ACIT Vs Chetan Durgadas Mehra (ITAT Mumbai)- Assessing Officer considered the sale of shares by the assessee to the firm in which he is a Partner as a non genuine transaction. Consequently he re-worked out the P&L account as stated in page 8 of the assessment order and determined the loss from the business at a lesser figure of Rs.52,56,153/- as against Rs.1,95,98,779/- incurred by the assessee in the business of purchase and sale of shares and securities.
MASTER CIRCULAR No. DNPD/1/2012, dated 2-1-2012 – The Exchange may consider introducing derivative contracts on an index, if weightage of constituent stocks of the index, which are individually eligible for derivatives trading, is atleast 80%. However, no single ineligible stock in the index shall have a weightage of more than 5% in the index. The index on which futures and options contracts are permitted shall be required to comply with the eligibility criteria on a continuous basis. The Exchange shall check whether the index continues to meet the aforesaid eligibility criteria on a monthly basis. If the index fails to meet the eligibility criteria for three consecutive months, then no fresh contract shall be issued on that index. However, the existing unexpired contracts shall be permitted to trade till expiry and new strikes may also be introduced in the existing contracts.
Notification No. 1/2012-Income Tax In exercise of the powers conferred by section 295 read with sub-clause (vii) of clause (c) of sub-section (8) of section 35AD of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely:-
A committee set up by market regulator Sebi to examine IPO-related issues is looking into a proposal to allow companies to sell shares through electronic Initial Public Offers (e-IPOs). The proposed move would enable companies to sell shares electronically. Under such a system, investors would bid for shares online and would not be required to sign any papers physically.
India’s exports during November, 2011 were valued at US$ 22321.64 million (Rs.113519.82 crore) which was 3.87 per cent higher in Dollar terms (17.34 per cent higher in Rupee terms) than the level of US$ 21489.49 million (Rs. 96742.01) during November, 2010. Cumulative value of exports for the period April-November 2011 -12 was US$ 192694.38 million (Rs 893094.16 crore) as against US$ 144659.95 million (Rs.661055.88 crore) registering a growth of 33.21 per cent in Dollar terms and 35.10 per cent in Rupee terms over the same period last year.
Please refer to the UN Security Council’s 1267 Committee’s Consolidated List of individuals and entities linked to Al-Qaida and Taliban who are subject to the assets freeze, travel ban and arms embargo as set out in relevant Security Council Resolution 1822 (2008). Pursuant to being included in the 1267 Committee’s Consolidated List these individuals and entities are subject of action under Section 51A of the Unlawful Activities (Prevention) Act, 1967.
Interest from Bond do not form part of Total Income – a) In exercise of power conferred by item (h) of sub clause (iv) of clause (15) of Section 10 of the Income Tax Act, 1961 the Central Government vide notification no 52/2011.F.No.178/56/201 1- (ITA-1) dated 23rd September 2011 authorizes our Company to issue during the Financial year 2011-12, tax free, secured, redeemable, non-convertible bonds of rupee 1,000 each in case of public issue for the aggregate amount of Rs. .5,000 crores subject to the other following conditions that –
Vide General Circular No: 4/2010, Dated the 22nd November, 2010 , MCA had changed the structure of Additional Fees to be levied for delay in filing E Forms over the companies while filing their Balance Sheet and Annual Returns with concerned Registrar of Companies through MCA Portal. Such change of Additional Fee Structure encouraged the Corporate to file their returns as early as possible so that they can avoid the heavy additional fees. That has resulted in increase the percentage of filing within the due time. The structure of Additional Fees which had been applicable from 5-12-2010 is elaborated with an example as follows:
CIT v. Bharti Cellular Ltd. & Hutchison Essar Telecom Ltd. (SC) – On this issue, the Delhi High Court had held that the services rendered in relation to interconnection, port access did not involve any human interface and, therefore, the services could not be regarded as “technical services” as contemplated under section 194J. The expression “technical service” would have reference to only technical service rendered by a human. It would not include any service provided by machines or robots. The Delhi High Court, therefore, concluded that interconnect charges/port access charges could not be regarded as fees for technical services, and hence, TDS provisions under section 194J were not attracted.
Federal Bank Ltd. v. ACIT (2011) 332 ITR 319 (Kerala High Court) – On this issue, the High Court held that the rate of depreciation of 60% is available to computers and there is no ground to treat the communication equipment as computers. Hence, EPABX and mobile phones are not computers and therefore, are not entitled to higher depreciation at 60%.
