"06 June 2012" Archive

Special Deposit Scheme (SDS), 1975 – Revision of Rate of Interest

Circular No. DGBA. CDD. No. H-7815 (06/06/2012)

Circular No. DGBA. CDD. No. H-7815 The Government of India has vide Notifications, as detailed below, notified revision in the interest rates on the deposits under the Special Deposit Scheme for Non-Government Provident, Superannuation and Gratuity Funds, announced in the Ministry of Finance (Department of Economic Affairs) Notification ...

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Compounding of Contraventions under FEMA, 1999

An application for compounding of a contravention under FEMA, 1999 may be submitted to the Compounding Authority (CA) on being advised of a contravention under FEMA, 1999, either through a memorandum or suo moto on being made or on becoming aware of the contravention. The format of the application is appended to the Foreign Exchange (Comp...

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Posted Under: Fema / RBI |

Without referring the matter to DVO, A.O. cannot compute capital gains u/s 50C

K.K. Nag Ltd. Vs Additional Commissioner of Income-tax (ITAT Pune)

Section 50C of the Act is a deeming provision and ostensibly involves creation of an additional tax liability on the assessee and, therefore, notwithstanding the presence of the expression 'may' in section 50C(2)(a), the Assessing Officer in the instant case (where assessee had claimed in his return itself that stamp duty values exceeds F...

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Assessee & minor children entitled to separate investment & deduction of Rs.50 lakhs u/s 54EC

Deputy Commissioner of Income-tax Vs Rajeev Goyal (ITAT Kolkata)

As per the definition of 'person' u/s 2(31), a minor is an assessable entity even though his income is clubbed u/s 64(1A) of the Act in the hands of his parents. A minor is a person distinct from his parents and is also an individual. There is no bar in separately allotting bonds upto Rs. 50,00,000 to each such person. There is no mention...

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Whether A.O. has power to issue reassessments notice during the period when A.O. already issued notice for scrutiny assessment?

Acorus Unitech Wireless Private Ltd. & Anr. Vs Deputy Commissioner of Income Tax (Delhi High Court)

For issue a notice u/s 143(2), reasons to believe are not required to be recorded in writing and power of the Assessing Officer to take up the return for scrutiny is much wider and the jurisdictional pre-conditions stipulated u/s 147 are not required to be satisfied. The respondents have agreed to and will be bound by the statement to wit...

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Ad hoc disallowance of foreign travelling expenses u/s 14A without pinpointing any specific instance not valid

M/s Blue Steel Engineers P. Ltd. Vs DCIT (ITAT Mumbai)

Directors of the company have undergone foreign travelling for the purpose of export and looking for the business avenues abroad. The details submitted by the assessee though only provides the date of travelling, details of country visited and amount of fare, visa charges and other miscellaneous expenses incurred, however, the Assessing O...

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Extension of time in Filing of annual return by LLPs

General Circular No. 13/2012 (06/06/2012)

As per the provisions of section 35 of the LLP Act, LLPs which do not file Form 11 within a period of sixty days of the date of closure of their financial year are required to pay additional fees. In order to avoid payment of additional fees by such LLPs due to closure of the system from 31.5.2012 to 10.6.2012, it has been decided to exte...

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CBDT launches internal inquiry in I-T officers arrest case

The Central Board of Direct Taxes (CBDT) has launched an internal inquiry into the recent arrest of four senior income tax officials by the CBI in a graft case. The report of the inquiry, to be conducted by a chief commissioner-rank officer, will soon be submitted to the CBDT top brass....

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Posted Under: Fema / RBI |

Companies which are liable to tax u/s. 115JB have to pay interest u/s. 234B/234C

Govind Properties Pvt. Ltd. Vs ACIT (ITAT Mumbai)

this issue is covered by the decision of Hon’ble Supreme Court in the case of JCIT Vs Rolta India Ltd. 330 ITR 470 wherein it has been held that in case of company which are liable to tax u/s. 115JB / minimum alternative tax , have to pay interest u/s. 234B/234C of the Act....

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Service Tax – Amendment in Rules 2B, 3, 5 & 6; insertion of rule 2C; substitution of rule 2A & omission of rule 7

Notification No. 24/2012 - Service Tax (06/06/2012)

Notification No. 24/2012 - Service Tax, dated 6-6-2012 Determination of value of service portion in the execution of a works contract.- Subject to the provisions of section 67, the value of service portion in the execution of a works contract , referred to in clause (h) of section 66E of the Act, shall be determined in the following manne...

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