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Archive: 23 June 2012

Posts in 23 June 2012

Free YouTube Live on The global landscape –  from market’s to trade

May 24, 2024 9 Views 0 comment Print

Join us for an insightful and dynamic YouTube Live session on “The global landscape –  from market’s to trade.” with renowned financial analyst Ankit Baid, MBA Finance. The presentation explores shifting of the global economic landscape, focusing on the decline of US dominance and the rise of China. It examines the potential decrease in global […]

Live Course on Appeal, Pleading & Drafting under GST by CA Sachin Jain

May 15, 2024 7380 Views 0 comment Print

oin us for an immersive live course led by renowned expert CA Sachin Jain, as we delve into the intricacies of appeal, pleading, and drafting under GST.

Sec. 54F – House owned by wife not to be considered

June 23, 2012 4435 Views 0 comment Print

In the instant case, the claim of the CIT is that the assessee is the owner of house properties situated at Trichy and Bangalroe and therefore, the said decision is not squarely applicable to the facts of the case. In our considered view, if the house properties situated at Trichy and Bangalore are owned by the assessee’s wife then the same cannot be considered as owned by the assessee for disallowing exemption u/s 54F of the Act.

Gift without love and affection between donor & donee not genuine

June 23, 2012 2357 Views 0 comment Print

Without any motive it is quite unnatural that any individual would extend the monetary benefit to any person in this day to day world. The Hon’ble Delhi High Court in the case of Rajeev Tandon v. ACIT (supra) has observed that in such circumstances the taxation authorities were entitled to look into the surrounding circumstances.

Finance Act 2012 related to Excise, Custom, Service Tax

June 23, 2012 16611 Views 0 comment Print

The following Act of Parliament received the assent of the President on the 28th May, 2012 and is hereby published for general information. In the Customs Act, 1962 (hereinafter referred to as the Customs Act), in section 2, in clause (10), after the words “to be a customs airport”, the words, brackets and letters “and includes a place appointed under clause (aa) of that section to be an air freight station” shall be inserted. (52 of 1962.)

Trust running classes for & under authority of University is not coaching centre

June 23, 2012 3100 Views 0 comment Print

Assessee here, in our opinion, did fall within the concept of rendering a formal education and could not be equated with a coaching institute. We are, therefore, of the opinion that assessee could not have been denied the eligible exemption under Sections 11 and 12 of the Act for a reason that it was not doing charitable activity as defined under Section 2(15) of the Act.

Amendments to section 44BB & 44DA are prospective and applies from A.Y. 2011-12

June 23, 2012 5857 Views 0 comment Print

It has further been the contention of the revenue that the amendments vide Finance Act 2010, inserting mutually exclusionary clauses in s. 44BB and s.44DA are clarificatory, and hence are retrospective in operation, w.e.f. AY 2004-05. We find that this contention is not at all correct as the said provision of the Act cannot be said to be clarificatory and hence retrospective in operation. In this regard in the case of CGG Veritas Services SA (supra) comes to the rescue of the assessee. Furthermore, the Jurisdictional High Court in the case of the assessee itself in Schlumberger Asia Services Ltd. (supra) wherein it has been held that the amendment by Finance Act, 2010, excluding the application of Section 44BB in cases where Section 44DA applies, is prospective and applies from assessment year 2011-12.

Guidelines for Setting Up & Conversion Of Practicing CS Firms Into LLPs

June 23, 2012 3235 Views 0 comment Print

. An existing CS firm desirous to convert itself into LLP shall be required to follow the provisions of Chapter-X of the Limited Liability Partnership Act, 2008 read with Second Schedule to the said Act containing provisions of conversion from existing firms into Limited Liability Partnership (LLP) as well as provisions of the Company Secretaries Act, 1980.

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