"12 July 2012" Archive

In absence of cancellation of registration u/s.12A, Trust cannot be denied exemption

Sadras Venkatarama Chetty's Charities Vs Deputy Director of Income-tax (ITAT Chennai)

Provisions of section 12AA, which were inserted w.e.f. 01.04.1997 provides for procedure to be followed for registration under section 12AA. The provisions of section 12AA provides that the CIT shall pass an order in writing either granting or refusing to grant registration under section 12AA, whereas no such specific requirement of passi...

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ITAT slam CIT for approving unnecessary appeals without examining additions made on flimsy grounds

Income-tax Officer Vs Shakti Insulated Wires (P.) Ltd. (ITAT Mumbai)

ITO V. Shakti Insulated Wires (P.) Ltd. We are of the opinion that the Assessing Officer has wrongly considered the facts available on record and without understanding the details of purchases and its availability in closing stock, made the disallowance on flimsy grounds. Therefore, we uphold the order of the Ld CIT (A)....

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Assessee can claim exemption u/s 54F & 54EC simultaneously

Assistant Commissioner of Income-tax Vs Deepak S. Bheda (ITAT Mumbai)

ACIT v. Deepak S. Bheda The Assessing Officer denied the benefit claimed by the assessee under section 54 EC towards the investment made in REC bonds for a sum of Rs. 50 lakh out of total long-term capital gain of Rs. 3.40 crores. The Assessing Officer was of the view that once the exemption has been claimed under section 54F and the enti...

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CA Final & CPT Exam Result likely to be declared on 18th July, 2012

The result of the Chartered Accountants Final Examination held in May, 2012 and Common Proficiency Test (CPT) held in June, 2012 are likely to be declared on Wednesday, the 18th July, 2012 around 2.00 P.M. and the same as well as the merit list (candidates securing a minimum of 55% and above marks and upto the maximum of 50th Rank in the ...

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Posted Under: Income Tax |

Clarification on Service tax on remittances from abroad to India

No service tax will be leviable on the amount of foreign currency remitted to India from abroad: Service has been defined under Section 65B (44) of the Finance Act, 1994. The definition specifically excludes a transaction in money or actionable claim. As the remittance of foreign currency from abroad is a transaction in money, therefore, ...

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Posted Under: Income Tax |

ICAI -Invitation to take up assignment of ‘Verification checkers’

12th July 2012 Examinees of CA exams have an option of applying for verification of marks, soon after declaration of results. The verification of marks work is done during July-September and February-April every year. The scope of the work includes the following: Checking Whether the answer book(s) compilation is complete Whether any ques...

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Posted Under: Income Tax |

Fema -Submission of Revised A-2 Form

RBI/2012-13/129 A.P. (DIR Series) Circular No. 5 (12/06/2012)

Attention of Authorised Dealers (ADs) is invited to A.P. (DIR Series) Circular No.77 dated March 13, 2004, in terms of which guidelines for compilation of various R-Returns were issued to the Authorised Dealers. The purpose codes for foreign exchange purchase/ sale transactions, used for filling up of the cover page of R-Return have since...

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Non Resident Deposits – Comprehensive Single Return

RBI/2012-13/128 A. P. (DIR Series) Circular No. 4 (12/07/2012)

Attention of banks maintaining Non-Resident Deposit (NRD) Accounts is invited to A. P. (DIR Series) Circular No. 55 dated May 09, 2007, in terms of which the data on Non-Resident Deposits are required to be submitted in soft copy in the form of Stat 5 and Stat 8 Returns in Microsoft Excel format, both through email and a hard copy to the ...

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Procedure for verification of answer books of CA Final, PCE, IPCE/ATE-Units

An examinee of CA exams can apply for verification of his/her answer books, either physically in his/her own handwriting, or on-line from http://icaiexam.icai.org within a month from the date of declaration of results. The process of verification of marks covers the following:...

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Posted Under: Income Tax |

Reconstitution of DRP at specified areas – Order No. 6/FT&TR/2012

ORDER NO. 6/FT&TR/2012 (10/07/2012)

ORDER NO. 6/FT&TR/2012 [F.NO. 500/15/2011-FT&TR-I] Central Board of Direct Taxes hereby constitute the Dispute Resolution Panel at the areas of jurisdiction given under column (2) of the Table below comprising of three Commissioners of Income-tax as Members of the Panel as per the corresponding column (3) of the said Table, and in the cas...

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