or among the parties can be referred to an Arbitrator or panel of Arbitrators as specifically agreed to. As everybody knows, Alternative Dispute Resolution Mechanism is mooted to reduce the burden in traditional...

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Posted Under: Income Tax |

Rights and duties of assessee during conduct of search under the Income Tax Act, 1961

Misbehaviour may lead to some injury, damage or harm to the interest of the assessee or his reputation or it may only hurt his feelings and sentiments, religious or otherwise, Depending on facts, the action will lie by way of challenge of the proceedings under article 226 if the search is done in an irregular and illegal manner....

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Posted Under: Income Tax |

Brief Note on Concepts Related to Search and Seizure in question- answer mode

In case of search conducted at the site office of the Builder and the supervisor gives a statement that the rate of flat per sq. ft. is Rs. 4,500/- and the Builder gives the statement that the rate of flat per sq. ft. is Rs. 1,500/-. Then whether the statement given by the Supervisor supercedes the statement of the Builder and whether the...

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Posted Under: Income Tax |

Book under construction flat before July 2010 to avoid 3.30% Service tax on Agreement Value

The Union Budget proposes to expand the definition of construction service and levy tax on houses under construction as well. The new rule, which will come into effect when Parliament approves the budget, says service tax would be imposed if payments were made before the completion of construction....

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Posted Under: Income Tax |

IT department detected huge tax evasion by two steel companies

Income Tax department is understood to have detected an evasion of Rs 502 crore (Rs 5.02 billion) by two major steel manufacturers after it conducted searches and surveys against them in various parts of the country. The department has detected evasion in two companies-- Bhushan Steel and Bhushan Power and Steel after it undertook action ...

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Posted Under: Income Tax |

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