CIT v Rajiv Shukla (High Court of Delhi) Assessing Officer rejected the claim of the assessee under section 54F on the ground that the assessee had not produced any evidence showing investment in Capital Deposit Account Scheme under section 54F and that the flat sold by him was a depreciable asset. As per provisions of section 50, the capital gain arising from transfer of depreciable asset shall be deemed to be the capital gain arising from transfer of short term capital asset and, therefore, deduction under section 54F was not available. Accordingly, AO made an addition of Rs.91,77,118/- under the head Short Term Capital Gain.
iPolicy Network (P) Ltd. v ITO (ITAT, Delhi)- If the difference in the ALP price determined by the TPO in international transaction and the revenue received by the assessee does not exceed the safe harbour of -/+ 5 per cent as per proviso (2) of s 92C (pre-amended) no addition can be made to the income of the assessee on account of transfer pricing adjustment.
Deere and Co., In re (Authority for Advance Rulings)- American company is not liable to pay any capital gain under s 45 read with s 47(iii) on transfer of shares of Indian subsidiary to Singapore subsidiary without consideration on account of reorganisation as same amounts to gift.
ADIT (IT), Circle 2(2) v Taj TV Ltd. (ITAT Mumbai) -The assessee was entitled to interest under s 244A in respect of the excess payment of tax in response to the order passed under s 201 read with s 195, 201(1A) and 250.
ADIT v Fidelity Management Trust Co (ITAT Mumbai) The mere making of a claim, which was not sustainable in law, by itself, would not amount to furnishing inaccurate particulars when the assessee had made a bona fide claim relying on the advance ruling pronounced in the case of a sister concern which was reversed later on.
This note is issued by the Institute of Chartered Accountants of India (ICAI) to bring out the differences between the IFRSs1 as applicable on 1st April, 2011 and the corresponding Indian Accounting Standards (Ind ASs) placed by the Ministry of Corporate Affairs (MCA), Government of India, on its website after recommendation of the same by the National Advisory Committee on Accounting Standards (NACAS) and the ICAI.
A chartered accountant has been sentenced to seven years of rigorous imprisonment by the additional chief metropolitan magistrate (EOI), Egmore, for forging his income tax returns. L Vijayaraghavan had forged the figure and words on his challan for self-assessment tax for 2003-04 by making it appear he paid Rs22,400 while he actually paid only Rs400.
Indian Bank Request for Proposal for Information Systems Audit of Core Banking / Net Banking / Mobile Banking / ATM / Data Centre / D R Site / Networking Infrastructure and Other Integrated systems-Download RFP Indian Bank ISA Audit
Leading industrialist and Essar Group chairman Shashi Ruia has warned of an adverse impact on FDI inflows in India if its taxation laws with various countries remain ‘ambiguous’. The Government (of India) is signing a spate of treaties with other countries. But all this will come to nought if the treaties are ambiguous and open for departmental interpretation, he said during an address at the Indo-American Chamber of Commerce here late last evening.
From which date is Companies (Cost Audit Report) Rules, 2011 effective from? -The Companies (Cost Audit Report) Rules, 2011 have been issued by the Ministry of Corporate Affairs vide Notification no. 430(E) dated 3rd June 2011. Cost Audit Reports submitted on or after 1st day of April, 2012, irrespective of the financial year for which the cost audit report is submitted, shall be governed by these Rules. Cost Audit Reports submitted till 31.3.2012 will be governed by the Cost Audit Report Rules, 2001.
