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 the self cultivated land will be treated as agricultural land.
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.
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 come into effect from the date of its publication in the Official Gazette, i.e. from 30.08.2012.
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 said that the income equivalent to total emolument of Rs. 1,21,83,494 has accrued to the assessee.
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 of the land was delivered to the developer or the land was not in assessee’s possession.
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.
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 agricultural operations by other persons.
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.
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.
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
