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Archive: 11 December 2012

Posts in 11 December 2012

Webinar on Critical Issues in Faceless Assessments under Income Tax Act, 1961

February 13, 2025 1302 Views 0 comment Print

Join our webinar on Faceless Tax Assessments under the Income Tax Act, 1961. Learn concepts, challenges, and solutions from expert CA Hari Agarwal, FCA.

SEBI (Prohibition of Fraudulent and Unfair Trade Practices Relating to Securities Market) (Amendment) Regulations, 2012

December 11, 2012 1628 Views 0 comment Print

(i) making a false or misleading statement, or (ii) concealing or omitting material facts of the scheme, or (iii) concealing the associated risk factors of the scheme, or (iv) not taking reasonable care to ensure suitability of the scheme to the buyer.

Delay In Dispatch Of Assessment Order Renders It Void

December 11, 2012 14855 Views 4 comments Print

No doubt the provisions of section 153 requires that assessment order shall not be passed after the expiry of two years from the end of the assessment year in which the income was first assessable. This is applicable to this case. There is no requirement that service must be effected before the expiry date but there must be evidences to show that assessment order was indeed passed before the limitation.

Allowability of Depreciation on Transfer of Business to wholly owned subsidiary?

December 11, 2012 14410 Views 0 comment Print

Section 170 of the Income Tax Act deals with succession to business, otherwise than on death. On a reading of Section 43(6)(c), Explanation 2 to the Section and Section 170 along with the fourth proviso to Section 32(1), we have no hesitation in agreeing with the assessee’s case that when the assessee transferred its B Unit to the 100% subsidiary company,

No s. 40(a)(ia) Disallowance For Short-Deduction TDS Default

December 11, 2012 5368 Views 0 comment Print

Section 40(a)(ia) of the Act refers only to the duty to deduct tax and pay to government account. If there is any shortfall due to any difference of opinion as to the taxability of any item or the nature of payments falling under various TDS provisions, the assessee can be declared to be an assessee in default u/s. 201 of the Act and no disallowance can be made by invoking the provisions of section 40(a)(ia) of the Act.

HC Stays Special Bench Verdict On Disallowance u/s. 40(a)(ia)

December 11, 2012 1442 Views 0 comment Print

Petition under Section 151 of CPC praying that in the circumstances stated in the affidavit filed herein, the High Court may be pleased to suspend the operation of the order passed by the Income Tax Appellate Tribunal, Visakhapatnam Bench, Visakhapatnam, in its I.T.A.No. 477/Vizag/2008, dated. 09-04-20 12, pending ITTA.No. 384/2012 preferred to the High Court against the order of the Income Tax Appellate Tribunal, Visakhapatnam Bench, Visakhapatnam in ITA.No. 77/Vizag/2008 dated. 09- 04-2012 for the Assessment Year 2005-2006.

No Disallowance U/s. 40()(ia) for Shortfall in deduction of TDS due to difference of opinion

December 11, 2012 1576 Views 0 comment Print

We have heard both the parties and gone through the material available on record. We have also gone through the Tax Audit Report in Form No.3CD placed at Pages 20 to 49 of the Paper Book. Annexure-XIV of the Tax Audit report gives the details of tax deductible under various sections of the Act. Page 1 of Annexure-XIV gives the details of payments on which tax has not been deducted at all.

S.14A not applicable to income exempt u/s. 50 of SIDBI Act, 1989

December 11, 2012 1943 Views 0 comment Print

Section 14A would have no application to the present facts. It is not the revenue’s case that bad debts have been incurred in relation to income which does not form part of the total income. Section 50 of SIDBI Act, 1989 only exempts payment of income tax. It does not provide that such income of the SIDBI Bank will not be a part of the total income. This would happen in cases of income specified in sections 10 and 10A. Even otherwise this issue was not raised before the authorities and cannot be now urged in an appeal under section 260A.

Four Companies found to be operating without Registration

December 11, 2012 1617 Views 0 comment Print

Complaints have been received in respect of the following four Companies, which have been found to be operating without registration or incorporation under the Companies Act, 1956 during the last three years:

Pay your tax correctly as Department is keeping track of your income

December 11, 2012 3093 Views 0 comment Print

December 15 is an important day on the calendar of the Central Board of Direct Taxes (CBDT). It is the date on which the third installment of advance tax for corporates and the second installment for all other assesses (including individuals, HUF etc) is due.

Concessional Import and Excise Duty Exemption for Setting up of Solar Power Plants

December 11, 2012 1288 Views 0 comment Print

The Minister of New and Renewable Energy, Dr. Farooq Abdullah Informed Rajya Sabha today that as per monthly generation report compiled by Central Electricity Authority, 83.483 MU of grid solar power was produced during August, 2012 and 539.205 MU during the period April, 2012 to August, 2012.

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