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Archive: 21 March 2012

Posts in 21 March 2012

Change in Name of Bombay, ‘Calcutta Madras High Court under govt consideration

March 21, 2012 2375 Views 0 comment Print

The Law & Justice Minister has said that the proposals to change the names of ‘Bombay High Court’ as the ‘Mumbai High Court’, the ‘Calcutta High Court’ as the ‘Kolkata High Court’ and the ‘Madras High Court’ as the ‘Chennai High Court’ have been received and they are all under consideration of the Government. This […]

Deduction U/s. 10(10D) available on Life Insurance Policy sum received from foreign Insurance Company

March 21, 2012 193308 Views 12 comments Print

It is pertinent to note that the term ‘insurer’ has not been used in sec. 10(10D) and as it is clear that as per provisions of sec. 10(10D) any sum received under Life Insurance Policy including the benefit on such policy is eligible for the deduction. Therefore, it is apparent that there was no intention of the legislature to restrict the benefit of exemption/s 10(10D) only on the insurance policy taken from Indian Insurance Company.

ATM is a computer equipment depreciation allowable at 60%

March 21, 2012 4304 Views 0 comment Print

AR invited our attention to the observations of the revenue authorities, wherein, they had observed that the ATMs were just cash dispenser and projector and not a computer aided peripheral. The A.R. has placed certain photographs alongwith short descriptions as to how the ATM functions. From the short descriptions, it can be seen that ATM functions entirely through the functions of a computer.

Single transaction cannot be accepted in part as speculative transaction and part in non speculative transaction

March 21, 2012 1203 Views 0 comment Print

In our considered opinion, the Assessing Officer has to consider the composite transaction. The first appellate authority was wrong in his finding on applicability of explanation to section 43(5). Thus, we vacate this finding.

Addition on the basis of Diffrence in TDS and Commission – Reimbursed expenditure cannot be taken as income

March 21, 2012 831 Views 0 comment Print

We have heard the learned Departmental Representative, whereas assessee was not represented, hence decided exparte. Considering the order of the Assessing Officer and the CIT (A) and various explanations filed before the authorities, we do not see any reason to interfere with the order of the CIT (A).

Expenditure on addition or augmentation of profit making apparatus the nature of the expenditure would be capital

March 21, 2012 1262 Views 0 comment Print

If the expenditure was incurred for operation and work of existing profit making apparatus, it would be revenue in nature, but in case expenditure was on addition or augmentation of profit making apparatus the nature of the expenditure would be capital.

Post Finance Bill approval Vodafone have to pay tax – Finmin

March 21, 2012 543 Views 0 comment Print

Vodafone will have to pay over Rs 11,000 crore tax, once the amendment to change the Income Tax Act is approved by Parliament, a Finance Ministry official said today.As per finance Ministry official Vodafone have to automatically pay the tax after approval of the amendments to the Finance Bill by Parliament and they don’t need to send fresh tax demand notice to them.

Impact of Cancellation of 2G Licenses

March 21, 2012 567 Views 0 comment Print

On the issue of whether the Government has assessed the likely impact of cancellation of 2G licenses by the Supreme Court, and Foreign Direct Investments ( FDI) in the sector, the Government has said that FDI decisions are based on totality of commercial considerations and it would not be appropriate to discern a link between a judgment of the Supreme Court , and FDI into India. For telecom services Foreign Direct Investment upto 74% is already allowed out of which 49% is through automatic route.

Fair Rent, Actual Rent Received and Standard rent – ITAT referred back to AO to verify additional evidence

March 21, 2012 2203 Views 0 comment Print

The ld AR has submitted that the actual rent received by the assessee is not more than the standard rent of the property in question as per Maharashtra Rent Control Act 1999. He has filed the paper book containing 32 pages and submitted that the documents at Sl nos. 3 to 8 of the paper book were not before the lower authorities.

Highlights of Finance Bill 2012 – Service Tax

March 21, 2012 11682 Views 0 comment Print

The Union Budget 2012-13 presented by the Finance Minister Shri Pranab Mukherjee in LokSabha on 16.03.2012 has made an effort to widen the service tax base, strengthen its enforcement and bring it as close as possible to the central excise. Clauses 143 to 145 of the Finance Bill, 2012 cover the legislative changes relating to Service Tax. Changes have also been made in the rules as well as exemptions.

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