"08 March 2012" Archive

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

Commissioner of Income Tax Vs Shri Jawahar Bhattacharjee (Guwahati High Court)

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 ...

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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

The Deputy Commissioner of Income Tax Vs M/s. Summit Securities Limited (ITAT Mumbai)

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 Sp...

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

Commissioner Of Income Tax Vs Godavaridevi Saraf (Bombay High Court)

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 fina...

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Expectations of Individuals from Budget 2012 on Direct tax

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...

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Posted Under: Income Tax |

Latest Announcements from Maharashtra Sales tax department

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...

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Posted Under: Income Tax |

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

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....

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Posted Under: Income Tax |

Highlights of REC Tax Free Bonds

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 ...

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