"18 May 2012" Archive - Page 4

ICAI Group to examine eligibility for statutory audit of private/foreign banks vis-à-vis public sector banks

Group to examine the circular dated 12th August, 2011 of Reserve Bank of India regarding eligibility for statutory audit of private/foreign banks vis-à-vis public sector banks simultaneously and suggest the way forward for taking up the matter with the concerned authorities...

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Posted Under: CA, CS, CMA |

Use Separate TDS Challan for Separate sections & deductee category

If I have to deposit fees for filing appeal, what should I do? Corporate Assessee:- In case you have to deposit appellate fees, copying charges or other miscellaneous payments, tick box 0020, thereafter tick box '400 Regular Tax' under 'Type of Payment' and fill up the amount to be paid in 'Others' column under 'Details of Payment'....

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Section 54 Exemption Available on Exchange of old Flat by New

Shri Jatinder Kumar Madan Vs Income tax Officer (ITAT Mumbai)

In this case, the assessee had exchanged old flat with new flat to be constructed by the builder under development agreement which amounts to transfer under section 2(47) of the Act. Thus, the only other condition which is required to be satisfied is that assessee either purchases a new residential flat within the prescribed limit or cons...

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Rajya Sabha passes Finance Bill 2012

Rajya Sabha on 16.05.2012 returned the ‘Finance Bill 2012', as passed by the Lok Sabha without making any amendment to the bill. ...

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Posted Under: CA, CS, CMA |

Listing of Government Companies in Stock Exchange

Notification No. 1(7)/E. COORD./2012 11/05/2012

The Financial Advisers, who are on the Board of CPSEs, are requested to emphasize the benefits of listing, as mentioned in the above D.O. letter, and get the CPSEs listed in compliance with the disinvestment policy. Further, Financial Advisers are requested to advise the CPSEs that consequent to listing such Companies would be better able...

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Excel Tip – Formatting Cells Containing Formulas

To format cells containing Formulas using the Conditional Formatting dialog box, add a VBA Function: Step 1: Add the following VBA Function to a regular Module: Function IsFormulaInCell (Cell) As Boolean IsFormulaInCell= Cell.HasFormula...

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Reassessment on the basis of precise information received from Enforcement Directorate valid

Aditya Khanna Vs. Asst. Commissioner Of Income Tax (Delhi High Court)

Respondent has filed the affidavit in which he has affirmed that he had initiated proceedings for reassessment on the basis of precise information received from the Enforcement Directorate vide its letter dated 19th December, 2007 received by him on 20th December, 2007 and that in the said letter the relevant documents were forwarded to t...

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Mere erroneous claim is no ground for levying penalty

Dr. Prem Hospital (P) Ltd. Vs. ITO, Ward 39(3), (ITAT Delhi)

Mere erroneous claim in the absence of any concealment or furnishing of inaccurate particulars, is no ground for levying penalty, especially when there is nothing on record to show that the explanation offered by the assessee was not bona fide or any material particulars were concealed or furnished inaccurate . ...

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Same view should continue to prevail for subsequent year also unless there is material change in the facts

ACIT Vs. HB Estate Developers Ltd. (ITAT Delhi)

The judgment of Hon'ble Delhi High Court rendered in the case of Neo Poly Pack Ltd. (supra) is squarely applicable in the present case because in that case it was held that , for the sake of consistency, the same view should continue to prevail for subsequent year also unless there is material change in the facts....

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A person who preferred his evidence on affidavit, need not make oral deposition in court, before the accused is summoned or required to cross-examine

Karuna Singh Vs State of NCT of Delhi & Anr (Supreme Court of India)

Having gone through the judgment relied upon by the learned counsel for the petitioner, we find that the same is wholly inapplicable to this case. In Mandvi Coop. Bank’s case (supra) the accused on being summoned under Section 145(2) of the Negotiable Instruments Act, raised the plea, that inspite of the complainant having filed his evi...

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