A suitable reward upto 5% of the amount recovered can be given to any informer who gives information regarding the whereabouts, assets, movable and immovable properties of persons or companies from whom arrears of duty, tax, fine, penalty etc. are recoverable under the Customs Act, 1962, the Central Excise Act, 1944 or Service Tax Act, 1994. The quantum of reward will be decided by the Chief Commissioner concerned.
CIT Vs. Radhe Developers (HC of Gujrat at Ahemdabad)- In the present case, we find that the assessee had, in part performance of the agreement to sell the land in question, was given possession thereof and had also carried out the construction work for development of the housing project. Combined reading of Section 2(47)(v) and Section 53A of the Transfer of Property Act would lead to a situation where the land would be for the purpose of Income Tax Act deemed to have been transferred to the assessee. In that view of the matter, for the purpose of income derived from such property, the assessee would be the owner of the land for the purpose of the said Act. It is true that the title in the land had not yet passed on to the assessee. It is equally true that such title would pass only upon execution of a duly registered sale deed. However, we are, for the limited purpose of these proceedings, not concerned with the question of passing of the title of the property, but are only examining whether for the purpose of benefit under Section 80IB (10) of the Act, the assessee could be considered as the owner of the land in question. As held by the Apex Court in the case of Mysore Minerals Ltd. vs. Commissioner of Income Tax (supra), and in the case of Commissioner of Income-Tax vs. Podar Cement Pvt. Ltd. and others (supra), the ownership has been understood differently in different context. For the limited purpose of deduction under Section 80IB(10) of the Act, the assessee had satisfied the condition of ownership also; even if it was necessary.
This is an appeal at the behest of the Assessee which has emanated from the order of Learned CIT(Appeals)-VI, Ahmedabad dated 26/02/2009 passed for A.Y. 2003-04. The assessee has challenged the levy of penalty u/s.271(1)(c) of the I.T.Act of Rs. 16,50,000/- which was confirmed by the Learned CIT(Appeals).
Human resource accounting is one of the emerging areas of the Indian accounting industry. As we all know, any organization cannot survive if it does not have the human assets. Specially in today’s IT era, its employees are most important assets of the organization. In the financial accounting, we record every assets of the organization in monetary term at historical cost. When we consider our employees as our greatest assets, the question arise, can we account for these assets? At which value? How this value will be calculated? Are there any standard for recording the value of human resource?
IDBI Mutual Fund has introduced Regular Cash Flow Plan as an added feature under IDBI Monthly Income Plan (MIP). RCFP provides investors with an additional income stream by way of regular cash flow to take care of future projected needs.
