As per the proposed law that was pending for consideration of the President of India, scheme of amalgamation and/or arrangement would involve two per cent Stamp Duty whereas the ‘conveyance’ as of date would require payment of duty at the rate of seven per cent. It is for the State to fix the rate. So long the new law does not come in force the existing law would prevail.
The assessee was owner of the property standing in his name which was sold; qua capital gain exemption u/s 54f was claimed by the assessee as the sale proceeds of the property were utilized for purchasing another house in the name of assessee and his wife. Wife did not contribute any amount towards purchase. Thus new house was purchased by the assessee.
The respondent in this civil appeal is Ahmedabad Stamp Vendors Association and the Members of the said Association are licensed Stamp Vendors. We are satisfied that 0.50% to 4% discount given to the Stamp Vendors is for purchasing the stamps in bulk quantity and the said discount is in the nature of cash discount.
Notification No. 37/2012-Income Tax In Budget 2012 CBDT has introduced a provision w.e.f. 01.07.2012 by which a person who has defaulted in payment of TDS / TCS will not be deemed to be a person in default if he furnishes a certificate from CA to the effect that the person in respect of whom default is committed
It is clarified for the information of all students concerned that such students who apply for conversion from existing PCE/IPCE to Intermediate (IPC) and commence articled training shall not be eligible to appear in PCE/IPCE examination to be held in November 2012 and even if they appear, no cognizance of their appearance in November 2012 examination will be taken and their results will accordingly be treated as cancelled.
An Indian party, which has set up / acquired a Joint Venture (JV) or Wholly Owned Subsidiary (WOS) overseas in terms of the Regulations of the Notification ibid, shall submit, to the designated Authorised Dealer every year, an Annual Performance Report (APR) in Form ODI Part III in respect of each JV or WOS outside India and other reports or documents as may be specified by the Reserve Bank from time to time, on or before the 30th of June each year. The APR, so required to be submitted, has to be based on the latest audited annual accounts of the JV / WOS, unless specifically exempted by the Reserve Bank.
Under the extant instructions, use of cost reduction structures, i.e., cross currency option cost reduction structures and foreign currency –INR option cost reduction structures have been permitted to hedge exchange rate risk arising out of trade transactions and the External Commercial Borrowings (ECBs).
Letter [F.NO. 246/94/2012-H&FAC-I] During the recent Chief Commissioners Conference some of the Chief Commissioners mentioned that due to non-receipt of replies from the AG regarding acceptance of replies of the Department on the audit objections or otherwise, remedial action is being taken and subsequently when
The supreme court has upheld the principle of exclusion of excise duty component from valuation of closing stock in the case of Dynavision Limited (SC). The important principle laid down in the case of Chainrup Sampatram (24 ITR 481 (SC)) & Hindustan Zinc Ltd (291 ITR 391 SC)) has been reiterated in its decision :
Sub-section (1) of Section 35AB of the Act clearly states that where the assessee has paid in any previous year any lump sum consideration for acquiring any know-how for use for the purposes of his business, then one-sixth of the amount so paid shall be deducted in computing the profits and gains of the business for that previous year and the balance amount shall be deducted in equal instalments for each of the five immediately succeeding previous years.
