"01 February 2012" Archive

No Tax On Society Redevelopment Gains

Kushal K Bangia Vs Income Tax Officer (ITAT Mumbai)

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 ...

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Transfer Pricing – TPO can rely on ‘contemporaneous’ data even if not available at specified date – ITAT Bangalore

Kodiak Networks (India) Pvt. Ltd. Vs. ACIT (ITAT Bangalore)

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 sha...

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Govt to present new Companies Bill in upcoming budget Session

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 ...

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Posted Under: Income Tax |

Sebi imposes Rs 40L penalty for involvement in fraudulent trade practices

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...

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Posted Under: Income Tax |

SEBI-Offer for Sale of Shares by Promoters via Stock Exchange

Circular No. CIR/MRD/DP/ 05/2012 (01/02/2012)

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:...

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Adjustment of service tax paid under wrong accounting code allowed

Commissioner of Central Excise & Service Tax Vs. Veena Industries Ltd. (CESTAT Ahemdabad)

Plea of the assessee that while making the payment wrong service tax code relating to erection, installation and commissioning, indicated merits to be considered and having regards to facts of the case and Board's Circular No. 58/7/2003-ST, dated 20.05.03 issued from F.No.l59/2/2003-CX-4 and therefore adjustment of payment in the correct ...

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ICWAI President Communiqué February, 2012

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 pre...

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Posted Under: Income Tax |

Form 16 for AY 12-13 in Excel with formula

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...

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Finance Minister Holds Meeting With Leading Economists as Part of the Pre-Budget Consultation Process

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 inclus...

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Posted Under: Income Tax |

Sebi notifies Institutional Placement Programme (IPP) norms to help promoters dilute stake

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 f...

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Posted Under: Income Tax |