Follow Us :

Archive: 12 January 2013

Posts in 12 January 2013

Monetary limit u/s. 10(23C)(iiiad) applies to educational institute, not to society running them

January 12, 2013 15117 Views 0 comment Print

We find that society is running the school under the management of receiver appointed by Hon’ble High Court. For the entire years the income of the school was exempt and for the assessment year 2007-08, the assessee had obtained prior approval of CCIT, Panchkulla for exemption u/s 10(23)(vi).

Stay against CBEC’s Circular on recovery of confirmed demand during pendency of stay application

January 12, 2013 2738 Views 0 comment Print

The Central Board of Excise and Customs (CBEC) has issued its first Central Excise Circular No. 967/01/2013 – CX, dated January 01, 2013 on eve of New Year 2013, for recovery of confirmed demands during pendency of Stay applications. The Circular has rescinded seven previous circulars on the subject matter.

Deduction u/s. 10A to be allowed before set off of brought forward unabsorbed losses against current year profits

January 12, 2013 1093 Views 0 comment Print

On the other hand, the ld. D.R. while agreeing that the interest on fixed deposits pledged with the bank on account of margin money is eligible for deduction u/s 10A of the Act submits that in view of the finding recorded by the A.O. the assessee is not entitled to deduction u/s 10A of the Act in respect of interest on NSC and interest on loan given to its employees. He, therefore, submits that to this extent the order passed by the A.O. be upheld.

Credit is to be allowed in respect of TDS made on higher amount of reimbursement than actually offered to tax

January 12, 2013 3354 Views 0 comment Print

Undisputedly, the assessee company earned income of Rs. 4,65,00,000/- only by way of Engineering fees. Another amount of Rs 4,65,00,000/- had been received as tooling advance. This latter amount was to be paid to the vendors of M/s. Mahindra and Mahindra Ltd. This payment was a reimbursement.

Even in absence of separate proceeding alleging unfair, monopolistic or restrictive trade practice, an application for compensation u/s. 12B of MRTP Act is maintainable

January 12, 2013 561 Views 0 comment Print

Section 12B was introduced in the MRTP Act by Act 30 of the 1984 as an independent remedy for a claimant in addition to a suit that he may file to claim any loss or damage that he may suffer by reason of any monopolistic or restrictive or unfair trade practice as would be clear from sub-section (4) of section 12B. There is no reference at all in section 12B of the MRTP Act to the provisions of either section 10

Addition not justified merely on the basis of discrepancy in TDS certificate

January 12, 2013 2256 Views 0 comment Print

The tribunal took the view that the addition made was only on the basis of the discrepancy in the TDS Certificate and not on the basis of any finding that some extra charges were received by the assessee, but had not been accounted for.

No addition for difference in income as per profit and loss account & TDS certificate

January 12, 2013 6749 Views 0 comment Print

Admittedly, as per TDS certificate issued by Mysore Breweries Limited, the total reimbursement made to the assessee as per their newly arrangement was Rs. 3,35,85,000/-. However, in the books of assessee, it was only Rs. 2,54,97,000/-. The assessee had explained that a credit note of Rs. 80,88,000/- issued by it in favour of Mysore Breweries Limited was not accounted for by them

Assessee eligible for deduction U/s. 80IB(10) on SRA project developed under scheme of State Government duly notified by CBDT

January 12, 2013 4732 Views 0 comment Print

Rigours of the conditions enumerated in clauses (a) and (b) of section 80-IB, has been relaxed by the legislature to achieve certain socio-economic object and, therefore, proviso to section 80-IB should be given a liberal interpretation so as to not to defeat a genuine claim for deduction by a developer who undertakes to develop a housing project in a slum area under the scheme approved by the Central or State Govt.

Reversal of Interest on NPA by NBFC to comply with RBI’s direction cannot be questioned

January 12, 2013 5766 Views 0 comment Print

Assessee secured a licence from the RBI under section 45-I of the RBI Act, to carry on the business of non-banking finance, including micro-finance services. There exists Prudential Norms, issued by the RBI. The assessee, being a licensed NBFC, it had to follow the directives of the RBI. It was in accordance therewith, as also in accordance with the Accounting standards issued by the ICAI, that the assessee derecognized the interest on NPAs.

CA Final & CPT Result Likely on 21st January, 2013

January 12, 2013 3549 Views 0 comment Print

Result of the Chartered Accountants Final Examination held in November, 2012 and Common Proficiency Test (CPT) held in December, 2012 are likely to be declared on Monday, the 21st January, 2013

Search Post by Date
January 2013
M T W T F S S
 123456
78910111213
14151617181920
21222324252627
28293031