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Archive: 08 March 2012

Posts in 08 March 2012

S. 263 Revision – Revisional jurisdiction cannot be exercised on the ground that AO should have gone deeper

March 8, 2012 3119 Views 0 comment Print

CIT vs. Jawahar Bhattacharjee we hold that Daga Entrade P. Ltd. lays down correct law and the same is not in conflict with the earlier order of this Court in Rajendra Singh. Jurisdiction under Section 263 can be exercised whenever it is found that the order of assessment was erroneous and prejudicial to the interest of the Revenue. Cases of assessment order passed on wrong assumption of facts, on incorrect application of law, without due application of mind or without following principles of natural justice are not beyond the scope of Section 263 of the Act.

S. 50B – Amount of liabilities being reflected in the negative net worth cannot be added to sale consideration for determining the capital gains on account of slump sale

March 8, 2012 6027 Views 0 comment Print

DCIT Vs. Summit Securities Ltd. In view of the detailed discussion made above, we are with utmost respect unable to concur with the view expressed by the Mumbai Bench of the Tribunal in the case of Zuari Industries Ltd. (supra) and Delhi Bench of the Tribunal in the case of Paper Base Co. Ltd. (supra). Thus the question referred to the Special Bench is answered in negative by holding that the Assessing Officer was not right in adding the amount of liabilities being reflected in the negative net worth ascertained by the auditors of the assessee to the sale consideration for determining the capital gains on account of slump sale.

Decision of any High Court binding on all subordinate authorities and Tribunals through out India untill contrary view is taken by other HC

March 8, 2012 18747 Views 0 comment Print

In an old judgement but useful Judgment Bombay High Court in the case of CIT Vs. Godavari Saraf held that until contrary decision is given by any other competent High Court, which is binding on a Tribunal in the relevant State, it has to proceed on the footing that the law declared by the High Court, though of another State, is the final law of the land. Which means that once a decision is given by any of the High Courts in the country and there is no contrary decision by any other High Court on the same issue then such decision of High Court will be binding on all the administrative authorities and Tribunals through out India.

Expectations of Individuals from Budget 2012 on Direct tax

March 8, 2012 3114 Views 0 comment Print

Increase in the Basic Income Tax Exemption Limits for Individuals – To compensate partially for rising inflation it would be right move if govt. increases basic exemption limit from the current Rs. 180,000 to Rs. 3,00,000/-. The education cess of 3% is expected to be abolished. Similarly, the basic exemption limits for women and senior citizens may also be correspondingly increased.

Latest Announcements from Maharashtra Sales tax department

March 8, 2012 1754 Views 0 comment Print

LAST DATE FOR UPLOADING FORM 501 FOR PERIOD FROM 01/04/2008 TO 31/03/2009 IS 31/03/2012. If you have received more than one Acknowledgement of Audit Report in Form-704, then submit any one of them while doing physical submision

Proceedings u/s. 543 cannot be initiated merely based on realizable value of assets

March 8, 2012 1480 Views 0 comment Print

Considering the fact that the entire claim in the instant application is based on the declaration made in the statement of affairs which was on the basis of the realisable value indicated in Ex. R1 and in that regard, if the view taken by this Court in the case of the Official Liquidator, Bangalore Batteries (P.) Ltd. (In Liquidation) v. N.S. Gopal [2010] 103 SCL 164 (Kar.) is noticed, it would be clear that the proceedings under Section 543 cannot be initiated merely based on the realisable value of the assets indicated.

Concept Paper on National Corporate Governance Policy, 2012 Prepared by ICSI

March 8, 2012 958 Views 0 comment Print

This Concept Paper on National Corporate Governance Policy, 2012 prepared by ICSI is aimed at laying down an overarching policy framework for promoting good governance practices amongst corporates by instilling principles of good governance in the various statutes, regulations and policies of the Government as applicable to corporates.

Highlights of REC Tax Free Bonds

March 8, 2012 2715 Views 0 comment Print

REC – Tax Free Bonds- Issue is likely to open on 6th March 2012.Likely Coupon for 10 years series 7.93% & for 15 years series 8.12% with a step up additional coupon of 0.20% for Retail Investors in both the series. Tax benefits u/s 10 (15) (iv) (h) of the Income Tax Act, 1961 – interest on these Bonds shall not form part of Total Income.

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