"29 December 2012" Archive

Share Trading is business activity if High volume, frequency, regularity & systematic

Assistant Commissioner of Income-tax Vs Anil Kumar Jain (ITAT Hyderabad)

Assessees have made several transactions of purchase of shares during the relevant year under consideration, and if there high volume, frequency and regularity of the activity carried on by the assessees in a systematic manner, it would partake the character of business activities carried on by the assessee in shares, and it cannot be sai...

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AO cannot rectify order passed by appellate authorities

Commissioner of Income Tax Vs V.S. Dempo & Co. Pvt. Ltd. (Bombay High Court)

In this case, the AO had not only stated that the Tribunal did not have the benefit of the decision of the Supreme Court as it was rendered earlier, but has taken liberty of criticizing the Tribunal stating that the Tribunal granted depreciation 'even though the ITAT was aware that such custom duty was not payable by a subsequent notifica...

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S. 32 Deduction for depreciation allowable irrespective of treatment in books.

Mapex Infrastructure (P.) Ltd. Vs Commissioner of Income Tax (Calcutta High Court)

While making assessment of any returns any deduction is sought for it is the duty of the revenue official to examine not only the account but also substantive right of claiming deduction under the Act on the facts and circumstances of this case. It is not a case that the said assets and properties do not belong to the appellant, therefore...

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HUDCO – Tax Free Bonds – Tax Benefits

Salient features of the bond issue (Tranche I) a. Issue Opens on – January 09, 2013 b. Issue Closes on – January 22, 2013 c. The Bonds are issued in the form of tax-free, secured, redeemable, non-convertible bonds and the interest on the Bonds will not form part of the total income as per provisions […]...

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Posted Under: Income Tax | ,

Responsibility of Professionals Signing MCA Annual Return

W.e.f from Financial Year 2011-12, Professional (CA, CMA, CS) signing MCA Annual Return have to certify whether Cost Accounting Record Rules -2011 (CARR) or Cost Audit Orders (CAO) are applicable on company or not and mention Product or Service Category Code (ITC/ NPCS 4 Digit Code). They have to certify it on Form 23 AC and Form 23 ACA ...

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Posted Under: Income Tax | ,

CBI arrest Income Tax officer asking for Bribe to facilitate Refund

The Central Bureau of Investigation has arrested an Income Tax Inspector and an Archivist -in-Charge of National Archives of India in separate cases of bribery. A case was registered against an Inspector of Income Tax (Circle-III), Gaya for demanding a bribe of Rs.15,000/-from the Complainant. ...

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Posted Under: Income Tax |

Company Secretaries (Amendment) Regulations, 2012 to implement New Training Structure of the ICS

Notification No. 710/1(M)/1 (29/12/2012)

The following draft of certain regulations, further to amend the Company Secretaries Regulations, 1982 which the Council of the Institute of Company Secretaries of India proposes to make, in exercise of the powers conferred by sub-section (1) of section 39 of the Company Secretaries Act, 1980 (56 of 1980), and with the prior approval of t...

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Income Tax Calculator for Govt Employees for FY 2011-2012 / 2012-13

Download Automatic Income Tax Calculator for Central & State Government Employees for the Financial Year 2011-2012 / 2012-13 and Assessment year 2012-2013/ 2013-2014....

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