"April, 2011" Archive

To qualify u/s. 194J, payment for technical services should be a consideration for acquiring or using technical know-how

Payments made to NSICT were for container movement and there were no professional or technical services involved in the movements of containers. The contention was restricted only to the technical services and not towards managerial or consultancy services. AO has not pressed the later part of the Expl. 2, which deals with provision of se...

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Posted Under: Income Tax |

Guwahati High Court stays notification levying service tax on lawyers

The Bar Association of Gauhati has filed a Writ Petition in the Gauhati High Court to challenge the levy of service-tax on “Legal Consultancy Services”. The High Court has on 29th April 2011 said the matter requires in-depth scrutiny and directed that service-tax would not be recovered till the next date of hearing being 25th May 2011...

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Posted Under: Income Tax |

Rural households in India paid over Rs 470cr bribe for basic services

Ranging from Re one to Rs 950, rural households in the country could have paid a whopping Rs 471.8 crore last year as bribe to avail basic facilities such as ration, health, education and water supply, says a study. The 'India Corruption Study 2010 report prepared by Centre for Media Studies (CMS), a survey of 9,960 households in 12 state...

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Posted Under: Income Tax |

New Validation regarding TDS transactions not exceeding / exceeding threshold limit in quarterly e-TDS/TCS statement pertaining to FY 2010-11 and onwards

A. Procedure for preparation of return. Deductors' Manual for Quarterly Correction Returns B. Data structure (File Format) For statements pertaining to FY 2010-11 and onwards File Format for Form 24Q (1st, 2nd & 3rd Quarters). File Format for Form 24Q (4th Quarter). ...

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Posted Under: Income Tax |

Infrastructure claims paid to franchisees vs. Rent u/s 194I

Held that the agreement was in fact a franchisee agreement and it could not be said that the rent was being paid by the assessee company to the licensee franchisee. There was no payment of rent by the assessee company to the licensees/franchisees and hence the provisions of section 194I cannot be made applicable. CIT vs. NIIT Ltd. (184 Ta...

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Posted Under: Income Tax |

TDS on Commission and Supplementary Commission received by travel agents

It was held that tax should be deducted at source under Section 1 94H on amount available to agents being difference between airfare fixed by Airlines and price at which agents are enabled to sell tickets. Around the World Travels & Tours Pvt. Ltd. vs. UOI (141 Taxman 53) (Mad.) ...

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Posted Under: Income Tax |

Section 194H – Whether difference between commercial price and published price can be classified as commission or not?

CIT Vs. Qatar Airways (332 ITR 253) (Bombay High Court)

CIT v. Qatar Airways (332 ITR 253) - The agents of the assessee (airline) were entitled to sell tickets at any price between the fixed commercial price and the published price. As a result the assessee would have no information regarding the final rates at which tickets were sold. It would be impracticable and unreasonable to accept the a...

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Do facilities provided by hotels –fall under the term “carrying out work”

The word “carrying out work” u/s 194C is limited to any work which on being carried out culminates into a product or result (reliance was placed on the decision of the SC in case of Associated Cements). Circular 681 dated 3 March 1994 to the extent it applies to a customer availing the services of a hotel, should be held contrary to s...

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Posted Under: Income Tax |

Do hire charges with respect to hire equipment automatically call for TDS u/s 194C?

In the absence of any such acceptable material, the conclusion of the AO in treating the hiring of equipment as one falling under the category of sub-contract for provision of labour or the conclusion of the CIT(A) that at least 10% of the total payment would have been incurred by way of labour charges by the respective owners, cannot be ...

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Posted Under: Income Tax |

Whether hire of trucks without contract for carriage is covered under Sec 194C?

There is no material on record brought by the AO to prove that there was any written or oral agreement between the assessee and the transporter for carriage of goods. There is no material to establish that any payment exceeded the prescribed limits during the financial year. As per the decision of the HC in case of United Rice Mill Ltd (3...

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Posted Under: Income Tax |

Trade Negotiators given Guidelines

The Trade and Economic Relations Committee held its 17th meeting on the 29th April 2011 under the chairmanship of the Prime Minister. The committee reviewed the status of the India-European Union Bilateral Trade and Investment Agreement and discussed the various issues involved in the negotiations. It was observed that concern has been ra...

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Posted Under: Income Tax |

PM’s Address at the Inauguration of the New Headquarters of the Central Bureau of Investigation

Over the years, the CBI has evolved into the premier investigating agency of the country. There is a loud clamour for the investigation to be handed over to the CBI, whenever there is a gruesome crime, a complex case, a politically sensitive matter or large-scale fraud. Such requests come from all parts of the country and from government...

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Posted Under: Income Tax |

ICAI President's Message – May 2011 – (30-04-2011)

Filing Statements in XBRL and Implications: As you may be aware that the Ministry of Corporate Affairs has released a circular mandating certain class of companies in phase one for filing financial statements for the year ending 31st March, 2011, in XBRL formats, creating a new professional opportunity for all members, as we can help our ...

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Posted Under: Income Tax |

Kamath appointed chairman of Infosys; Shibulal as CEO

In a major top-level management restructuring, India's second largest software firm Infosys today named veteran banker K V Kamath as the new chairman to succeed founder N R Narayana Murthy, who retires in August. The over USD 6-billion Infosys Technologies has also appointed current CEO S Gopalakrishnan as the Executive co-Chairman and pr...

