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Archive: 11 February 2013

Posts in 11 February 2013

Postmortem of Union Budget 2024: A Comprehensive Webinar

July 18, 2024 5091 Views 3 comments Print

Join our webinar on July 24-25 for an in-depth analysis of Union Budget 2024. Learn about tax proposals, sector impacts, and investment insights. Register now!

Live Course on 360 degree Analysis of Input Tax Credit from a Litigation Perspective

July 18, 2024 4386 Views 0 comment Print

Join CA Sachin Jain for a live course on Input Tax Credit from a litigation perspective. Gain practical insights and master ITC complexities. Register now!

Whether waiver of loan will amount to a benefit relatable to depreciation expenditure claimed earlier?

February 11, 2013 1219 Views 0 comment Print

The depreciation u/s 32 is allowed on the actual cost of the assets. The term ‘actual cost’ has been defined in section 43(1) according to which, ‘actual cost’ means ‘the actual cost of the assets to the assessee reduced by that portion of the cost thereof, if any, as has been met directly or indirectly by any other person or authority’. So, the only deduction permissible from the actual cost is the amount, which has been met by any other person or authority.

Debenture Redemption Reserve- Clarification Dated 11.02.2013

February 11, 2013 1456 Views 0 comment Print

The amount deposited or invested, as the case may be, above shall not be utilized for any purpose other than for the repayment of debentures maturing during the year referred to above, provided that the amount remaining deposited or invested, as the case may be, shall not at any time fall below 15 per cent of the amount of debentures maturing during the 31St day of March of that year.

AO cannot assess other escaped income if original reason for reassessment dropped

February 11, 2013 3717 Views 0 comment Print

Whether the Income-tax Appellate Tribunal was right in law in coming to the conclusion that when on the ground on which the reopening of assessment is based, no additions are made by the Assessing Officer in the order of assessment, he cannot make additions on some other grounds which did not form part of the reasons recorded by him.

Conditions for Opening of NRO accounts by individuals of Bangladesh Nationality without RBI approval

February 11, 2013 685 Views 0 comment Print

Authorised banks would be permitted to open NRO account of individual/s of Bangladesh nationality without the approval of the Reserve Bank subject to the following conditions:

FM’s directions on filing of SLP in Supreme Court

February 11, 2013 1516 Views 0 comment Print

I am directed to convey that the Hon’ble Finance Minister has expressed serious concern about drafting of ‘Substantial Question of Law’ in the proposals to file SLP. He has also expressed dissatisfaction over lack of assistance to the Law officers/appearing counsels by field officers.

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