ACIT v. Deepak S. Bheda The Assessing Officer denied the benefit claimed by the assessee under section 54 EC towards the investment made in REC bonds for a sum of Rs. 50 lakh out of total long-term capital gain of Rs. 3.40 crores. The Assessing Officer was of the view that once the exemption has been claimed under section 54F and the entire capital gain has not been utilised for the purchase of residential house, then the net consideration which is not appropriated by the assessee towards the purchase of new asset and also not deposited in the banks or institution as specified and notified in the official Gazette by the Central Government as per the provisions of sub section (4) of section 54F, the assessee cannot avail the exemption under section 54 EC.
No service tax will be leviable on the amount of foreign currency remitted to India from abroad: Service has been defined under Section 65B (44) of the Finance Act, 1994. The definition specifically excludes a transaction in money or actionable claim. As the remittance of foreign currency from abroad is a transaction in money, therefore, it will fall outside the ambit of service. Accordingly, no service tax will be leviable on it.
12th July 2012 Examinees of CA exams have an option of applying for verification of marks, soon after declaration of results. The verification of marks work is done during July-September and February-April every year. The scope of the work includes the following: Checking Whether the answer book(s) compilation is complete Whether any question or part […]
Attention of Authorised Dealers (ADs) is invited to A.P. (DIR Series) Circular No.77 dated March 13, 2004, in terms of which guidelines for compilation of various R-Returns were issued to the Authorised Dealers. The purpose codes for foreign exchange purchase/ sale transactions, used for filling up of the cover page of R-Return have since been revised, vide A.P.(DIR Series) Circular No. 84 dated February 29, 2012.; It has therefore become necessary to revise the list of purpose codes appended to Form A-2 also. The revised list of purpose codes along with Form A-2 are thus annexed for use by the applicants for remittance of funds abroad.
Attention of banks maintaining Non-Resident Deposit (NRD) Accounts is invited to A. P. (DIR Series) Circular No. 55 dated May 09, 2007, in terms of which the data on Non-Resident Deposits are required to be submitted in soft copy in the form of Stat 5 and Stat 8 Returns in Microsoft Excel format, both through email and a hard copy to the Director, Reserve Bank of India, Department of Statistics and Information Management (DSIM), Central Office, Balance of Payments Statistics Division, C-9/8, Bandra-Kurla Complex, Bandra (East), Mumbai – 400 051.
Section 80-IA(7) which is applicable to the provisions of section 80-IB requires the accounts of the eligible undertaking to be audited and a certificate to be filed. The essence of this requirement is that at any given time the financial position of the undertaking should be ascertainable.
An examinee of CA exams can apply for verification of his/her answer books, either physically in his/her own handwriting, or on-line from http://icaiexam.icai.org within a month from the date of declaration of results. The process of verification of marks covers the following:
ORDER NO. 6/FT&TR/2012 [F.NO. 500/15/2011-FT&TR-I] Central Board of Direct Taxes hereby constitute the Dispute Resolution Panel at the areas of jurisdiction given under column (2) of the Table below comprising of three Commissioners of Income-tax as Members of the Panel as per the corresponding column (3) of the said Table, and in the case of Member of the Panel specified under column (3) of the said Table was the supervising officer of the Transfer Pricing Officer at the time of Transfer Pricing audit or was the supervising officer of the assessing officer at the time of issuance of draft assessment order pending for direction of the Panel, the Panel shall, instead comprising of the Members specified in column (3), aforesaid, comprise of the Members specified in the corresponding column (4) of the said Table, with respect to that said draft assessment order, namely:-
Giving marketing services outside India, even if we consider it as technical services, nothing was made available to the assessee in the nature of any technical knowledge, experience, skill know-how or processes.
a. Unloading of machinery and equipment for Ratnagiri Gas and Power Private Limited Power Project., b. Unloading of liquefied natural gas and naptha., c. Loading of imported machinery and equipment for export, imported for Ratnagiri Gas and Power Private Limited Power Project., d. Unloading of goods for the manufacture and repairs of ships, barges and similar vessels and rigs by M/s. Bharati Shipyard Limited.