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Posted Under: Income Tax |

Taxation of Liquor – MVAT Notification No. VAT-1511/C.R.-57/Taxation-1 dated 30th April 2011

Notification No.VAT-1511/CR-57/Taxation-l (30/04/2011)

Schedule I provides for exemption in respect of sales of aforesaid goods where such goods are purchased on or after the 1st May 2011. Schedule II provides for exemption in respect of sales of aforesaid goods which were purchased on or before the 30th April 2011....

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Transfers/ Postings of Additional/ Joint/ Deputy/ Assistant Commissioners of Income-tax

Order No. 75 of 2011 (30/04/2011)

Vide Order No. 75 of 2011 dated 30.04.2011, the CBDT has transferred / posted Additional/ Joint/ Deputy/ Assistant Commissioners of Income-tax. Ordrer no. 75 of 2011...

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Interest for non deduction of TDS every Month on salaries

Subsection (3) to section 195 of the ITA states that the person responsible for making payment under subsection (1), (1A), (2) , (2A) and (2B) may at the time of making any deduction, increase or reduce the amount to be deducted for the purpose of adjusting any excess or deficiency arising out of any previous deduction or failure to deduc...

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Posted Under: Income Tax | ,

Transfer Pricing- Low Turnover Companies can not be taken as comparable, Only operational profits to be considered for comparison

DHL Express (India) Pvt Ltd Vs. ACIT (ITAT Mumbai)

DHL Express (India) Pvt Ltd vs. ACIT (ITAT Mumbai) The assessee’s argument that comparables with a turnover less than 20% of the assessee’s turnover should be considered is not acceptable because it is a universal fact that there are lot of differences between large businesses and small businesses operating in the same field. ...

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Despite Large Volume of Shares Gain is STCG under Consistency Law

Shantilal M. Jain Vs ACIT (ITAT Mumbai)

Shantilal M. Jain vs. ACIT (ITAT Mumbai)-Though it is the case of the revenue that due to volume, magnitude, frequency, continuity, regularity, the ratio between purchase and sale clearly indicate that income on account of purchase and sale of shares should be treated as income from business and not as income from STCG, the AO has, from A...

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Declaration For Proposed Tax Saving Investment and Expenditures

Declaration For Proposed Tax Saving Investment and Expenditures For F.Y. 2011-12. Form for sending particulars of Income under section 192(2B) for the year ending 31st March 2012. Format of letter asking staff to submit proof of Investment made and deduction they are eligible alongwith details of income other then salary. ...

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Articleship Leave Calculator with Form 119 for CA students

Articleship Leave Calculator with Form 119 for CA students. This calculator will help students of IPCC, PCC and PE II to know the Leave they are eligible and excess or shortage of Leave taken. ...

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Posted Under: Income Tax | ,

TDS Chart for FY 2010-11 / AY 2011-12

Download Easy TDS Chart for Financial Year 2010-11 / Assessment year 2011-12 ...

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Download Sigma Dpmo Calculator

This would help you to easily calculate the current Sigma Level of your Process. Sigma Level from DPMO. Sigma Level from Quality Yield (Yield = 1 - % defective). Sigma Level for DPM for Non Centered Process - Assumes 1.5 sigma shift (Normal Distribution)...

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Posted Under: Income Tax | ,

Ahemdabd based realty firms discloses Rs. 30 crore Income after I-T searches

The Income Tax (I-T) department has got disclosures of Rs 30 crore from two companies. IT officials initiated search and survey operation with around 200 officials on four city-based groups on Wednesday. While three of the groups have real estate as their core business, the fourth group is popular city-based jeweller and has huge investme...

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Posted Under: Income Tax |

Govt will notify new corporate mergers and acquisitions rules by May 5 – CCI

The government will notify the new rules for corporate mergers and acquisitions on May 5, following which it will be mandatory for companies to seek the Competition Commission''s approval for high voltage deals, Chairman Dhanendra Kumar said today. By May 3-4, the rules will be finalised and by May 5, we will notify the same. And by June ...

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Posted Under: Income Tax |

RBI Governor meets FM ahead of credit policy ; Rate hike likely

Amid concerns over high inflation and the possibility of hike in key policy rates , Reserve Bank governor D Subbarao today called on Finance Minister Pranab Mukherjee to discuss the state of economy ahead of the apex bank's monetary policy next week. "As a standard practice I had come to review the macro economic situation with Finance M...

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Posted Under: Income Tax |

For timely promotions, adhering to the time schedule of reporting, reviewing & submission of APARs is a MUST

CBDT S.No. 41 (29/04/2011)

If the Cadre wants that CBDT hereafter adheres to the DOPT / UPSC calendar to have the advance promotions panel ready before the close of the year, it is necessary that each one of us immediately submits his Self Appraisal in the new format APAR, the Reporting Officer reports quickly & sends it to the Reviewing Officer, the Reviewing Of...

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Transfers/ Postings/ Promotion of Additional/ Joint Commissioners of Income-tax and CIT

Order No. 72 of 2011 (29/04/2011)

Vide Order No. 72 of 2011 dated 29.04.2011, the CBDT has transferred / posted additional/ Joint Commissioners of Income-tax. Vide Order No. 53/2011 dated 30.03.2011 CBDT has promoted its officers to the grade of Joint Commissioners of Income-tax on ad hoc basis. In continuation of Order No. 53/2011 dated 30.03.2011 CBDT has ordered follo...

