The ultimate object and purpose of Section 50C of the IT Act is to see that the undisclosed income of capital gains received by the assessees should be taxed and the law should not encourage and permit the assessee to peg down the market value at their whims and fancy to avoid tax.
That section 40A(3) must not be read in isolation or to the exclusion of Rule 6DD. This section must be read along with the Rule 6DD and if read together it is clear that the provisions of the section are not intended to restrict the business activities.
ITO Vs M/s. St. Joseph Construction (ITAT Kolkata)- Ld. CIT(Appeals) after considering the assessees submissions directed the Assessing Officer to reject the books of accounts of the assessee-firm since the assessee had concealed huge contractual receipts to the tune of Rs. 54,55,543/-. He also directed the Assessing Officer to estimate the profit @ 8% on the entire receipts of Rs. 1,12,29,347/- equivalent to Rs. 8,98,348/-, net of all expenses including salary and interest payments to partners.
The Income Tax department has slapped a Rs 135-crore demand notice on Madhya Pradesh cadre IAS couple Arvind and Tinu Joshi for alleged tax evasion. The department had conducted searches in Bhopal and other premises of the 1979-batch couple during the financial year 2009-10 and after scrutiny of their financial holdings and assets, a tax demand notice has been issued against them a few days back.
Capital markets regulator Securities and Exchange Board of India, SEBI, has launched India’s first Know Your Customer Registration Agency – KRA. SEBI’s Chairman, Mr. U.K. Sinha launched the service at Bombay Stock Exchange on Wednesday.
It has been reported in some sections of the press that the Central Processing Centre , Bangalore is sending notices for payment of taxes which are as small as Rs. 1/- , 4/- , 6/-, causing unnecessary hardship to assesses . It has been stated that when the refunds for amounts less than Rs. 100/- are not issued by the Income Tax Department, then the demand for less than Rs. 100/- should also not be collected .
With a view to mitigating the hardships being faced by such members whose names stand removed as on date due to non-payment of membership fee, the Council has decided to give them an opportunity by way of General Amnesty for restoration of their names retrospectively.
Circular No 01/2012-Customs – On Representation of ICWAI to CBEC, the Cost Accountants have been authorised to issue Certificate, for the purpose of claiming Refund of 4% Additional Duty of Customs (4% CVD), certifying that burden of 4% CVD has not been passed on by the importer to the buyer.
Stepping up its offensive against Indians whose names figured in secret LGT Bank accounts abroad, the Enforcement Directorate (ED) has approached the Income Tax department to provide it with I-T returns and other financial statements of these entities. The Directorate, across various cities including Delhi, Mumbai and Ahmedabad, has also recorded the statements of about 15 entities under the provisions of the Foreign Exchange Management Act (FEMA).
RBI today raised the annual limit of Foreign Currency Convertible Bonds (FCCBs) for companies to USD 750 million under the automatic route, which does not require prior permission from it. Corporates in specified service sectors like hotels, hospitals and software, can raise FCCBs up to USD 200 million subject to the condition that the proceeds would not be used for acquisition of land.
