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Archive: February, 2013

Posts in February, 2013

Addition confirmed, in trading results should be allowed to set off against unaccounted income introduced in garb of cash deposits

February 1, 2013 853 Views 0 comment Print

We find from the order of Ld. Commissioner of Income Tax (Appeals) and the argument of the assessee that if the addition is confirmed, if any trading result should be allowed to be set off against unaccounted income of Rs. 1,90,000/- introduced in garb of guess deposits. The Ld. Commissioner of Income Tax (Appeals) has upheld the addition of Rs. 75,916/-. Therefore, telescoping effect of this addition was allowed.

Assocham advocates expansion of Services under negative list

February 1, 2013 911 Views 0 comment Print

Over 200-representatives of trade industry representatives have opposed shifting from to negative list of the 2012 regime of the service tax which, if carried out, will only create hassles, paperwork and additional burden to the tax payers, revealed at the ASSOCHAM National Conference on Service Tax here today.

Ownership of land not the criteria to decide status of developer to claim deduction u/s. 80IB(10)

February 1, 2013 777 Views 0 comment Print

As rightly pointed out by learned Senior Counsel appearing for the assessee, in the decision Radhe Developers’s case (supra), the Gujarat High Court considered the question on ownership as a condition for grant of deduction under Section 80IB(10) in depth and accepted the case of an assessee similarly placed.

Amendments to Lokpal – Political parties exempted

February 1, 2013 831 Views 0 comment Print

The Lokpal and Lokayuktas Bill, 2011 was passed by the Lok Sabha on 27th December, 2011. The Bill was taken up for discussion and passing in the Rajya Sabha on 29.12.2011. Discussions remained inconclusive. Thereafter, the Rajya Sabha adopted a motion on 21.05.2012 to refer the Bill to a Select Committee of the Rajya Sabha for examination and report.

ICAI President’s Message – February 2013

February 1, 2013 2182 Views 0 comment Print

To CBDT on difficulties being faced by taxpayers with regard to requirement of audited balance sheet as on valuation date for the purposes of Section 56(2)(vii)/(viia) read with Rule 11UA(1) of Income tax Rules, 1962.

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