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SC gives split verdict on BCCI rule change on IPL and T-20

A two-judge bench of the Supreme Court delivered a split verdict on a petition challenging amendment in BCCI regulation to exclude IPL and T-20 tournaments from its perview and referred the matter to the chief justice for allocating it to a larger bench....

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Posted Under: Income Tax |

Foreign Contribution (Regulation) Rules, 2011

Notification No. G.S.R. 349(E) (29/04/2011)

Foreign Contribution (Regulation) Rules, 2011 - NOTIFICATION NO. G.S.R. 349(E), DATED 29-4-2011 - In exercise of the powers conferred by section 48 of the Foreign Contribution (Regulation) Act, 2010 (42 of 2010), the Central Government hereby makes the following rules, namely: -...

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Notification – Foreign Contribution (Regulation) Act, 2010 to Come Into Force w.e.f. 1-5-2011

Notification No. S.O. 909(E) (29/04/2011)

In exercise of the powers conferred by sub-section (3) of section 1 of the Foreign Contribution (Regulation) Act, 2010 (42 of 2010), the Central Government hereby appoints the 1st day of May, 2011 as the date on which the provisions of the said Act shall come into force....

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Non-retail investors to mandatorily use ASBA facility

Circular No, CIR/CFD/DIL/1/2011 (29/04/2011)

It has been decided that non-retail investors i.e. Qualified Institutional Buyers and Non-Institutional Investors, making application in public/ rights issue shall mandatorily make use of ASBA facility. In this regard, disclosures shall be made in the offer document such as in issue procedure section as part of payment instructions. CIR/...

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RBI – Working Group on Information Security, Electronic Banking, Technology Risk Management and Cyber Frauds- Implementation of recommendations

RBI/2010-11/494 DBS.CO.ITC.BC.No. 6/31.02.008/2010-11 (29/04/2011)

As you are aware, following the announcement in the April 2010 Monetary Policy Statement, the Working Group on Information Security, Electronic Banking, Technology Risk Management and Cyber Frauds was constituted, under the Chairmanship of Shri G. Gopalakrishna, Executive Director, RBI. The Group examined various issues arising out of the...

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Clarification on issues relating to CENVAT Credit Rules 2004

Circular No. 943/04/2011-Central Excise (29/04/2011)

Circular No. 943/04/2011-CX Can credit of capital goods be availed of when used in manufacture of dutiable goods on which benefit under Notification 1/2011- CE is availed or in provision of a service whose part of value is exempted on the condition that no credit of inputs and input services is taken? Is the credit of only specified good...

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Deregulation of Savings Bank Deposit Interest Rate – A Discussion Paper

As a part of financial sector reforms, the Reserve Bank has deregulated interest rates on deposits, other than savings bank deposits. The interest rate on savings bank deposits has remained unchanged at 3.5 per cent per annum since March 1, 2003. Keeping in view progressive deregulation of interest rates, it was proposed in the Second Qua...

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Posted Under: Income Tax |

TDS – Is payment for hiring of vehicles a contractual payment or Rent?

ACIT (TDS) vs Accenture Services P Ltd. - The provisions of section 194C shall apply to all types of contracts for carrying out work including transport contract, service contract etc. Transport contract would also include contract for loading and unloading of goods and also cover contracts for plying buses along with the staff...

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Posted Under: Income Tax | ,

Companies allowed service of documents to its members through electronic mode

Service of documents through electronic mode shall be available to the companies obtaining e-mail addresses of its members, for sending the notice/ documents through e-mail, by giving an advance opportunity to every shareholder for registering their email address and any changes therein from time to time. ...

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Posted Under: Income Tax |

Amendment to Canteen Stores Exemption Notification – Notification No. VAT-1511/CR. 64/Taxation-1

Order No. VAT-1511/CR. 64 (29/04/2011)

The liquor covered by entry 1 2 and 3 of Schedule I) of the Maharashtra Value Added Tax Act 2002 are purchased from the registered dealers within State and tax is paid or has become payable on purchase of liquor at earlier stage....

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Summary of Service Tax Notifications Notification 29/2011 to 37/2011

CBEC issues service tax Notifications 29 to 37 on 25 April 2011 which includes Notification bringing into force certain provisions of the Finance Act, 2011 with effect from 1 May 2011. All these notifications will be effective from 1 May 2011. Finance Act, 2011 brought into force with effect from 1 May 2011 :- The new taxable services an...

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Posted Under: Income Tax | ,

Maharashtra Value Added Tax (Third Amendment) Rules, 2011- Notification No. VAT 1511/CR 58/ Taxation-1

Notification No. VAT 1511/CR 58/ Taxation-1 (29/04/2011)

These rules may be called the Maharashtra Value Added Tax (Third Amendment) Rules, 2011 and they shall come into force with effect from the date 1st May 2011. These rules amends rule 53 , 54, 55A and insert rule 60A after rule 60. ...

