However, it is to be made clear that if no material was found during the search which could show suppression of income, no estimation of undisclosed income of block period by resorting to section 145 could be made. In other words, where there is a material, such an estimation of income can be made. It is not necessary that addition should be limited to what is found during the search.
MEASURES TO PREVENT CIRCULATION OF UNACCOUNTED MONEY -1. Share Premium in excess of Fair Market Value.Onus on the Company to explain source of shareholders’ funds. Unexplained income, investments, etc. to be taxed at maximum marginal rate. Compulsory Penalty on undisclosed income in course of search and seizure [Insertion of Sec 271AAB]. Compulsory filing of return for residents having assets abroad [Amendment of Section 139] 6. Time limit for reopen of assessment increased to 16 years where any asset is located outside India
The making of a new claim if any before the Assessing Officer is required to be done only by way of filing the revised return of income and not by way of letters or by way of filing revised computation etc. But when comes to the Tribunal or for that matter the Commissioner (Appeals), who is also not the Assessing Officer, but who is the appellate authority, assessee does not have to initiate a new claim before them by way of filing the revised return of income.
REVERSE CHARGE MECHANISM -Primary Liability to pay service tax lies on the service provider. The service provider collects the service tax from the service receiver and is liable to take registration with the Service Tax Department and complete all the formalities in respect of deposit and filing return of service tax. The Budget 2012 proposes to shift this liability in certain cases to the service receiver. Presently, the service receiver has to discharge service tax liability only in a couple of case like import of services and goods transport agency.
The Reserve Bank of India will shortly put into circulation the coins of Rs. 5 denomination, which shall conform to the following dimension, design and compositions, namely-
Apex Court in the case of Goetze (India) Ltd. v. CIT [2006] 284 ITR 323 has clearly held that for making a claim other than what was originally made in return of income, filing of a revised return is mandatory. Neither the A.O. nor the CIT(Appeals) have considered these fundamental aspects regarding status and validity of a claim made other than through revised return.
The question arises is whether the assessee is entitled for the deduction under section 80P(2)(a)(i). Section 80P(2)(a)(i) is explicitly clear that if the co-operative society is engaged in the business of banking or providing credit facilities to its members the co-operative society is entitled for the deduction. There is an embargo put by section 80P(4) which was introduced into the statute by the Finance Act, 2006 with effect from 1-4-2007. This section denies the deduction to a co-operative bank. It is a fact that prior to the insertion of sub-section (4) ,the assessee was getting the deduction under section 80P(2)(a)(i).
Suppose you have entered the full name of a person in a particular cell and you now want to have Surname, First Name and Middle Name in three different cells. To do this, simply select the cell that contains the Full Name of the person, Click
A detailed step by step guide for filling the online SCOMET application is available on the DGFT website (dgft.gov.in) under the ‘Help’ option. A link for ‘SCOMET Help’ guide has also been provided at the end of the ‘Guidelines’ given below. Exporters are encouraged to file ANF 2E applications online. Exporters will have the option to apply for SCOMET licence either by submitting a paper application to the DGFT(Hqrs.), Udyog Bhawan, New Delhi or by filing application online. This facility of applying either by a hard copy or online will cease on 30.06.2012.
It is not in dispute that the Central Government has not issued any notification in terms of section 2(14)(iii)(b). An agricultural land is not a capital asset; it becomes a capital asset if it is the land located under section 2(14)(iii)(a) & (b). Section 2(14)(iii)(a) covers a situation when the subject agricultural land is located within the limits of municipal corporation, notified area committee, town area committee town committee of cantonment committee and which has a population of not less than 10,000.
