"13 April 2012" Archive

S. 80G registration can be rejected for conducting Bhagwat Katha

M/s. Shiv Ratan Rathi Foundation Vs. The CIT (ITAT Jaipur)

The assessee-trust registered under section 12A and also approved under section 80G(5) was found to have more then 3/4th of of its total receipt for organizing 'Bhagwat Katha'; section 80G(5B) limits expenditure on activities of religious nature to 5% of income for year; since expenditure in instant case exceeded 5% and violated section ...

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Benefit of ‘nil’ annual value u/s 23(2) available to HUFs also

Commissioner of Income Tax Vs Hariprasad Bhojnagarwala (Gujarat High Court)

Provisions of section 23(2) make it clear that benefits of relief in respect of self-occupied property is available only to owner who can reside in his own residence, that means, benefit of relief is available to self-occupied property only to an individual assessee and not to an imaginary assessable entity/fictional entity such as a part...

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No S.271G penalty for benign reasons in the nature of procedural issues provided taxpayer maintained substantial documentation in support of its ALP

The Assistant Commissioner Vs M/s SSL-TTK Ltd., (ITAT Chennai)

The Chennai bench of the Income Tax Appellate Tribunal recently pronounced its ruling in the case of SSL-TTK Ltd. (Appeal no. ITA No. 544/Mds/2011), wherein the Tribunal ruled that a notice issued by the Transfer Pricing Officer [“TPO”] under section 92CA (3) of the Act cannot be considered as a notice issued under Section 92D (3) and...

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Profit on sale of Compulsory Convertible Debentures taxable as interest

Re. Mr. Justice P.K.Balasubramanyan (Chairman) (AAR Delhi)

the Authority for Advance Rulings (AAR) in the case of Z (A.A.R. No.1048 of 2011) held that income from sale of Compulsory Convertible Debentures (CCDs) by the applicant is taxable in India as ‘Interest’ under Section 2(28A) of Income-tax Act,1961 (the Act) and Article 11 of India-Mauritius tax treaty (tax treaty). Further the AAR h...

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Delhi High Court rejects Bail plea of Delhi CX Commissioner in Rs. 60 Lakh Bribe Case

Dr. Anup Kumar Seivastava Vs CBI (Delhi High Court)

Briefly stating the facts are that Hemant Gandhi was acting as a middleman for accused Dr. A.K. Srivastava and Lallan Ojha, who were respectively posted as Commissioner and Superintendent of Central Excise at the relevant time. The allegations are that they were involved in obtaining illegal gratification by corrupt and illegal means from...

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Trading Strategies for investments in Stock market

Stock Market are subject to Market Risk. Do the Fundamental analysis and review past performance. Read and understand basic Terminology of stock Market. Strictly adhere to Stop loss....

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Posted Under: Income Tax |

Listed public and private sector companie must increase public holding by 25 % by August 2013

Capital market regulator, SEBI today said both public and private sector companies will have to increase public shareholding to a minimum of 25 per cent by August 2013 and there will be no relaxation of the guidelines. SEBI Chairman Mr. U K Sinha told this to reporters on the sidelines of Bombay Stock Exchange function in Mumbai today....

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Posted Under: Income Tax |

New thinking required in areas such as Investor Education and Protection, Corporate Governance, Corporate Social Responsibility & Competition Law -PM

Prime Minister Inaugurates the New Campus of Indian Institute of Corporate Affairs Campus in Manesar Gurgaon. Dr. Manmohan Singh Stress upon need of Periodical Review of Corporate Laws. Says new thinking is required in important areas such as Investor Education and Protection, Corporate Governance, Corporate Social Responsibility and Comp...

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Posted Under: Income Tax |

Order No. 67 of 2012- Transfer & Promotion of ACIT Probationers

ORDER NO. 67 OF 2012 (13/04/2012)

ORDER NO. 67 OF 2012 -The following Assistant Commissioners of Income Tax (Probationers) in the pay scale of Rs. 15,600-39,100 (Plus Grade pay of Rs. 5.400 in PB-3), on completion of training at National Academy of Direct Taxes, Nagpur. are hereby posted in the Region of CCIT/CCA/Station/Charge indicated against each with immediate effect...

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Processing of investor complaints against listed companies in SEBI Complaints Redress System (SCORES)

Circular No. CIR/CFD/DIL/3/2012 (13/04/2012)

SEBI has commenced processing of investor complaints in a centralized web based complaints redress system ‘SCORES’. Pursuant to SEBI Circular no. CIR/OIAE/2/201 1 dated June 03, 2011 on the captioned subject, all listed companies are required to obtain authentication on SCORES....

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