"12 September 2012" Archive

Section 54F exemption available even if investment made in joint name with wife

ACIT, Cir. 43(1) Vs Shri Ashok Alexander (ITAT Delhi)

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 b...

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No TDS on Bulk Purchase Discount as it is not commission – SC

Commissioner of Income Tax, Ahmedabad and Ors. Vs Ahmedabad Stamp Vendors Association (Supreme Court of India)

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....

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Wealth Tax Payable on Urban land even if assessee carrying on agricultural activities on the same

Mohammed Ibrahim Vs Assistant Commissioner of Income-tax (ITAT Chennai)

In the present case, the land owned by the assessee comes within the purview of urban area and the assessee is carrying on agricultural activities on the same. There is nothing on record to show that construction of building on assessee's land is prohibited. ...

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Format of CA Certificate to Furnish in case of Failure to deduct TDS / TCS

Notification No. 37/2012-Income Tax 12/09/2012

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 ...

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PCE/IPCE students applying for conversion to IPC not eligible to appear in PCE/IPCE November 2012 examination

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 201...

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Posted Under: Income Tax |

RBI relaxes conditions related to submission of Annual Performance Report (APR)

RBI/2012-13/203 A.P. (DIR Series) Circular No. 29 12/09/2012

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...

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RBI permits use of cost reduction structures for hedging exchange rate risk arising out of foreign currency loans availed against FCNR(B) deposits

RBI/2012-13/204 A.P. (DIR Series) Circular No. 30 12/09/2012

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)....

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Delay in receipt of replies from the AG leading to avoidable remedial action

Letter [F.NO. 246/94/2012-H&FAC-I] 12/09/2012

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 ...

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Excise duty not to be included in closing stock valuation – SC

Commissioner of Income Tax, Vs M/s. Dynavision Limited (Supreme Court of India)

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 : ...

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Lumpsum Technical know-how Fees deductible u/s. 35AB not u/s. 37

M/s. Drilcos (India) Pvt. Ltd. Vs Commissioner of Income Tax, Madras (Supreme Court of India)

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...

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