"11 September 2012" Archive

Disallowance u/s 14A if no expenditure incurred to earn exempt income

Assistant. CIT Vs M/s Apollo Finance Ltd. (ITAT Delhi)

in the instant case, the assessee denied incurring any expenditure for earning income, which did not form part of total income during the course of assessment proceedings even when huge investments were made by the assessee in securities ....

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SEBI (Depositories and Participants) (Amendment) Regulations 2012

Notification No. LAD-NRO/GN /2012-13/15/20426 11/09/2012

In exercise of the powers conferred by section 30 of the Securities and Exchange Board of India Act, 1992 (15 of 1992) read with section 25 of the Depositories Act, 1996 (22 of 1996), the Board hereby makes the following Regulations to amend the Securities and Exchange Board of India (Depositories and...

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Central Govt specifies wages of Rs. 18000 P.M. u/s.1(6) of Payment of Wages Act,1936

Notification No. SO 2260(E) 11/09/2012

In exercise of the powers conferred by sub-section (6) of section 1 of Payment of Wages Act, 1936 (4 of 1936), the Central Government, on the basis of figures of the Consumer Expenditure Survey published by the National Sample Survey Organisation, hereby specifies Rupees eighteen thousand per month as the wages under said sub-section (6)....

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Main reasons for non-compliance with Legal Provisions

There have been several times in the last two decades when the ethical behavior of organisation has been the center of attention. This may be due to lack of knowledge on the issues related to compliance. ...

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Posted Under: Income Tax |

Cenvat credit of basic excise duty for payment of NCCD

Representations have been received from certain industry associations seeking a clarification whether Cenvat credit of the duty of excise specified in the First Schedule to the Central Excise Tariff Act (commonly known as basic excise duty) paid on inputs used in or in relation to the manufacture of final products can be utilized for paym...

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Posted Under: Income Tax |

SEBI directs depositories to freeze new securities till listing approval is granted

Circular No. MRD/DP/24/2012 11/09/2012

In order to curtail the transfer of additional issue of shares/securities including by way of further public offerings, rights issue, preferential allotment, bonus issue etc of the listed company, prior to receipt of final listing/trading approval, the depositories shall devise a mechanism so that such new securities created shall be froz...

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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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Addition cannot be made solely on the basis of Low G.P. Ratio

Shri Prem Chand Vs. Income Tax Officer (ITAT Delhi)

Assessing Officer made the addition merely on the ground of low gross profit rate. In our opinion, the low gross profit rate can be a reason for making an enquiry but, it cannot be the sole basis for making the addition. The trading result can be rejected only if the condition prescribed under Section 145 for the rejection of books of acc...

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RBI – Trade Credits for Import into India

RBI/2012-13/202 A.P. (DIR Series) Circular No. 28 11/09/2012

On a review, it has been decided to allow companies in the infrastructure sector, where infrastructure is as defined under the extant guidelines on External Commercial Borrowings (ECB) to avail of trade credit up to a maximum period of five years for import of capital goods as classified by DGFT subject to the following conditions: -...

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RBI Notification on Bank Finance to Factoring Companies

RBI/2012-13/199 DBOD.BP.BC.No.40/21.04.172/2012-13 11/09/2012

Banks can henceforth extend financial assistance to support the factoring business of Factoring Companies which comply with the following criteria: (a) The companies qualify as factoring companies and carry out their business under the provisions of the Factoring Regulation Act, 2011 and Notifications issued by the Reserve Bank in this re...

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