"13 February 2012" Archive

Share loss to be first set-off to determine what Gross Total Income consists of under explanation to section 73

CIT Vs. Darshan Securities Pvt. Ltd. (Bombay High Court)

CIT vs. Darshan Securities Pvt. Ltd (Bombay High Court)- During the assessment year, the assessee returned an Income of Rs.2,25,04,588 from service charges. The assessee had a loss of Rs.02,23,32,127 in share trading. The assessee had a dividend income of Rs.4,79,325/­. The assessee claimed that in computing the gross total income for th...

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Home Loan interest Exemption limit may be raised to Rs 3 lakh

Government is contemplating to enhance income tax exemption for up to Rs 3 lakh paid as interest on housing loans in a year, from the existing limit of Rs 1.5 lakh. The Budget is scheduled to be tabled on March 16. ...

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Posted Under: Income Tax |

Reopening Notice u/s 147 issued within Limitation Period but served after Limitation Period is valid

ITO Vs. Lal Chand Agarwal (ITAT Agra)

Section 149 of the 1961 Act, which provides the period limitation, categorically provides that no notice under Section 148 shall be issued after the period prescribed has lapsed. Once a notice is issued within the period of limitation, jurisdiction becomes vested in the Assessing Officer to proceed to reassess. ...

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No Capital Gain on transfer of FSI credit by way of TDR if cost could not be ascertained

ACIT Vs. Ishverlal Manmohandas Kanakia (ITAT Mumbai)

ACIT vs. Ishverlal Manmohandas Kanakia (ITAT Mumbai) - The issue raised by the Assessee is that while computing capital gain cost of improvement should also be capable of being determined. The dispute in the case decided by Tribunal in the case of Jethalal D.Mehtha (supra) and Maheshwar Prasad-2 CHS Ltd. (supra) was while computing capi...

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Submission of Credit Information to CICs – Dissemination of Credit Information of suit-filed accounts

RBI/2011-12/408 UBD.CO.BPD.Cir.No. 19/09.11.200/2011-12 (13/02/2012)

Submission of Credit Information to Credit Information Companies – Defaulters of Rs. 1 crore and above and Willful Defaulters of Rs. 25 lakhs and above- Dissemination of Credit information of suit-filed accounts...

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Regarding time bound Customs clearance of Cargo from Ports/Land Customs Stations/Air Cargo Complexes, CFSs/ICDs

F. No.450/160/2011-Cus.IV (13/02/2012)

Kind attention is invited to Board’s instructions issued from F.No. 450/82/95-Cus.IV,dated 7th July, 1997, Member (Customs)’s D.O. letter F.No. 450/82/99-Cus.IV, dated 2nd June, 2001 and Circular No.42/2001 dated 31st July, 2001 for time bound Customs clearance and to avoid detention of Cargo from Ports/Land Customs Stations/Air...

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Nil E-TDS Return, Nil Challan, When to file nil return

What is a Nil Return? What is the position for an assessee who has not made any payment at all in a quarter? What to do If for a quarter TDS return / statement are not filed and then the assessee receives a letter / notice from NSDL/ Income Tax Department for non-filing of e-TDS return/statement? When Assessee is required to file NIL TDS...

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Posted Under: Income Tax | ,

ICAI empanelment of exam observers for May-June 2012

13th February, 2012 The Institute intends to draw a Panel from amongst its Members for acting as Observer at the examination centres in various cities during the Chartered Accountants Examinations to be held from 2nd – 17th May, 2012 and the Common Proficiency Test (Paper-Pencil Mode) to be held on 17th June, 2012 (Sunday). Members who ...

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Posted Under: Income Tax |

Inauguration of New Office Buildings in Durgapur and Kolkata by Finance Minister

Inauguration of New Office Buildings ‘Aayakar Bhawan Annexe’, Durgapur and ‘Aayakar Bhawan Poorva’ Kolkata by Shri Pranab Mukherjee, Honorable Finance Minister, Govt. of India on 13.01.2012 and 14.01.2012. Shri Pranab Mukherjee, Honorable Finance Minister, Govt. of India inaugurated the new Office Building ‘Aayakar Bhawan Annexe...

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Posted Under: Income Tax |

RBI raises Bank Rate as a Technical Adjustment

RBI/2011-2012/396 Ref.No.MPD.BC. /05.03.004/2011-12 (13/02/2012)

The Reserve Bank of India has decided to change the Bank Rate with immediate effect by realigning it with the Marginal Standing Facility (MSF) rate, which in turn is linked to the policy repo rate under the Liquidity Adjustment Facility (LAF). Accordingly, the Bank Rate shall be 9.5 per cent with effect from the close of business today. T...

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