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Service Tax on Individual lawyers stayed by Delhi High Court

Delhi High Court today (Friday - 29.4.2011) stayed the Notification levying service tax on representational services rendered by individual lawyers to business entities, till further orders and fixed the next date of hearing on 23.5.2011, with directions to UOI to file counter in a fortnight. The stay was given in response to Writ Petiti...

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Posted Under: Income Tax |

Issue of Irrevocable Payment Commitment (IPCs) to Stock Exchanges on behalf of Mutual Funds (MFs) and Foreign Institutional Investors (FIIs)

RBI/2010-11/491 A.P. (DIR Series) Circular No. 54 (29/04/2011)

A.P. (DIR Series) Circular No. 54 It has now been decided to allow custodian banks to issue Irrevocable Payment Commitments (IPCs) in favour of the Stock Exchanges / Clearing Corporations of the Stock Exchanges, on behalf of their FII clients for purchase of shares under the PIS. Issue of IPCs should be in accordance with the Reserve Bank...

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Writ Petition will be not be maintainable against the award of RBI Ombudsman

High Court rightly dismissed the petition on the ground that an efficacious remedy was available to the appellants under Section 17 of the Act. It is well-settled that ORDINARILY RELIEF UNDER ARTICLES 226/227 OF THE CONSTITUTION OF INDIA IS NOT AVAILABLE IF AN EFFICACIOUS ALTERNATIVE REMEDY IS AVAILABLE TO ANY AGGRIEVED PERSON. (See: Sadh...

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Posted Under: Income Tax |

Prosecution of legal heirs of former employee U/s. 630 of CA, 1956

Wrongful withholding of company property is an offence and the wrong doer can be proceeded against under section 630 of the Companies Act. Whether this section can be pressed into service even against the legal heirs of past employee is the crucial question examined in the light of recent judicial elucidations....

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Posted Under: Income Tax |

Securitisation Act is Violative of the Right to Shelter as a Fundamental Right

Hon’ble Supreme Court in U.P. Avas Evam Vikas Parishad & Anr. Vs. Friends Coop. Housing Society Ltd. & Anr. (AIR 1996 SC 114; Date of Judgment 24/04/1995) held that Right to shelter is a fundamental right, which springs from the right to residence assured in Article.19 (1) (e) and right to life under Article. 21 of the Constitution....

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Posted Under: Income Tax |

Personal Guarantee-A Void Agreement

Since long the public sector banks and financial institutions (hereinafter collectively referred to as ‘the Bank’ or ‘the Banks’) have unilaterally and arbitrarily developed a practice to execute personal guarantee agreements with the guarantors to secure the debts of a company. This view is supported by the judgement of hon’ble...

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Posted Under: Income Tax |

Guidelines on Insurance repositories and electronic issuance of insurance policies

Notification No. IRDA/ADMN/GDL/GLD/080/04/2011 (29/04/2011)

The objective of creating an insurance repository is to provide policyholders a facility to keep insurance policies in electronic form and to undertake changes, modifications and revisions in the insurance policy with speed and accuracy in order to bring about efficiency, transparency and cost reduction in the issuance and maintenance of ...

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Judicial Discipline – High time to evolve the Concept of Judicial Accountability

Expenditure incurred by the company on account of stamp duty and registration fee for the issue of bonus shares is allowable expenditure. The Supreme Court has reiterated its view as already expressed in 1964 in CIT Vs. Dalmia Investment Co Ltd (1964) 52 ITR 567 (SC). However, the Gujrat High Court in Ahmedabad Mfg. & Calico Pvt Ltd Vs. ...

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Posted Under: Income Tax |

If Exoneration in Adjudication Proceeding on Merits, Criminal Prosecution on Same Set of Facts Can Not be allowed to Continue

The yardstick would be to judge as to whether allegation in the adjudication proceeding as well as proceeding for prosecution is identical and the exoneration of the person concerned in the adjudication proceeding is on merits. In case it is found on merit that there is no contravention of the provisions of the Act in the adjudication pro...

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Posted Under: Income Tax |

Directions issued by SC under Article 142 of Constitution do not constitute a binding precedent

ARTICLE 142 of the Constitution of India DO NOT CONSTITUTE A BINDING PRECEDENT. Even therein, the scope and ambit of this Court's jurisdiction under Article 142 vis-`-vis existence of the statue and statutory rules and the constitutional mandate contained in Articles 14 and 16 of the Constitution of India had not been taken into consider...

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Posted Under: Income Tax |

Every procedure permitted to court for doing justice unless expressly prohibited

Recently, hon’ble Supreme Court in RAJENDRA PRASAD GUPTA V. PRAKASH CHANDRA MISHRA & ORS. {(2011) 2 SCC 705; Civil Appeal No(s). 984 of 2006-Decided on 12-01-2011} has held as follows (in para 2). Rules of procedure are handmaids of justice. Section 151 of the Code of Civil Procedure gives inherent powers to the court to do justice. Th...

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Posted Under: Income Tax |

Arbitral award need not be written on stamp paper by Arbitrator

The aspect of whether the provision of Section 33 is directory or mandatory WAS NOT CONSIDERED BY THE SUPREME COURT IN THE CASE OF M. ANASUYA DEVI'S CASE (supra), and in fact, SECTION 33 OF THE STAMP ACT HAS NOT EVEN BEEN ADVERTED TO in the said judgment. The Supreme Court in the case of N. Bhargavan Pillai Vs. State of Kerala 2004 (13) S...

