"28 September 2012" Archive

Due Date to File 23AC, 23ACA & 23B

General Circular No.30,31/2012 28/09/2012

The Ministry of Corporate Affairs vide its General Circular No.30/2012 Dated 28.09.2012, mandates the due date of filing of e‐forms 23AC(Non‐XBRL) and 23ACA (Non XBRL) as per new schedule VI extended in following manner without any additional fee :‐ • Company holding AGM or whose due date for holding AGM is on or before 20....

Value recorded in registered sale deed cannot be sole basis for determining FMV

Manjit Singh Vs Deputy Commissioner of Income-tax (ITAT Chandigarh)

Consideration as shown in the Registered Sale Deed cannot be equated with 'Fair Market Value', as defined in the Act u/s 2(22B) of the Act. /Therefore, adoption of average value of land at Rs. 27,030/- per acre as on 1.4.1981, as 'Fair Market Value' of the land in question, for the purpose of computation of capital gains, is not legally a...

Public Notice No. 19 (RE-2012)/2009-2014, Dated: 28.09.2012

Public Notice No. 19 (RE-2012)/2009-2014 28/09/2012

In exercise of powers conferred under paragraph 2.4 of the Foreign Trade Policy 2009-2014, the Director General of Foreign Trade hereby makes the following amendment at Sl.No. 7 under Sub-heading Delhi in Appendix 4C (List of Agencies authorized to issue Certificate of Origin–Non Preferential) of the Handbook of Procedures-Volume 1 (App...

Public Notice No. 18 (RE-2012)/2009-14, Dated: 28.09.2012

Public Notice No. 18 (RE-2012)/2009-14 28/09/2012

In exercise of the powers conferred under Paragraph 2.4 of the Foreign Trade Policy, 2009-14, the Director General of Foreign Trade hereby makes the following corrections / amendments in HBPv1 (including Appendices and ANFs) with immediate effect....

Share premium cannot be stated to be commercial profits to apply deemed dividend provisions

Deputy Commissioner of Income Tax Vs Radhe Sham Jain (ITAT Chandigarh)

Hon'ble Supreme Court in case of P.K. Badiani v. CIT [1976] 105 ITR 642 observed that accumulated profits would mean profit in the commercial sense and not assessable taxable profits. In that case development rebate reserve created by the company by charging profit and loss account was held to be accumulated profits though the same was li...

ST return to be filed by 25-10-2012 shall be for the period from 1-4-2012 to 30-6-2012

Notification No. 47/2012-Service Tax 28/09/2012

Notification No. 47/2012 ST, Provided that the Form 'ST-3' required to be submitted by the 25th day of October, 2012 shall cover the period between 1st April to 30th June, 2012 only....

Expense cannot be disallowed for Mistakes in form 15G

Pareek Electricals Vs Assistant Commissioner of Income-tax (ITAT Cuttack)

With respect to the deduction u/s.194-I,the learned Counsel for the assessee has submitted that the land lady being a senior citizen has submitted Form 15G to the assessee declaring that no tax should be deducted on the rent paid to her when the taxable limit for taxation in her hand was to be Rs. 1,95,000. ...

In case of development agreement capital gain is taxable in the year of agreement

G. Sreenivasan Vs Deputy Commissioner of Income-tax (ITAT Cochin)

The year of taxability of the capital gain in the case of development agreements came to be considered by the Hon'ble Bombay High Court in the case of Chaturbhuj Dwarkadas Kapadia v. CIT [2003] 260 ITR 491. It is pertinent to note that the High Court also noted both clauses (v) and (vi) of sec. 2(47) extracted above in its decision....

A member can ask for inspection of Companies record any time after he became Member

Rajendra G. Patel Vs Sanghi Industries Ltd. (Chennai, Company Law Board)

The statute provides a right to the member or debenture-holder for inspection of the statutory registers and records as contemplated u/s 163 of the Act. The inspection is allowed to a member or debenture-holder without fee and any other person on payment of such sum as may be prescribed for each inspection. The member or debenture-holder ...

Estimation of income in case of civil contract work at 6% of gross receipt is just where 80% of amount was towards purchase of material

Girish Chandra Nayak Vs Income-tax Officer (ITAT Cuttack)

In this view of the matter, the estimation at 8% confirmed by the learned CIT(A) by deleting these additions and disallowances made u/ss.68 and 69 we hold 7% profit as reasonable to be taxable income on the gross receipts disclosed by the assessee in its financial statements. ...

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