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Join our free webinar on July 7 at 5 PM for insights into 10 recent High Court income tax judgments favoring assessees. Expert analysis by CA Dipak Dama.
There is no reason and justification to hold that clause (iii) of the Explanation intents to reduce or restrict the indexed cost of acquisition’ to the period during which the assessee has held the property and not the period during which the property was held by the previous owner.
The C & A G of India has pointed out that Banks are recovering Commitment charges for keeping available the undisbursed balance of a loan commitment and they are in the nature of charges for services provided. In this regard attention is invited to the letter F. No. 345/6/2008-TRU, dated 11.6.2008 (Annexure) wherein it has been clarified that any amount collected by the service provider on account of lending is either interest or service charges. Pre-closure/fore-closure charges are not charges collected for delayed payment. These charges not being ‘interest’ are to be appropriately treated as consideration for the services provided and accordingly leviable to service tax under Section 65(105)(zm).
Centre has moved the Supreme Court seeking review of its verdict on the Income Tax issue of Vodophone . The court had earlier held that the Indian Income Tax Department does not have jurisdiction to levy 11,000 crore as tax on the overseas deal between Vodafone International Holdings and Hutchison Group.
An NRE account is a Rupee denominated account. That is, funds in an NRE account are maintained in Indian Rupees. It can be a savings, current or a fixed / term deposit account. NRE accounts can be opened by NRIs. Funds can be repatriated from an NRE account. This means that the funds can be freely sent to any other country.An NRE account can contain funds remitted from abroad, or obtained from another NRE / FCNR account maintained in India.Funds can be transferred from an NRE account to an NRO account without any restriction.
After 1-4-1989, it is not necessary for the assessee to establish that the debt, in fact, has become irrecoverable. It is enough if the bad debt is written off as irrecoverable in the accounts of the assessee, subject to the provisions of section 36(2) that such debt or part thereof has been taken into account in computing the income of the assessee of the previous year in which the amount of such debt or part thereof is written off or of an earlier previous year. As the appellant has shown the amount of Rs.23,00,894/- (claimed as short recoveries or bad debts written off) as its income in assessment years 2007-08 & 2008-09, the conditions laid down in the provisions of section 36(1 )(vii) read with section 36(2) of the Act have been fulfilled by the appellant. In these circumstances, it is held that the contention of the appellant is correct. The Assessing officer is accordingly directed to delete the addition ofRs.23,00,894/-.
Kirti Realtors Pvt. Ltd. Vs. ITO (ITAT Delhi) – The remand report submitted by AO does not deny the fact that Mr. Jagdish Beniwal was acting as a coordinator for facilitating the purchase of pieces of lands in Alwar for and on behalf of the assessee. It has also not been denied that assessee did not give advance imprest money to him. Mr. Jagdish Beniwal has accepted that he used to assist assessee and thereafter the assessee was dealing with farmers directly. This does not rule out his role as a coordinator till the conveyances were registered. In his statement he has himself accepted having received an amount of Rs. 60,00,000/- from assessee and about the cash disbursement on pertinent question,
The Council of the Institute of Company Secretaries of India in exercise of the powers vested under clause (a) of sub¬section (2) of Section 15 of the Company Secretaries Act, 1980, as amended by the Company Secretaries (Amendment) Act, 2006 has approved, on the recommendations of its Syllabus Review Committee, the detailed contents for the four papers of 100 marks each for Foundation Programme under the new syllabus.
Financial Action Task Force (FATF) Approved the Revised Recommendations for Combating Money Laundering and Financing of Terrorism in its Plenary meeting in Paris The Plenary Meeting of Financial Action Task Force (FATF) being held in Paris approved the revised recommendations for combating money laundering and financing of terrorism. The plenary also discussed the fourth follow-up report on India’s progress with reference to the Action Plan that it had committed to in June 2010. The plenary appreciated the actions taken by India and the commitment of India to the international Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) standards.
An issue that arises in accounting for carbon credits is that whether the carbon credits generated under the Clean Development Mechanism, i.e., CERs, can be considered as assets of the generating entity.
There are several basic methods for rate regulation and in each case, the application of a particular methodology may vary with the regulator, the entity being regulated and the circumstances faced. Some of the forms of rate regulation are cost of service regulation, price-cap mechanisms or a hybrid methodology featuring combinations of price cap and cost-of-service approaches.
