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Mounting pendency of appeals before CIT(A) and huge amounts disputed therein has been a matter of serious concern for the Department. The C&AG, Standing Committee on Finance, PAC have been adversely commenting upon this issue and calling upon the department to take up the issue on priority to clear the pendency and liquidate the demand locked up in the appeals, urgently.
SAARC Secretariat, Katmandu, Nepal has conveyed that the Government of Nepal proposes to organize a four day Seminar on Tax Payer Services in Dhulikhel (about 30km. southeast from Kathmandu) during 27th-30th November, 2012.
If the revenue was of the opinion that the expenses claimed towards ‘green boxes’ was inadmissible or was excessive, or not genuine, in order to reject the entries in the books of account and other documents of the assessee, seized during the search, it ought to have relied on other materials. Having once drawn the presumption that the contents of the documents (of the assessee) taken into possession during the search were true, the revenue could not have, consistently with that presumption, proceeded to require the assessee to produce materials in support of the expenditure entries.
In continuation of the Ministry’s General Circular No. 16/2012 dated 06.07.2012, on the subject cited above, it is stated that the time limit to file the financial statements in the XBRL ‘mode without any additional fee/ penalty has been extended up to 15th December,2012 or within 30 days from the date of Annual General Meeting of the company whichever is later. General Circular No. 34/2012, Dated 25.10.2012
The Central Government vide the following notifications, has allowed cost accountants in full time employment,in addition to certification by members in full-time practice, to certify the Compliance Report to be filed with the Central Government in compliance with the following rules, namely:-
The Special Judge for CBI Cases, Saket Court, New Delhi has convicted Shri Kulwaran Singh, the then Assistant Commissioner (Imports), ICD, Customs & Central Excise and seven other persons. The Court has sentenced Shri Kulwaran Singh to undergo three years Rigorous Imprisonment with fine of Rs. One Lakh; his wife Smt. Kulwant Kaur to undergo one year Simple Imprisonment with fine of Rs.10,000/-;
RAs have issued duty credit scrips during this period i.e. from 05.06.2012 to 26.7.2012 with a validity of 24 months. Keeping in view this situation and in order to avoid any increased transaction cost to exporters, it is clarified that duty credit scrips issued upto 26.07.2012 will continue to have validity of 24 months and duty credit scrips issued after 26.7.2012 will have validity of 18 months. Policy Circular No. 7 (RE-2012)/2009-14
Notification No. 44/2012-Income Tax In exercise of the powers conferred by sub-section (2) of section 54, sub-section (2) of section 54B sub-section (2) of section 54D sub-section (4) of section 54F sub-section (2) of section 54G and sub-section (2) of section 54GB of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby makes the following Scheme to amend the Capital Gains Account Scheme, 1988, namely:-
A combined reading of the provisions of sub sec. 7 of sec. 80-IA and sec. 80AB would suggest that (a) the Profits and gains of an eligible business, to which the provisions of sec. 80-IA(1) shall apply, shall be restricted to the amount of income of that nature that is included in the Gross total income and
