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Archive: 28 November 2011

Posts in 28 November 2011

Legal fiction u/s 50C cannot mean that deemed sale amount of property is actually received

November 28, 2011 3041 Views 0 comment Print

Subash Chand Vs. ACIT (ITAT Chandigarh)- In the present case, the AO has found that the assessee has paid a sum of Rs. 27,90,000/- towards purchase of flat/plot and for meeting household expenses in the year under appeal. The assessee could not have paid the aforesaid amount without having the money with him. No material has been placed before us to establish that the assessee had actually been paid by the buyer any money over and above Rs. 8.00 lakhs or that the assessee has actually received from the buyer of the agricultural land over and above Rs. 8 lakhs.

Violations of Chartered Accountants Act

November 28, 2011 1728 Views 0 comment Print

Union Minister of Corporate Affairs Dr. M. Veerappa Moily today informed the Rajya Sabha that some instances of violations have come to the notice of the Institute of Chartered Accountants of India (ICAI) which is examining the same. ICAI is itself competent to decide on these violations without reffering to the Central Government. However, no specific firm-wise violations by multinational firms (stating exactly which sections have been violated by which firm) have been brought to the notice of the Government.

Investors Beware! Invest Cautiously

November 28, 2011 1481 Views 0 comment Print

Last week saw a series of financial scams in the state of Rajasthan and Jaipur in particular. The reason for all such financial scams is obvious – greed of making the quick buck at both ends. Investors as well as the company floating such schemes. So long as the cycle continues smoothly, it’s fine but the moment defaults start occur, the writing on the wall becomes clear. It is a universal fact that one should not expect abnormal returns as one can not earn returns which are exceptionally higher than what the market can deliver. If we are able to understand this, we will realize that no one on this earth can fetch you higher than market returns – not even God. Yes, it can happen only in a game of chance or winning a lottery.

No TDS not on Payment of interest for delay in construction of Flats

November 28, 2011 1935 Views 0 comment Print

In this legal analysis, understand if interest paid by H.P. Housing Board is considered damages or interest under the Income-tax Act.

In case the AO finds that practically the land has been bought by the Developer and Developer has all dominant control over the project and has developed the land at his own cost and risks, the AO should allow the deduction to the assessee u/s 80IB(10)

November 28, 2011 1156 Views 0 comment Print

M/s. Rudraksh Developers Vs. ITO (ITAT Ahemdabad)- The facts involved in the case of the assessee are similar to the facts in the case of Radhe Developers (supra) and accordingly we are of the view that the assessee has acquired the dominant over the land and has developed the housing project by incurring all the expenses and taking all the risks involved therein. We may mention here that, in our opinion, the decision in the case of Radhe Developers (supra) will not apply in a case where the assessee has entered into the agreement for a fixed remuneration merely as a contractor to construct or develop the housing project on behalf of the landowner.

Revision of Pension under PF Scheme

November 28, 2011 3454 Views 10 comments Print

The pension on fixed rates is provided to the employees retiring under the Provident Fund (PF) scheme. The Central Government had constituted an Expert Committee for reviewing the Employees Pension Scheme, 1995 entirely including revision of Pension. The Expert Committee submitted its report to the Central Government on 5th August, 2010 and the recommendations of the Committee were placed before the Central Board of Trustees, Employees’ Provident Fund [CBT (EPF)] for consideration on 15th September, 2010.

CA Vijay Vaishnav and bouncers held after clash with lawyers in court

November 28, 2011 2441 Views 0 comment Print

November, 26th 2011 The Gurgaon police have arrested a Mumbai-based Chartered Accountant (CA) and three bouncers for allegedly assaulting an advocate inside the court premises on Friday. Vijay Vaishnav had come to the court with the bouncers to attend a hearing, police said. A resident of Lokhandwala, he married a woman from Kendriya Vihar in […]

Steps taken by the Employees’ Provident Fund Organisation to recover the outstanding amount

November 28, 2011 1190 Views 0 comment Print

The following steps have been taken by the Employees’ Provident Fund Organisation to recover the outstanding amount: 1. Attachment and sale of movable and immovable properties of the defaulting establishments. 2. Appointment of receiver to run the business of the defaulting establishments. 3. Arrest and detention of defaulter. 4. Prosecution of defaulters before courts of law.

MCA released XBRL Validation Tool Version 1.1.1 with enhancements

November 28, 2011 2642 Views 0 comment Print

The following enhancements have been released. These enhancements do not impact the instance documents which have already been filed on the MCA21 portal. This version of the tool needs to be downloaded by only those stakeholders who are facing the below mentioned issues. In case the instance document has been successfully validated and pre-scrutinised from the existing version of the tool (Ver 1.1), the same shall be allowed to be filed on the MCA portal.

Registration of Marriage

November 28, 2011 3111 Views 0 comment Print

The States of Andhra Pradesh, Arunachal Pradesh, Bihar, Chhattisgarh, Goa, Gujarat, Haryana, Himachal Pradesh, Karnataka, Kerala, Madhya Pradesh, Maharashtra, Meghalaya, Mizoram, Orissa, Rajasthan, Sikkim, Tamil Nadu and Tripura have already taken necessary legislative measures providing for compulsory registration of marriages. Other States except the State of Nagaland are in the process of achieving this end.

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