"August, 2012" Archive

No requirement in Income-tax Act that only self cultivated land will be treated as agricultural land

Income-tax Officer-5(1), Indore Vs Ashok Shukla (ITAT Indore)

Observation of the Assessing Officer that since the land was not cultivated by the assessee himself and was carried on by the brother, therefore, it cannot be treated as agricultural land. We are not absolutely convinced by this argument/observation because there is no requirement in any Act more especially the Income Tax Act that only th...

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Subsidy towards power generation plant is to be reduced from actual cost of plant for allowing depreciation u/s. 32

Commissioner of Income-tax, Circle -2 Vs Shree Renuka Sugars Ltd. (Karnataka High Court)

According to Explanation 10 and proviso to sub-section (1) of section 43, the subsidy amount shall be deducted in the actual cost of the asset of the assessee. Thus, the contention of the assessee that the subsidy received towards the power generation plant would not be reduced from the actual cost of the assets was not correct....

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Ministry of Finance Notifies Advance Price Agreement (APA) Scheme

Income Tax Press release 31/08/2012

The Ministry of Finance has notified an “Advance Pricing Agreement Scheme” (Rules 10F to 10T of Income Tax Rules, 1962) vide notification No. 36/2012 dated 30-8-2012. The Finance Act, 2012 had inserted sections 92CC and 92CD in the Income Tax Act 1961 introducing the provisions of Advance Pricing Agreement (APA). The APA Scheme shall ...

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Taxation of Income Received for services contract spread over various years

Dr. Aman Khera Vs Deputy Commissioner of Income-tax (ITAT Delhi)

Admittedly, the assessee has not served for the period of five years. The assessee has not rendered enough services to warrant emoluments of Rs. 1,21,83,494. It is assessee's submission that during the year under consideration he has not created a debt or a right to receive the payment equivalent to Rs. 1,21,83,494. Hence, it cannot be sa...

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Advance against property cannot be taxed as capital gain if possession not given

Jaico Automobile Engineering Co. (P.) Ltd. Vs Assistant Commissioner of Income-tax, Circle 11(5), Bangalore (ITAT Bangalore)

In the instant case, it was noticed that the agreement clearly stated that the owner would continue to be in possession of the scheduled property till such time the developer completes the construction of the said complex and delivers their areas infra. In the instant case, nothing was brought on record to substantiate that the possession...

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Computation of Excise Duty where the goods are sold at a price below the cost of production

Commissioner of Central Excise, Mumbai Vs M/s. Fiat India (P) Ltd. & ANR. (Supreme Court of India)

Excise duty to be computed on the basis of manufacturing cost plus profit where the goods are sold at a price below the cost of production : It was held that commercial cost of manufacturing the cars was not reflected in the assessable value declared by the assessee....

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Income from sale of Agricultural Land to Real Estate Company is Business Income

G.K. Properties (P.) Ltd. Vs Income-tax Officer, Ward 2(2) (ITAT Hyderabad)

Main object clause suggests that the assessee's main business is to deal in real estate. After forming the company, the assessee started buying of land. The assessee has taken a plea before us that it has earned income by leasing these agricultural lands to other parties to carryon agricultural operations and the land was subjected to agr...

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Govt exempts Additional services from service tax

At present there are 17 items in the negative list (Section 66 D of the Finance Act, 1994) and 39 items in the mega exemption notification 25/2012-ST dated 20.6.2012. Government has recently exempted more services from the purview of service tax. ...

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Posted Under: Income Tax | ,

SEBI launches Toll-free Helpline Service for Investors

SEBI has extended its toll free helpline service (1800 22 7575 / 1800 266 7575) to Saturday and Sunday from the existing Monday to Friday. The service on Saturday and Sunday would be available initially to investors from all over India in English, Hindi, Marathi and Gujarati from 9:30 a.m. to 5:30 p.m....

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Posted Under: Income Tax |

Form AS Viewed for 5.69 Crore Times this Year

No. of times Form 26AS viewed 5.69 cr . No. Of distinct PANs for which Form 26AS viewed 1.38 cr . Statistics as on 23/08/2012...

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Posted Under: Income Tax |

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