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Posted Under: Income Tax |

Foreign investments in India by SEBI registered FIIs in other securities

RBI/2010-11/492 A.P. (DIR Series) Circular No. 55 (29/04/2011)

A.P. (DIR Series) Circular No. 55 - It has been decided to enhance the FII investment limit in listed non-convertible debentures / bonds, with a residual maturity of five years and above, and issued by Indian companies in the infrastructure sector, where ‘infrastructure’ is defined in terms of the extant ECB guidelines, by an additio...

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Agreements Valid without Paying Stamp Duty

(i) It is evident that EVERY INSTRUMENT shall be chargeable with duty, which is EXECUTED in India. (ii) The terms & conditions on “Airline ticket” or “Courier consignment receipt” etc are accepted orally by the buyer, rather there is IMPLIED ACCEPTANCE.iii) Therefore, “Airline ticket” or “Courier consignment receipt” etc...

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Posted Under: Income Tax |

FEMA -Advance Remittance for Import of Goods – Liberalisation

RBI/2010-11/493 A.P. (DIR Series) Circular No. 56 (29/04/2011)

Presently, an AD category – I bank is required to obtain unconditional, irrevocable standby Letter of Credit (LC) or guarantee from an international bank, for an advance remittance exceeding US $ 1,00,000 or its equivalent, for imports of goods into India. With effect from 29 April 2011, RBI has enhanced the aforesaid limit to US $ 2,00...

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Amendment in SEBI (ICDR) Regulations, 2009

Notification No. LAD-NRO/GN/2011-12/05/13907, (29/04/2011)

NOTIFICATION F. NO. LAD-NRO/GN/2011-12/05/13907, DATED 29-4-2011 These Regulations may be called the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) (Amendment) Regulations, 2011. They shall come into force on the date of their publication in the Official Gazette....

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Extra-Territorial Jurisdiction of Provisions of the Income Tax Act

CIT vs. M/s Eli Lilly & Co. (India) P. Ltd. The Supreme Court ruled that an Indian company is responsible for withholding tax on remuneration paid to its expatriates by a foreign company outside India if the services are rendered solely in India. Section 192 has extra-territorial jurisdiction when salaries taxable u/s 9(1 )(ii) are payabl...

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Posted Under: Income Tax |

Liaison Office engaged identifying buyers, negotiating and agreeing pricing and procuring purchase orders would constitute a PE of the Head Office under the India-Korea tax treaty

The High Court has held that the LO would be considered as a PE under the India-Korea tax treaty once the material on record establishes that it is undertaking trading activity, entering into business contracts and fixing price for sale of goods. Merely because the officials of the LO are not signing any written contract would not absolve...

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Posted Under: Income Tax |

Amends Notification No. 36/2001 – Customs (N.T.), dated, the 3rd August, 2001 vide Notification No. 33/2011 – Customs (N. T.)

Notification No. 33/2011-Customs (N.T.) (29/04/2011)

Notification No. 33/2011 - Customs (N. T.) , New Delhi, 29th April, 2011. S. O… (E) – In exercise of the powers conferred by sub-section (2) of section 14 of the Customs Act, 1962 (52 of 1962), the Board, being satisfied that it is necessary and expedient so to do, hereby makes the following further amendment in the notification of th...

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Download ITR 5 in excel format for Assessment year 2011-12 / Financial year 2010-11

ITR 5 is applicable for assessment year 2011-2012 only, i.e., it relates to income earned in Financial Year 2010-11 and can be used a person being a firm, AOP, BOI, artificial juridical person referred to in section 2(31)(vii), cooperative society and local authority. However, a person who is required to file the return of income under se...

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Posted Under: Income Tax | ,

Instructions for filling out New Income Tax Return Form ITR-5 applicable for A.Y. 2011-12

ITR 5 Form can be used a person being a firm, AOP, BOI, artificial juridical person referred to in section 2(31)(vii), cooperative society and local authority. However, a person who is required to file the return of income under section 139(4)(a) or 139(4)(a) or 139(4)(b) or 139(4)(c) or 139(4)(d) shall not use this form....

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Posted Under: Income Tax |

Section 50C applies to immovable depreciable assets – ITAT Mumbai

ITO Vs. United Marine Academy (ITAT Mumbai)

Recently ITAT Mumbai in the case of ITO vs. United Marine Academy (Mumbai ITAT) held that Assessing Officer thus was right in applying the provision of section 50C to the transfer of depreciable capital assets covered by section 50 and in computing the capital gain arising from the said transfer by adopting the stamp duty valuation....

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Income Tax Dept searches four real estate groups in Ahmedabad

In the first major operation in the current financial year, income tax (I-T) department officials cracked on four real estate groups in the city on Wednesday. Suspecting tax evasion and parking of black money, the IT officials began search and survey on 60 premises, including offices, houses and project sites of the groups on Wednesday a...

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Posted Under: Income Tax |

'No return' scheme for salaried class earning less then Rs. 5 Lakh to be notified by June

The Chairman of Central Board of Direct Taxes ( CBDT), Sudhir Chandra, today said the scheme to exempt salaried people earning up to Rs 5 lakh annually from filing income tax returns will be notified in the first week of June. The scheme was announced in the Union Budget 2011-12 by Finance Minister Pranab Mukherjee....

