"08 June 2012" Archive

Transfer of development rights completes when possession of land given with it

Hillside Construction Company. Pvt. Ltd. Vs Dy. Commissioner of Income tax (ITAT Mumbai)

The dispute is regarding assessment of income receivable by the assessee from the transfer of development rights. The case of the assessee is that granting of development rights was an integral part of development project which was one indivisible project and therefore, the income had to be assessed @ 25% as part of the development projec...

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Role of Chartered Accountants in relation to unlawful acts by their clients

As per Clause 1 of Part I of Second Schedule to The Chartered Accountants Act, 1949, as amended by the Chartered Accountants (Amendment) Act, 2006, a member in practice shall be deemed guilty of professional misconduct, if he discloses information acquired in the course of his professional engagement to any person other then his client, w...

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Posted Under: Income Tax |

Valuation accepted for Wealth-tax Act, should also be adopted under Income-tax Act

Deceased Shantadevi Gaekwad Vs Dy Commissioner of Income Tax, Circle (Gujarat High Court at Ahmedabad)

Revenue having accepted the declaration of the valuation of the selfsame jewellery given by the assessee as on 31st March, 1989 as correct valuation for the purpose of Wealth Tax Act, there is no reason why the same valuation should not be treated to be a reliable base for the purpose of computing the capital gain under the Act by the pro...

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Director can’t be held as beneficial owner of shares in contrast to Sec. 79

M/s.Tainwala Trading and Investments Company Limited Vs. The Asstt. Commissioner of Income-tax (ITAT Mumbai)

Assessee claimed set off of brought forward business loss of Rs. 64. 11 lakh for assessment year 1998-99 against the income of the relevant year i.e. assessment year 2006-2007. The assessee company was asked to submit its shareholding pattern as on 3 1st March, 1998 and 31st March, 2006. From the shareholding pattern submitted by the asse...

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Singapore Court dismisses India’s request to disclose black money

Comptroller of Income Tax Vs AZP(Singapore High Court)

Information under article 28 of DTAA cannot be disclosed on the basis of un-signed transfer requests of Indian national to a Swiss Bank to transfer money to overseas bank accounts of two foreign companies. The Indian tax authority seized documents from an Indian national which were believed to indicate the existence of undeclared income d...

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I-T raids in private finance firms,farm house of BJP MLA

Teams of Income Tax department officials conducted searches in six places, including a farm house owned by a ruling BJP MLA and two private finance firms, here today. The raids were conducted in a farm house belonging to ruling BJP MLA C T Ravi but occupied by his relatives, official sources said. According to the sources, some documents ...

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Posted Under: Income Tax |

Composite contract cannot be split to exempt profits from offshore supply of goods

Mr. N. Venkatraman, Sr.Counsel Vs Director of Income Tax (Authority of Advance Rullings of Delhi(Income Tax)

What was the purpose for which the tender was invited by BMRC cannot be in doubt in this case. It was for installing the signaling and communication system for the metro rail. It was not for supply of offshore equipments independently of the installation and commissioning. Nor was it for independent installation and commissioning, divorce...

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Posted Under: Income Tax |

CBI Arrests DC Of Customs & 4 others in alleged Bribery Case

The Central Bureau of Investigation has arrested a Deputy Commissioner of Customs; an Appraiser, both of Custom Houses, Jawahar Lal Nehru Port Trust(JNPT), Nhavaseva(Maharashtra) and two collection Agents (private persons) in a bribery case of Rs.22,000/-. ...

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Posted Under: Income Tax |

Money Transfer Service Scheme – Single individual can receive 30 remittances in a year

RBI/2011-12/596 A. P. (DIR Series) Circular No. 132 08/06/2012

Attention of all Authorised Persons (APs), who are Indian Agents under the Money Transfer Service Scheme (MTSS) is invited to paragraph 5 (c) of the the Notification dated June 4, 2003 on MTSS and the specific permission accorded to them under FEMA, 1999 by the Reserve Bank to undertake inward cross-border money transfer activities in Ind...

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IDBI Bank signs MOU with Government of Karnataka at Global Investors Meet 2012

IDBI Bank Ltd has entered into a Memorandum of Understanding with the Government of Karnataka (GoK) at the Global Investors Meet (GIM) held at Bangalore. The meet was organized by Government of Karnataka and Karnataka Udyog Mitra. Shri Manogaran Varadaraj Masilamani, General Manager, IDBI Bank and Shri B.S. Sirsikar, Joint Director (Plan...

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Posted Under: Income Tax |

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