"12 October 2012" Archive

Addition could not be based on generalized observations or suspicion

Commissioner of Income-tax, Ajmer Vs H.S. Builders (P.) Ltd. (Rajasthan High Court)

The appellate authorities have taken the view, and do not appear unjustified in doing so, that with the basic facts having been divulged and established by the assessee with furnishing of necessary details, it was for the Assessing Officer to establish that the details were false or incorrect and the additions could not have been made mer...

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S. 50C Penalty for addition to Income of Assessee due to adoption of stamp duty value

Shri C Basker Vs. ACIT (ITAT Chennai)

Merely because the Assessing Officer invoked section 50C(2) and adopted guideline value to be the actual sale consideration and made addition in the assessee’s income automatically become a case attracting penalty under section 271(1 )(c) of the Act....

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SEBI :(Issue And Listing Of Debt Securities)(Amendment) Regulations, 2012

Notification No. LAD-NRO/GN/2012-13/19/5392 (12/10/2012)

An issuer filing a Shelf Disclosure Document under sub-regulation (1), shall not be required to file disclosure document, while making subsequent private placement of debt securities for a period of 180 days from the date of filing of the shelf disclosure document....

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Section 80 CCG Deduction – Rajiv Gandhi Equity Savings Scheme

Newly inserted Section 80CCG provides deduction w.e.f. assessment year 2013-14 in respect of investment made under notified equity saving scheme. The deduction under this section is available if following conditions are satisfied: (a) The assessee is a resident individual (may be ordinarily resident or not ordinarily resident) (b) His g...

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Posted Under: Income Tax | ,

SEBI : (Issue Of Capital And Disclosure Requirements)(Fourth Amendment) Regulations, 2012

Notification No. LAD-NRO/GN/2012-13/18/539 (12/10/2012)

The amount for general corporate purposes, as mentioned in objects of the issue in the draft offer document filed with the Board, shall not exceed twenty five per cent of the amount raised by the issuer by issuance of specified securities....

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Income Tax Rates FY 2012-13 / AY 2013-14 for Individual & HUF

As per the Finance Act, 2012, income-tax rates Applicable for Assessment Year 2013-14 / Financial Year 2012-13 Applicable to Individual, HUF, is as follows- Rates of tax - A. HUF & Individual (Including Female Assessee ) who is of the age of sixty years or Less...

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Posted Under: Income Tax | ,

Sale of agricultural land by converting into plots would attract section 45(2)

Rajendra Kumar Dwivedi Vs Commissioner of Income-tax, Kanpur (Allahabad High Court)

Since no agricultural operations were carried on, the income tax authorities rightly concluded that the capital asset was converted into stock-in-trade, and that sales of plots in the case of such land would be treated to be business activity to make profits....

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Fees & Other Consultancy Expenses related to Income-tax matters are allowable

Tata Chemicals Ltd. Vs Assistant Commissioner of Income-tax (ITAT Mumbai)

Rs. 27,650/- was paid by the assessee to various Advocates and Consultants in relation to conferences, advice and consultation pertaining to Income-tax matters, therefore, the said payments do not fall within the purview of section 80VV of the Act. The said section restricts deduction in respect of expenses incurred by an assessee in res...

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Reopening in absence of failure on the part of assessee to disclose fully and truly all material facts is illegal

Doshi Housing Ltd. Vs Assistant Commissioner of Income-tax (Madras High Court)

It is not in dispute that the petitioner had placed all the relevant records, including the construction agreement, before the passing of the original assessment order. Further, it is not the case of the respondent that the petitioner had suppressed certain material facts, due to which the original assessment order, passed by the responde...

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Notice not complying with Mandatory period of time specified U/s. 158BC is invalid

Commissioner of Income-tax Vs Micro Labs Ltd. (Karnataka High Court)

A notice under section 158BC cannot be equated with that of notice under section 148. A notice under section 158BC provides for a procedure to be adopted for block assessment under which, the Assessing Officer shall serve a notice requiring the assessee to furnish his return within such time not being less than 15 days but not more than 4...

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