"May, 2013" Archive - Page 12

Interest u/s 234B cannot be levied unless AO specifies in Assessment Order

Asstt. C.I.T. Vs S.K. Patel Family Trust (Gujarat High Court at Ahmedabad)

Counsel for the revenue, however, made faint attempt to contend that even though the order of assessment may not specify charging of interest under the provisions of the Income Tax Act, nevertheless if the computation sheet accompanying such an assessment order includes such demand, the notice for demand may still be valid. ...

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Reconstitution of Partnership Firm not amount to deemed gift

Ratilal P. Patel Vs Gift Tax Officer (Gujarat High Court at Ahmedabad)

These two appeals arise out of a common judgment of Income Tax Appellate Tribunal dated 17.12.1999. By the said judgment, the Tribunal had dismissed the appeals of the present appellants, that is, assessees and confirmed the decision passed by the Revenue Authorities. The appellants herein and one Smt. Urmilaben A. Patel constituted a par...

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No addition u/s 41(1) in respect of balance of creditors appearing in books of accounts at the end of relevant year

Income Tax Officer Vs. Shri Jagmohansingh G Dhiman (ITAT Ahmedabad)

In view of the fact that the enabling conditions of sec.41(1) are not fulfilled in this case, the A.0. had not brought any material on record to indicate that the appellant had obtained any benefit against the above said liabilities and these liabilities are still existing at the end of relevant assessment year in the books of accounts of...

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Dena Bank – Concurrent Audit of Branches 2013-14 – Empanelment / Registration

The firm has to disclose whether it has been debarred by ICAI / RBI / Dena Bank in the past. In such cases, the firm is not eligible for appointment as Concurrent Auditor. The Partner / Auditor / Asst. of the Audit firm should visit the Branch for a specified number of days and a confirmation to that effect should be generated from the on...

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Posted Under: Income Tax |

SEBI (Depositories and Participants) (Amendment) Regulations, 2013

Notification No. LAD-NRO/GN/2013-14/09/5738 (17/05/2013)

In order to enable generation of a consolidated account statement for the use of a beneficial owner in respect of all demat assets held by him, the depository shall enter into necessary agreements for sharing of such information....

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Employees’ PF/ ESI Contribution allowable as a deduction u/s 36(1)(va) if paid by due date prescribed therein

ITO Vs. LKP Securities Ltd (ITAT Mumbai)

The decisions by the apex court in the case of Vinay Cement Ltd. (supra) and Alom Extrusions Ltd. (supra) are admittedly with reference to section 43B and, further, qua the scope of the amendments thereto. The deductibility of the employee’s contribution is not regulated by section 43B....

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PTI notified as news agency for Sec. 10(22B) for AY 2014-15 to 2015-16

Notification No. 35/2013 - Income Tax (17/05/2013)

Notification No. 35/2013 - Income Tax The Press Trust of India Limited, New Delhi, notified as a news agency for the purposes of Section 10(22B) of the Income-tax Act, 1961 for the A.Y. 2014-15 to 2015-16. ...

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Issue of equity shares under FDI scheme allowed under Government route

RBI/2012-13/502 A.P. (DIR Series) Circular No. 104 (17/05/2013)

Foreign Direct Investment (FDI) in India - Issue of equity shares under the FDI scheme allowed under the Government route against pre-operative/pre-incorporation expenses...

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Transfer/sale of imported weapons (firearms) by shooters liberalized

Public Notice No.14 (RE 2013)/2009-2014 (17/05/2013)

Prior Permission of DGFT shall also not be required for transfer of weapon/s (firearm/s) imported by a Renowned Shooter (as defined in Policy Condition 3 of Chapter 93 of ITC(HS) 2012) for the purpose of his/her pursuing shooting as a sport to any upcoming shooter as certified either by the National Rifle Association of India (NRAI) or th...

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Format of ANF 3F (for Incremental Export Incentivisation Scheme)

Public Notice No. 13/2009-2014 (RE- 2013) (17/05/2013)

This Aayat Niryat form (ANF 3F) as given in annexure to this Public Notice will be required to be filled up for claiming benefits of Incremental Export Incentivisation Scheme....

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