Kushal K. Bangia Vs. ITO (ITAT Mumbai)- In principle, though the scope of ‘income’ in s. 2(24) is very wide, a capital receipt is not chargeable to tax as income unless there is a specific provision to that effect. As the residential flat owned by the assessee in the society’s building was a capital asset in his hands, the compensation was a capital receipt. The department’s argument that the cash compensation was a ‘share in profits earned by the developer’ is not acceptable because it proceeds on the fallacy that the nature of payment in the hands of the payer determines the nature in the hands of the recipient. However, as the said receipt reduced the cost of acquisition of the new flat, it had to be taken into when computing the gains from a transfer thereof in the future
Kodiak Networks (India) Pvt Ltd Vs. ACIT (ITAT Bangalore)- As far as the data to be used by the TPO while determining the ALP was concerned, it is observed that it is covered by the provisions of rule 10D sub-rule 4 of the Income-tax Rules. Section 92 C provides that the arm’s length price in relation to an international transaction shall be determined by any of the methods being the most appropriate method having regard to the nature of transaction or class of transaction or class of associated persons or functions performed by such persons or such other relevant factors for computing the ALP and also any other method as may be prescribed by the Board. S. 92D provides that (i) every person who has entered into an international transaction shall maintain and keep such information and documents in respect thereof;
The government today said it is hopeful of taking up the new Companies Bill for consideration and passage in the upcoming Budget Session of Parliament. Standing Committee had their first meting on January 24. I expect them to give (clearance) as early as possible so that I can present the Bill in the next session of Parliament and get it passed
Mumbai Market regulator Sebi has imposed penalties totalling Rs 40 lakh on four individuals for their involvement in fraudulent trade practices while dealing in shares of Platinum Corporation Ltd. In separate orders, the Securities and Exchange Board of India (Sebi) directed Vasudev Ambaram Patel, Suresh H Patel, Subhadraben Ramalal Patel and Suketu Ramanlal Patel to pay Rs 10 lakh each as penalty for their role in the stock market fraud.
In order to facilitate promoters to dilute/offload their holding in listed companies in a transparent manner with wider participation, it has been decided to allow the offer for sale of shares by promoters of such companies through a separate window provided by the stock exchange(s). The guidelines for the same are as under:
All of us are familiar with these words, especially the second line is embedded in our minds through our Institute emblem, right from the moment we entered into the CMA profession. The entire stanza from the ancient Upanishad, correctly reflect the DNA of our profession for what it stands for. If we faced our tryst with destiny in the previous month, from this month onwards we have to put the past behind us and march towards the new dawn which is emerging before us. The name of the Institute and the designated letters provided to us in the amended Act, encompass a vast arena to add value to any enterprise involved in consumption of finite resources, much beyond the realms of focus of the past which was on manufacturing. As a CMA brand, we have to go beyond the numbers to provide enlightenment through segmented analysis, sift the grain of reality in value addition, work for an immortal and sustainable future, letting the enterprise live in harmony with the environment and society.
We have uploaded new form 16 in Excel Format which is for male and Female below the Age of 60 years. The form cum tax calculator is for Assessment year 2012-13 i.e. Financial year 2011-12. Assessee have to select his sex first and then he have to enter his salary details in form 16. The Form will calculate the tax on salary automatically. Download New Form 16 for AY 12-13 in Excel with formula
The Union Finance Minister Shri Pranab Mukherjee said that in the era of coalition politics, decisions are taken through consensus as you have to carry others with you. The Finance Minister said that the current year was a challenging year as we had to face the problem of inflation, fiscal deficit and maintenance of sustainable and inclusive growth.
In a move that could expedite government’s disinvestment process, the market regulator SEBI on Wednesday notified the IPP guidelines that will allow companies to reduce promoter shareholding through private placement. As per the new norms for Institutional Placement Programme (IPP) of shares, even the companies would be allowed to issue fresh equity to institutional investors to dilute stake of promoters.
It is a settled proposition in law that this Court, in exercise of power of judicial review as we are exercising now, is entitled to mould the relief according to the facts and circumstances and to deny relief even though finding any error in the action of which judicial review is sought. The powers of this Court while exercising jurisdiction under Article 226 are wide. This Court, to do substantial justice between the parties,
