CIT vs. DSL DSoftware Ltd (Karnataka High Court) (i) Income Tax department made liable to pay Cost of Rs.1 lac for making the assessee to contest the appeals in three forums and wasting court’s time and tax payers’ money. (ii) Deduction u/s 10B available for the extended period upto 10 years.
It is sine qua non for application of Section 50 C that the transfer must be of a capital asset, being land or building or both, but then a leasehold right in such a capital asset cannot be equated with the capital asset per se. We are, therefore, unable to see any merits in revenue’s contention that even when a leasehold right in land or building or both is transferred, the provisions of Section 50C can be invoked.
As per the provisions of rules 51 & 54A of Conduct of Elections Rules, 1961 read with sub-rules (1) & (2) of rule 27 of Conduct of Election Rules, 1961, covers containing postal ballot papers received by the Returning Officers upto the time fixed for commencement of counting shall be taken into account for counting. There is no prohibition in Law that the votes on postal ballots cannot be recorded or received after the date and time fixed for taking poll at polling stations.
On review of the details furnished by the insurers under the aforesaid circulars, certain discrepancies were observed by the Authority. It was also observed that while some of the insurers have robust IT backed systems/processes in place to ensure compliance with the stipulations as regards limits on various expense heads, in case of others there was a felt need for building up such platforms and ensure that they function at the desired levels of effectiveness and efficiency.
It has come to the notice of SEBI that some entities are soliciting the general public to entrust their funds and securities to them and offering portfolio management and advisory services without obtaining certificate of registration from SEBI to act as a portfolio manager.