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MCA Notification with respect of change in eforms 2, 3, 18, 23C, 24A and 32

Notification No. G.S.R. 351(E) (29/04/2011)

29th April 2011 -These rules may be called the Companies (Central Government's) General Rules and Forms ( Amendment ) Rules 2011. (2) These rules shall come into force from 1st May 2011. 2. In the Companies (Central Government's) General Rules and Forms, 1956, in Annexure 'A' for Form 2, Form 3, Form 18, 23C and Form 32, the followi...

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EPFO to pay 9.5 percent interest foe F.Y. 2011-12 till new rate is decided

"Since the rate of interest (on deposits) for 2010-11 has been declared as 9.5 per cent per annum, settlement of claims of the EPF subscribers during 2011-12 shall be made at 9.5 per cent per annum till rate of interest is declared for 2011-12," said an order issued by the Employees' Provident Fund Organisation (EPFO). ...

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Posted Under: Income Tax |

IRDA Request for Proposal for Analysis and Reporting of Industry – Wide Fraud Trends

NA (08/04/2011)

IRDA requests for proposal from reputed Firms/Organizations to report on industry-wide trends of fraudulent behaviour affecting the insurance industry. The detailed RFP document is attached (.pdf document) .Last date for receipt of BIDS is 20th May 2011 by 3:00 PM...

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Clarification regarding sending copies of Balance Sheets and Auditors Report etc., to the members of the company as required under section 219 of the Companies Act, 1956 through electronic mode

Circular No. 18/2011 (29/04/2011)

CA has now permitted companies to send the Annual Report to the Shareholders through email subject to following conditions: The email address of the shareholder is registered with the Company; Company’s website has full text of the Annual Report and the same is easily accessible; Company has published a notice in local and English n...

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Corrigendum to Notification No. 29/2011-Service Tax, dated the 25th April, 2011

Corrigendum to Notification No. 29/2011/ST (26/04/2011)

In the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 29/2011-Service Tax, dated the 25th April, 2011 published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i) vide number G.S.R. 337 (E), dated the 25th April, 2011, - for “section 71” read “section 74"....

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Corrigendum to Notification No. 35/2011-Service Tax, dated the 25th April, 2011

Corrigendum to Notification No. 35/2011-Service Tax (25/04/2011)

In the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 35/2011-Service Tax, dated the 25th April, 2011 published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i) vide number G.S.R.343 (E), dated the 25th April, 2011, in Note,- for “and last amended vide notificat...

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2G Scam – ED Will attach property worth Rs 2,000 crore of companies involved in scam

The Enforcement Directorate on Wednesday told the Supreme Court that it will attach property worth Rs 2,000 crore of two companies involved in the 2G spectrum scam. The attachment process under the Prevention of Money Laundering Act (PMLA) and Foreign Exchange Management Act (FEMA) will be finished in the next two months, the ED said....

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Posted Under: Income Tax |

Indian economy may Grow at around 8 percent in FY12; more RBI rate hikes likely

India's economy is expected to clock a growth rate of around 8 per cent this fiscal, lower than the government's projection, due to decline in investments and industrial production, global financial services firm Citigroup said today. It also said that the Reserve Bank is likely to go for a 75-100 basis points cumulative hike in key-polic...

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Posted Under: Income Tax |

2G scam – PAC meeting inconclusive; 11 of 21 members reject draft report

The Public Accounts Committee meeting on Thursday remained inconclusive. Eleven out of 21 members of the Committee rejected the draft report on 2-G scam prepared by the Chairman of the Committee Dr. Murli Manohar Joshi. The Committee was scheduled to submit its report by Saturday. Dr. M M Joshi left the meeting after unprecedented scenes ...

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Posted Under: Income Tax |

ICAI’S annual international meet begins in Dubai

The Institute of Chartered Accountants of India (ICAI)’s annual international meet started in Dubai on Thursday. More than 800 delegates from various GCC countries attended the inaugural session of the two-day conference hosted by Dubai chapter of the Institute....

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Posted Under: Income Tax |

Azim Premji expresses concern over various scandals

IT czar Azim Premji today expressed concern over various scandals that have surfaced in the country during the last one year and said good leadership in politics, bureaucracy, business and society would help end corruption in India. In the last one year we witnessed the Telecom scandal, CWG and medical recruitment scandals..We need to pu...

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Posted Under: Income Tax |

Suspension of IAS couple extended

The Madhya Pradesh government has extended the suspension of 1978 batch IAS couple Arvind and Tinu Joshi, accused for amassing huge wealth, by another 180 days, official sources said here today. The government decided to extend the suspension period as the Nirmala Buch committee set up in July last year to look into the matter is yet to s...

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Posted Under: Income Tax |

Notification No. 23 – Income Tax Dated 28/4/2011

Notification No. 23 - Income Tax (28/04/2011)

Notification No. 23 - Income Tax [F.NO. 203/46/2010/ITA-II], DATED 28-4-2011- It is hereby notified for general information that the organization Centre for Social Studies, Surat has been approved by the Central Government for the purpose of clause (iii) of sub-section (1) of section 35 of the Income-tax Act, 1961 (said Act), read with r...

