"22 March 2013" Archive

For Deemed Dividend, accumulated profits do not include current year’s business profit, since it accrues only at end of year

P. Satya Prasad Vs. ITO (ITAT Visakhapatnam)

Thus, it has been held that the accumulated profits do not include current year's business profit, since it accrues only at the end of the year. Further the loan or advance treated as deemed income up to the date of fresh loan is to be reduced from the accumulated profits. Consistent with the view taken by the Ahmedabad bench in the above...

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Statement recorded during search cannot be deleted without proving the same to be incorrect

Bhagirath Aggarwal Vs CIT (Delhi High Court)

In the present case no material has been produced by the appellant/assessee to show that the admission made by him was incorrect in any way. On the other hand, it is the assessee who is insisting that it is for the department to corroborate the statement of admission made by him and until and unless the department corroborates the same, t...

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Mere classification of Loan as NPA do not prove that there is uncertainty regarding interest income thereon

The Commissioner of Income Tax Vs. M/s. Sakthi Finance Limited (Madras High Court)

Mere characterisation of an account as a NPA would not by itself be sufficient to say that there is uncertainty as regards realizability of income or interest income thereon. Accrual of interest is a matter of fact to be decided separately for each case on the basis of examination of the facts and circumstances. The same would require an ...

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S. 10A Expenses Reduced from Export Turnover Needs to be reduced from Total Turnover too

Global Logic India Pvt. Ltd. Vs. Dy. Commissioner of Income Tax (ITAT Delhi)

Ld. Counsel of the assessee submitted that that even if any freight, telecommunication or insurance expense during the year, are reduced from the export turnover, such sums will also have to be reduced from the total turnover of the company for the purpose of computation of deduction u/s. 10A....

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ST -Expedite the disposal of applications for amendment of registrations, DG Systems directs Commissionerates

TRADE NOTICE NO. 3/ST/2013-CEXCHD1 (22/03/2013)

TRADE NOTICE NO. 3/ST/2013-CEXCHD1[F.NO.V(MISC)30/STC/HQ/TRADE NOTICE/10/2010/PT.], DATED 22-3-2013 (I) A copy of letter dated 20-3-2013, vide F. No. IV(24)/20/2012-Systems issued by the Directorate General of Systems, Customs & Central Excise, C.R Building, I.P. Estate, New Delhi- 110109 on the above subject matter, is enclosed (Ann...

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Private placement of Tax free Bonds – CBDT removes restriction on issue size

Notification No. 23/2013 - Income Tax (22/03/2013)

Notification No. 23/2013 - Income Tax In exercise of the powers conferred by item (h) of sub clause (iv) of clause (15) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby makes following further amendment to the notification of the Government of India, in the Ministry of ...

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Notification No. 02/2013-Customs (ADD), Dated 22nd March, 2013

Notification No. 02/2013-Customs (ADD) (22/03/2013)

WHEREAS in the matter of Meta Phenylene Diamine (hereinafter referred to as the subject goods), falling under Chapter 29 of the First Schedule to the Customs Tariff Act, 1975 (51 of 1975), originating in, or exported from the People’s Republic of ...

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SEBI- KYC documents to the KRA – Scanned document to be furnished now

Notification No. LAD-NRO/GN/2012-13/35/6998 (22/03/2013)

Provided that in the case of clients of a mutual fund, the Registrar to an Issue and Share Transfer Agent appointed by the mutual fund may perform the initial KYC/due diligence of the client, upload the KYC information with proper authentication on the system of the KRA, and furnish the scanned images of KYC documents to the KRA....

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ICSI -Steps for filling online examination form for Students who don’t have password

Please take the following steps if you don’t have password for filling up the examination form:- 1)                 Visit on Institute’s website www.icsi.edu 2)                 Click on Login (top right side of your screen) 3)                 Click on Student Login 4)          ...

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Posted Under: Income Tax |

Rayja Sabha approves Union Budget 2013-14 without debate

Faced with paucity of time, Rajya Sabha on Thursday approved Union Budget 2013-14 without debate, a development witnessed perhaps for the first time which triggered protests from opposition members. With only one day left for the house to go into month-long recess, the chair directed members to lay their written speeches so that the cruci...

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Posted Under: Income Tax |

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