In the instant case, the assessee did not account the interest income as there was uncertainty about its recovery. The apprehension or the situation foreseen by the assessee has been vindicated by the subsequent developments, which were well highlighted in the written submissions furnished before us. Hence we are of the view that the decision taken by the assessee for not accounting the accrued interest on the reason that there was uncertainty about its recovery cannot be found fault with. It may also be noted that the assessee itself has become defunct.
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 project. We, are however unable to accept the claim made by the assessee.
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, without the consent of his client, or otherwise than as required by law for the time being in force.
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 process of reverse indexation.
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 assessee which has been reproduced in the assessment order, the A.O. observed that as on the year ending 1998 M/s. Concept Reality & Securities Limited held 1,22,280 equity shares, being 58.12% of the total capital.
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 deposited in a company’s bank accounts in Singapore. Pursuant to Article 28 (1) of the India-Singapore DTAA, the Indian tax authority sent a request for information to its Singapore counterpart (the Comptroller of Income-tax). In support of the request, the Indian tax authority relied on unsigned transfer instructions allegedly issued by the Indian national as evidence that the Indian national remitted monies to the Singapore Company’s bank accounts. The Comptroller filed an application in the High Court u/s 105J of the Singapore Income-tax Act for an order requiring the bank to produce the company’s bank records.
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 were seized during the raids. Reacting to the raids, Ravi said “though the house belongs to me, my relatives stay there”. I-T officials remained tightlipped about the raids.
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, divorced from the design and supply of the equipments necessary. Such a contract has necessarily to be read as a whole and is not capable of being split up.
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/-.
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 India, through tie-up arrangements with Overseas Principals.