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Notification No. 22 – Income Tax Dated 28/4/2011

Notification No. 22 - Income Tax (28/04/2011)

Notification No. 22 - Income Tax [F.NO.203/43/2010/ITA-II], DATED 28-4-2011- It is hereby notified for general information that the organization Indian Society of International Law, New Delhi has been approved by the Central Government for the purpose of clause (iii) of sub-section (1) of section 35 of the Income-tax Act, 1961 (said Act),...

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Notification No. 21- Income Tax Dated 28/4/2011

Notification No. 21- Income Tax (28/04/2011)

Notification No. 21- Income Tax [F.NO. 203/41/2010/ITA-II], DATED 28-4-2011 It is hereby, notified for general information that the organization Chettinad Academy of Research and Education, Kanchipuram 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 (...

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Maharashtra Tax Laws (Levy, Amendmend and Validation) Act, 2011 with Date of effect Notification for provisions of certain sections

Notification No. VAT.1511/C.R.63/Taxation.1 (28/04/2011)

MAH. ACT NO XV OF 2011- Maharashtra Tax Laws (Levy, Amendmend and Validation) Act, 2011 with Date of effect Notification for provisions of certain sections. Maharashtra Value Added Tax Act Notifications - MAH. ACT NO XV OF 2011. ...

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US seeks changes in India’s DTH satellite policy

The US has said it will “encourage” India to change its policies which give exclusive rights to the Indian Space Research Organisation (ISRO) for selling the satellite capacity to the lucrative direct—to—home television market. In a report, the US Trade Representative (USTR) raised concerns over India not allowing foreign operator...

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Posted Under: Income Tax |

Change in MVAT rate w.e.f 01/05/2011

Notification No. VAT. 1511/ C.R .63/ Taxation-1 (28/04/2011)

In exercise of the powers conferred by clause (c) of sub-section (2) of section 1 of the Maharashtra Tax Laws (Levy, Amendment and Validation) Act, 2011 (Mah. XV of 2011), the Government of Maharashtra hereby appoints the 1st May 2011 to be the date on which the provisions of sections 3 to 15, 16(1), (2) and (4), 17, 18, 19(2) and (3) and...

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ICAI Commences Registration for the Certificate Course on International Taxation – Hyderabad

We are pleased to announce that the Committee on International Taxation of ICAI has decided to commence the next Batch of the Certificate Course on International Taxation in Hyderabad from Saturday 21st May, 2011. ...

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Posted Under: Income Tax |

ITR 3 & ITR 4 in Excel for A.Y. 2011-2012 / F.Y. 2010-11

Download New Income Tax Return Form ITR-3 and ITR 4 in Excel Format for A.Y. 2011-12 / Financial Year 2010-11. ITR -3 :- This Return Form is to be used by an individual or an Hindu Undivided Family who is a partner in a firm and where income chargeable to income-tax under the head “Profits or gains of business or profession” does no...

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RBI advises -Do Not Pay Money to receive Large Funds from Abroad

The Reserve Bank has today once again issued an advisory cautioning the members of public against responding in any manner to offers of moneys from abroad. It has stated that such offers are fraudulent and has advised the public to immediately register a complaint with the local police/ cyber crime authorities when they receive such offer...

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Posted Under: Income Tax |

Despite concealment, no penalty u/s. 271(1)(c) if book profits assessed u/s. 115JB

Ruchi Strips & Alloys Ltd Vs. DCIT (ITAT Mumbai)

Recently ITAT Mumbai in the case of Ruchi Strips & Alloys Ltd vs. DCIT held that the concealment of income had its repercussions only when the assessment was done under the normal procedure. If the assessment as per the normal procedure was not acted upon and it was the deemed income assessed u/s 115JB which became the basis of assessment...

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Disallowance u/s 14A of interest on borrowed funds was not permissible if investment in shares was made out of own funds

Godrej Industries Ltd Vs. DCIT (ITAT Mumbai)

The AO’s argument that the assessee could have utilized its surplus funds for repaying the borrowings instead of investing in shares and by not doing so, there was diversion of borrowed funds towards investment in shares to earn dividend income is not acceptable in view of CIT vs. Hero Cycles Ltd 323 ITR 518 (P&H) where Abhishek Industr...

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New Income tax Return ITR 1 Sahaj and ITR 2 in Excel Format

ITR-1 SAHAJ and ITR 2 in Excel Format for A.Y. 2011-12 / Financial Year 2010-11. ITR 1 Sahaj in Excel Format for A.Y 2011-12 Financial year 2010-11.ITR 1 Sahaj in Excel Format for A.Y 2011-12 Financial year 2010-11 (ZIP FILE). itr2 in Excel Format for A.Y 2011-12 Financial year 2010-11...

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SEBI – Renewal of recognition to Gauhati Stock Exchange from 1-5-2011 to 30-4-2012 – NOTIFICATION NO. LAD-NRO/GN/2011-12/04/13647, DATED 28-04-2011

Notification No. LAD-NRO/GN/2011-12/04/13647 (28/04/2011)

NOTIFICATION NO. LAD-NRO/GN/2011-12/04/13647, DATED 28-4-2011 - The Securities and Exchange Board of India, having considered the application, dated February 11, 2011 for renewal of recognition made under section 3 of the Securities Contracts (Regulation) Act, 1956 by The Gauhati Stock Exchange Limited having its registered office at 2nd ...

