On applicability of Section 50C of the Act in absence of registered document -Capital gain has to be computed on the basis of sale consideration received or accruing to the taxpayer. Even if the document was not registered, the capital gain has to be computed on the basis of the sale consideration shown and received by the taxpayer unless there was material to show that the sale consideration was understated. In this case, the document was not registered and no stamp duty had been paid. Therefore, stamp duty value cannot be adopted for the purpose of computation of capital gain and the value shown in the agreement has to be adopted as there is no material to show that the taxpayer had understated the sale consideration.
MTV Asia LDC Vs. DCIT ITAT Held that The taxpayer did not provide any documentary evidence to substantiate various expenses incurred as well as no separate books of accounts were maintained for Indian operations. Therefore, application of Rule 10 of the Income-tax Rules 1962 prescribing computation of income on reasonable basis in case of non-resident is justifiable. Copies of tax computations filed with Singapore tax authorities reflect substantial losses to the taxpayer in respect of Global Operations. Therefore, margin applied by the AO are high. The transponder charges and programme charges constitute 95.88% of the revenue.
The non-availability or non-association of independent witness cannot be a ground for discharge or acquittal in all cases. It would depend upon the facts and circumstances of each case and the evidentiary value of the prosecution witnesses could not be undermined at the stage of framing of charges. It is moreso when the prosecution has cited some panch witnesses to be examined in support of its case. The impugned order discharging the accused/respondents apparently suffers from illegality and has caused miscarriage of justice. At the stage of charge, what is to be seen by the Trial Court was laid down by the Supreme Court in the catena of judgments. Reference is made to the judgment in case State of Bihar v. Ramesh Singh, AIR 1977 SC 2018.
In our order in AAR No.1009 of 2010 (SEPCO III Electric Power Corporation), we had taken the view that if the applicant before this Authority had already filed a return of income involving the amount arising out of the identical transaction on which a question for our ruling is raised by filing an application under section 245Q(1) of the Income-tax Act, the application before the Authority for Advance Rulings will be barred by the clause (i) of the proviso to section 245R(2) of the Act and the application will have to be rejected. On an application made by the applicant therein before this Authority to review or reconsider the correctness of that view, after considering the relevant aspects pointed out, this Authority again reiterated its view. The correctness of this view so taken is again sought to be canvassed in this Application and the other Applications heard along with it containing similar fact situation.
A reshuffle of charge of three members of the Central Board of Direct Taxes (CBDT) was effected today. In today’s reshuffle K Madhavan Nair got Investigations in place of Legislation and Computerisation (L and C) while S S Rana was shifted from Investigations to Income Tax and Poonam Kishore Saxena got L and C. She earlier held the charge of Audit and Judicial.
1.Scan the page you want to convert into a Microsoft Word document. 2.Save the scanned image in *.gif, *.jpeg or whatever format.. 3.Open that image, go to “File->Save As” and name it xyz.tiff in the TIFF format as shown.
There is no reason and justification to hold that clause (iii) of the Explanation intents to reduce or restrict the indexed cost of acquisition’ to the period during which the assessee has held the property and not the period during which the property was held by the previous owner.
The C & A G of India has pointed out that Banks are recovering Commitment charges for keeping available the undisbursed balance of a loan commitment and they are in the nature of charges for services provided. In this regard attention is invited to the letter F. No. 345/6/2008-TRU, dated 11.6.2008 (Annexure) wherein it has been clarified that any amount collected by the service provider on account of lending is either interest or service charges. Pre-closure/fore-closure charges are not charges collected for delayed payment. These charges not being ‘interest’ are to be appropriately treated as consideration for the services provided and accordingly leviable to service tax under Section 65(105)(zm).
Centre has moved the Supreme Court seeking review of its verdict on the Income Tax issue of Vodophone . The court had earlier held that the Indian Income Tax Department does not have jurisdiction to levy 11,000 crore as tax on the overseas deal between Vodafone International Holdings and Hutchison Group.
An NRE account is a Rupee denominated account. That is, funds in an NRE account are maintained in Indian Rupees. It can be a savings, current or a fixed / term deposit account. NRE accounts can be opened by NRIs. Funds can be repatriated from an NRE account. This means that the funds can be freely sent to any other country.An NRE account can contain funds remitted from abroad, or obtained from another NRE / FCNR account maintained in India.Funds can be transferred from an NRE account to an NRO account without any restriction.
