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Archive: 19 March 2010

Posts in 19 March 2010

SEBI (Credit Rating Agencies)(Amendment) Regulations, 2010

March 19, 2010 430 Views 0 comment Print

In exercise of the powers conferred by section 30 read with section 11 of the Securities and Exchange Board of India Act, 1992 (15 of 1992), the Board hereby makes the following regulations to further amend the Securities and Exchange Board of India (Credit Rating Agencies) Regulations, 1999, namely

Sub-Letting or allowing others to stay may attract eviction

March 19, 2010 400 Views 0 comment Print

Allowing your brother or kin to stay in your tenanted flat while you stay elsewhere may cost you your tenancy and get you evicted on grounds of sub-letting. This is what the Bombay high court held recently in a case that was fought for over 30 years.

Income tax department unearthed unaccounted Income of around 200 crore

March 19, 2010 682 Views 0 comment Print

About Rs 200 crore of unaccounted income has been detected in the past week in surveys conducted by the income tax authorities in Ahmedabad and Surat, an official said Tuesday. Two builders of Ahmedabad disclosed unaccounted income of Rs 100 crore after a survey by the department that ended Monday.

Ancestral family property can be ‘gifted’ away : Bombay HC

March 19, 2010 5821 Views 0 comment Print

he Bombay High Court ruled on Wednesday that no part of an ancestral family property can be ‘gifted’ away. The court in a landmark order while resolving the dispute over a 69-year-old gift deed declared as void the document dating back to 1941, which said that Miraj resident Mallapa had gifted a portion of his ancestral property to his second wife Chandrabai ‘out of love’.

Reassessment – no new material or information – not allowed

March 19, 2010 343 Views 0 comment Print

The only reason which has been given seeking reopening of the assessment for the years 1997-98 and 1998-99 is that suppression of sales have taken place on account of the fact that when average price of the closing stock is multiplied with the quantity of the sales in the year then the value of the sales would be at a higher figure than that as declared by the assessee.

Penalty – additions accepted does not necessarily attract penalty

March 19, 2010 513 Views 0 comment Print

It is a settled principle that the power of levying penalty or not is discretionary and not mandatory. The law requires that whenever the AO is to exercise his discretion then it is the AO alone who is to exercise that discretion and the appellate authority cannot exercise that discretion on the part of the AO.

CIT empowered to Cancel Registration of Trust: Budget 2010

March 19, 2010 733 Views 0 comment Print

Registration of trust was governed by Section 12A of the Act prior to the introduction of Section – 12AA vide Finance Act, 2007. Section – 12AA(3) empowers the commissioner to cancel the registration of trust, if the registration is granted u/s. 12AA. However, the provision is silent for cancellation of registration, where the registration is granted u/s. 12A.

Charitable Organisations having object of general public utilitiy: Budget 2010

March 19, 2010 525 Views 0 comment Print

Organisations which are existing for charitable purpose are entitled to seek exemption from the tax liabilities under the Act. However, the institutions which were engaged in charitable activities other than relief to poor, education, medical relief, preservation of environment, monuments or places of artistic or historic interest, or religious institutions [i.e. institutions which were having object of general public utilitiy] were denied exemption,

Deduction for Medical Insurance U/s. 80D on contribution to Central Government’s health scheme

March 19, 2010 387 Views 0 comment Print

Under the existing section 80D, deduction upto a sum of Rs. 15,000 on premium paid for insurance on the health (Mediclaim) of the assessee and his family. A further deduction of Rs. 15,000 is admissible if the medical insurance is taken for parents of the assessee. It is also provided in the existing provision that if the insured is a senior citizen, the said limit will become Rs. 20,000.

Deduction for investment in Long Term Infra-structure Bonds – section 80CCF

March 19, 2010 606 Views 0 comment Print

Under the existing provisions, there is a limit of Rs.1,00,000 u/s. 80CCCE which is for specific deductions in computing the total income under section 80C, 80CCC & 80CCD; a new section has been inserted for granting deduction to individual or HUF in computation of its total income.

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