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Notification No. 45/2011 – Income Tax Dated 27/4/2011

Notification No. 45/2011 - Income Tax (27/04/2011)

Notification No. 45/2011 - Income Tax [F.NO.V-27015/1/2011-SO(NAT.COM)]/S.O. 886(E), DATED 27-4-2011 WHEREAS by Notification of the Government of India in the Ministry of Finance (Department of Revenue) number S.O. 135(E), dated the 3rd February, 2006, issued under clause (b) of the Explanation to section 35AC of the Income-tax Act, 196...

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Notification No. 44/2011 – Income Tax Dated 27/4/2011

Notification No. 44/2011 - Income Tax (27/04/2011)

Notification No. 44/2011 - Income Tax [F.NO.V-27015/1/2011-SO(NAT.COM)]/S.O. 885(E), DATED 27-4-2011 WHEREAS by Notification of the Government of India, in the Ministry of Finance (Department of Revenue) number S.O.708(E), dated the 25th May, 2005, issued under sub-section (1) read with clause (b) of the Explanation to section 35AC of th...

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No Penalty for Failure to Offer Income u/s 50C

Renu Hingorani Vs. ACIT (ITAT Mumbai)

Renu Hingorani vs. ACIT (ITAT Mumbai) - The AO had not questioned the actual consideration received by the assessee but the addition was made purely on the basis of the deeming provisions of s. 50C. The AO had not doubted the agreement or given any finding that the actual sale consideration was more than the sale consideration stated in t...

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IT – Educational Institution of Human Development Foundation of Sikkim by Human Development Foundation of Sikkim, Sikkim notified as an eligible scheme or project under section 35AC – NOTIFICATION NO. 43/2011

Notification No. 43/2011 - Income Tax (27/04/2011)

Notification No. 43/2011 - Income Tax [F.NO.V-27015/1/2011-SO(NAT.COM)]/S.O. 884(E), DATED 27-4-2011 WHEREAS by Notification of the Government of India in the Ministry of Finance (Department of Revenue) number S.O. 614(E), dated 18th March, 2010, issued under clause (b) of the Explanation to section 35AC of the Income-tax Act, 1961 (43 of...

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Notification No. 42/2011 – Income Tax Dated 27/4/2011

Notification No. 42/2011 - Income Tax (27/04/2011)

Notification No. 42/2011 - Income Tax [F.NO.V-27015/1/2011-SO(NAT.COM)]/S.O. 883(E), DATED 27-4-2011 WHEREAS by Notification of the Government of India, in the Ministry of Finance (Department of Revenue) number S.O. 1586(E), dated the 11th November, 2005, issued under sub-section (1) read with clause (b) of the Explanation to section 35AC...

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Notification No. 41/2011- Income Tax Dated 27/4/2011

Notification No. 41/2011- Income Tax (27/04/2011)

Notification No. 41/2011- Income Tax [F.NO.V-27015/1/2011-SO(NAT.COM)]/S.O. 882(E), DATED 27-4-2011 WHEREAS by Notification of the Government of India in the Ministry of Finance (Department of Revenue) number S.O. 737(E), dated 13th March, 2009, issued under clause (b) of the Explanation to section 35AC of the Income-tax Act, 1961 (43 of...

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Notification No. 40/2011 – Income Tax Dated 27/4/2011

Notification No. 40/2011 - Income Tax (27/04/2011)

Notification No. 40/2011 - Income Tax [F.NO.V-27015/1/2011-SO(NAT.COM)]/S.O. 881(E), DATED 27-4-2011 WHEREAS by Notification of the Government of India in the Ministry of Finance (Department of Revenue) number S.O. 121(E), dated 12th January, 2009, issued under clause (b) of the Explanation to section 35AC of the Income-tax Act, 1961 (43 ...

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Notification No. 39/2011 – Income Tax Dated 27/4/2011

Notification No. 39/2011 - Income Tax (27/04/2011)

Notification No. 39/2011 - Income Tax [F.NO.V-27015/1/2011-SO(NAT.COM)]/S.O. 880 (E), DATED 27-4-2011 WHEREAS by Notification of the Government of India in the Ministry of Finance (Department of Revenue), number S.O. 602(E), dated the 12th August, 1993, issued under sub-section (1) read with clause (b) of the Explanation to section 35AC o...

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Society Redevelopment is Not Transfer and consideration not assessable in society’s hands

Raj Ratan Palace Co-op Hsg Soc Vs. DCIT (ITAT Mumbai)

Raj Ratan Palace Co-op Hsg Soc vs. DCIT (ITAT Mumbai)- The assessee-society had merely given permission to the developer to construct on the society’s land. No part of the land was ever transferred by the society. The Society continued to be the owner of the land and no change in ownership of land had taken place. Mere grant of consent ...

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Notification No. 38/2011 – Income Tax Dated 27/4/2011

Notification No. 38/2011 - Income Tax (27/04/2011)

Notification No. 38/2011 - Income Tax [F.NO.V-27015/1/2011-SO(NAT.COM)]/S.O. 879(E), DATED 27-4-2011 WHEREAS by Notification of the Government of India in the Ministry of Finance (Department of Revenue) number S.O. 998(E), dated the 5th July, 2006, issued under clause (b) of the Explanation to section 35AC of the Income-tax Act, 1961 (43...

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