ORDER No. 8/FT&TR/2012 In partial modification of order No. 6/FT&TR/2012, and in exercise of powers conferred under section 144C of the Income-tax Act, 1961, the Board hereby constitutes the Dispute Resolution Panel (DRP) at the area of jurisdiction given under column (2) of the Table below comprising of three Commissioners of Income-tax as Members of the Panel
Order [f.no. 500/15/2011-ft&tr-i], dated 28-8-2012 Section 144C of the Income-tax Act, 1961 – Dispute Resolution Panel – Reference to – corrigendum to Order No. 6/FT&TR/2012, dated 10-7-2012 and Order No. 7/FT&TR/2012, dated 31-7-2012 constituting DRPs and alternate DRP at various places
with a view to facilitate listed entities to comply with the minimum public shareholding requirements within the time specified in Securities Contracts (Regulation) Rules, 1957 (SCRR, 1957), the following additional methods shall be available:-
The ‘Quick Referencer’ contains the relevant information about cooperatives & NPO sectors in brief such as important acts, accounting standards, auditing standards, important provisions of direct and indirect taxes, registration under different acts, various forms, and other important information about these sectors.
Borrowing and lending of Indian Rupees between two persons resident in India does not attract the provisions of the Foreign Exchange Management Act, 1999. In case where a Rupee loan is granted against the guarantee provided by a person resident outside India, there is no transaction involving foreign exchange until the guarantee is invoked and the non-resident guarantor is required to meet the liability under the guarantee.
Notification No. 35/2012-Income Tax Whereas, a Multilateral Convention on Mutual Administrating Assistance in Tax Matter and as amended by the 2010 protocol was signed by the Republic of India at the headquarters of the Organisation for Economic Co-operation and Development (OECD) at Paris on the 26rd day of January, 2012 (hereinafter referred to as the said Convention);
As per the Development Agreement entered into between the parties, the assessee and his brothers have demolished the existing residential building and handed over the vacant space to an extent of 16800 sq ft. to the Developer for construction of the apartment. Since the residential building has already been demolished by the assessee and his brothers themselves, they are not entitled to claim benefit under section 54 of the Act.
In the judgement of Calcutta High Court in the case of Exide Industries Ltd. Vs Union of India [2007] 292 ITR 470 (Cal), it was held that section 43B(f) of the Income-Tax Act, 1961 (the Act) was arbitrary, unconscionable and de-hors the Supreme Court decision in the case of Bharat Earth Movers Vs CIT [2000] 245 ITR 428 (SC) and accordingly, the same was struck down as ultra-vires.
Assessing Officer has nowhere held in the impugned order that any concession was given by the employer to its employees and they have provided the accommodation on a concessional rates. Assessing Officer straightway applied Rule 3 without first establishing the case that the appellants have provided any concession in the shape of accommodation to its employees.
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