"May, 2012" Archive - Page 3

Penalty Us/ 271D applies only when Assessee accepts cash Loan Exceeding Rs. 20,000/- from a person

Gopal Sarkar Vs Additional Commissioner of Income-tax (ITAT Kolkata)

Secs. 271C, 271D and 271E, which were inserted in the I T Act w.e.f. 1st April, 1989, by the Direct Tax Laws (Amendment) Act, 1987, provided for the levy of penalties for certain defaults. Penalty under s. 271C was levied for failure to deduct tax at source. Penalty under s. 271D may be levied for failure to comply with the provisions of ...

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Providing sports facilities to general public without restriction to any caste, creed, religion or profession eligible for exemption U/S. 11

Director of Income-tax (Exemption) Vs Goregaon Sports Club (Bombay High Court)

This Court had the occasion to consider similar issues in a Judgment delivered in the case of DIT (Exemption) v. Chembur Gymkhana [Income Tax Appeal No. 5568 of 2010, dated 13-2-2012]. This Court, following the law laid down by the Supreme Court, has held that the fact that the membership of the club is open to a section of the community ...

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Identity of donor & voluntary nature be established for treating a donation as corpus donation

Income-tax Officer, Ward-2, Sri Ganganagar Vs Smt. Vidyawanti Labhuram Foundation for Science Research & Social Welfare (ITAT Jodhpur)

To avail exemption under section 11(1)(d) in respect of Voluntary contributions made with a specific direction that they shall form part of the corpus of the trust/institution, identity of donor(s) must be established- If identity of donors not established, there is no question of the donations having been received with such a direction s...

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Claim of Assessee that he never received Notice not tenable if he attends on date fixed for hearing

Commissioner of Income-tax Vs Vision Inc. (Delhi High Court)

The only question that arises for our consideration is whether the notice issued on 30.12.2004 under Section 143(2) of the Act was validly served upon the assessee-firm on 31.12.2004 as claimed by the Assessing Officer. We proceed on the assumption that the notice was not served on either of the two partners of the assessee-firm and that ...

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SEBI – Exit Policy for De-recognized/ Non-operational Stock Exchanges

Circular No. CIR/MRD/DSA/14/2012 (30/05/2012)

EBI vide circular dated December 29, 2008 issued guidelines in respect of exit option to stock exchanges. The exit policy of aforesaid exchanges has been reviewed by the Board and the said Circular stands revised/modified to the extent as under....

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DGFT – Exemption for export of pulses to the Republic of Maldives

Notification No. 118 (RE-2010)/2009-2014 (30/05/2012)

Notification No. 118 (RE-2010)/2009-2014 73 MTs of pulses for the year 2012-13 and 80 MTs of pulses for the year 2013-14 to the Republic of Maldives would be permitted to be exported through MMTC Ltd....

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RBI- Uniformity in Risk weight for assets covering PPP and post COD projects

RBI/2011-12/581 DNBS.PD.CC.No.276/03.02.089/2011-12 (30/05/2012)

The Reserve Bank, vide its notification No.DNBS.233/CGM(US)-2011 dated November 21, 2011 viz; Infrastructure Debt Fund-Non-Banking Financial Companies (Reserve Bank) Directions, 2011 issued detailed guidelines with regard to regulation of IDF-NBFCs.In terms of the Guidelines,for the purpose of computing capital adequacy, IDF-NBFCs are per...

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Discounting Charges are Not Interest – SC

CIT Vs Cargil Global Trading I. P. Ltd (Supreme Court of India)

CIT V/s. CARGIL GLOBAL TRADING I. P. LTD. Payment of ‘interest’ presupposes borrowing of money or incurring of debt. Discounting of Bill of Exchange does not involve borrowing of money or incurring of debt. The Bill of Exchange were acquired by the purchaser at a discounted price and there was no debt or obligation incurred by the Ta...

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Expenditure on fully convertible debentures deductible

Commissioner of Income Tax Vs Havells India Pvt. Ltd. (Delhi High Court)

Expenditure on fully convertible debentures deductible, Export Sales Income Source cannot be said to be located or situated outside India . It is well settled that expenditure incurred in connection with the issue of debentures or obtaining loan is revenue expenditure. Reference in this connection may be made to the leading judgment of th...

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TDS deductor only liable for Interest & Penalty not for TDS

Jagran Prakashan Ltd. Vs DCIT (TDS) (Allahabad High Court)

Sec. 194H - Ad agencies are not agent of newspaper; hence TDS is not required to be deducted on commission paid to such agencies. Where tax has not been deducted at source, the short deducted tax cannot be realised from the deductor and the liability to pay such tax shall continue to be with the assessee direct, whose income is to be ch...

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