As soon as the land of the assessee is requisitioned and stood vested in the State, he does not remain its owner and the mere inchoate right to receive the enhanced compensation cannot possibly be treated as assets and included in his wealth subsequently.
Even after introduction of concept of block assets, identity of the individual assets are not lost and the Assessing Officer can restrict the depreciation having regard to the usage of a plant.
In exercise of powers conferred by Section 5 and section 3(2) of the Foreign Trade (Development and Regulation) Act, 1992 read with paragraph 1.3 and paragraph 2.1 of the Foreign Trade Policy, 2009-14, as amended from time to time, the Central Government hereby amends Schedule 2 (Export Policy) of the ITC (HS) Classifications of Export and Import.
In exercise of the powers conferred by Section 5 of the Foreign Trade (Development & Regulation) Act, 1992 (No.22 of 1992) read with Para 1.3 and 2.1 of the Foreign Trade Policy, 2009-14, and also read with Notification No. 26 (RE 2008)/2004-09 dated 22.7.2008.
Notification No. 38/2010-Income Tax In exercise of the powers conferred by section 295 read with clause (iii) of sub-section (4) of section 80-IA of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules
Notification No. 37/2010-Income Tax In exercise of the powers conferred by clause (iii) of sub-section (4) of section 80-IA of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby makes the following amendments to the Industrial Park Scheme, 2008, namely :-
It has been clarified by the Central Board of Direct Taxes (CBDT) that widening of an existing road by constructing additional lanes as a part of a highway project by an undertaking would be regarded as a new infrastructure facility for the purpose of Section 80IA (4)(i) of the Income Tax Act, 1961.
Dr. Pradnya Saravade took charge as Executive Director, Securities and Exchange Board of India in Mumbai today. Dr. Saravade is from the 1989 batch of the Indian Police Service and has served in the states ofWest Bengal and Maharashtra and the Central Bureau of Investigation.
Driven by a rare sense of complacency, most Mumbaikars who received wrong recovery notices from the income tax (I-T ) department, have not yet chosen to set the record straight. Despite the fact that the I-T authorities have requested people to fill in rectification forms, many have neglected to do so, which means that the amount could resurface as outstanding dues in future.
Recently, the real estate sector in India is becoming an attractive investment ground for the diasporas who have evinced a keen interest in owning residential and commercial properties in India. Ganesh is a non resident Indian residing in London, UK. He wants to buy property in India and seeks advice on the regulatory framework for investing in real estate in India.
