Section 2(14) defines ‘capital asset’ as property of any kind held by an assessee. The term ‘property’ encompasses in its ambit bundle of rights. This includes every conceivable species of valuable rights and interests. The right to dispose off a thing in every legal way, to possess it and to use and to exclude everyone from interfering with it, comes within the ambit of property. The exclusive right of possessing, enjoying and disposing off a thing comes within the term of ‘property’. The assessee had perpetual right of possession of suite and was entitled to transfer the same by virtue of seventh covenant noted above. Therefore, long term advance booking by virtue of which assessee got right to possession was ‘capital asset’ within the definition of section 2(14) and, therefore, on transfer of the same long term capital gain accrued to the assessee and assessee was, accordingly, entitled for indexation of cost of acquisition.
The anti-dumping duty imposed shall be effective for a period of five years (unless revoked, superseded or amended earlier) from the date of imposition of the provisional anti-dumping duty, that is, the 7th June, 2012.
(For Assessees who were already registered with department in erstwhile SACER/SAP and applying now for transacting business with CBEC through ACES): 1. Kindly submit a requisition letter to your Range Superintendent along with your Company Name, existing Registration Number and your updated and valid e-mail ID. 2. Range Superintendent enters your details (including e-mail ID) […]
NOTIFICATION NO 06/2013-Central Excise (N.T.) – Form of appeal or application to the Appellate Tribunal. – (1) An appeal under sub-section (2) of section 35B or an application under sub-section (4) of section 35E of the Act to the Appellate Tribunal shall be made in Form No. E.A. – 5.
As you may be aware, earlier, dealers who imported goods or purchased goods from other importers had difficulty in filing dealer returns in ACES, as the ACES application did not allow such dealers to mention their own Central Excise registration number, or the IEC Code of the importer in the column prescribed for mentioning the […]
The Central Bureau of Investigation has arrested a Deputy Commissioner of Income Tax, Ludhiana and a Chartered Accountant for demanding & accepting a bribe of Rs.Six Lakh from the complainant. A case was registered in CBI on a complaint from a businessman alleging demand of bribe by a Deputy Commissioner of Income Tax, Ludhiana. The […]
1. Feel free to contact the customs facilitation counter and enquire before proceeding for the Green Channel. 2. Don’t depend merely on friends, travel agents etc. for information. Please check up the informations with the customs helpdesk. 3. Declare the contents of your baggage truthfully and completely. Mis-declaration in any manner is offence punishable with […]
As you are aware, DOP&T and Board has been emphasising the need to complete the APARs of officers/employees as per the time schedule fixed by DOPT. It has however been noted with concern that various proposals relating to promotions/empanelment/deputation of officers etc. are unduly delayed due to non-adherence to the prescribed timelines for completion of APARs and resultant incomplete APARs.
In view of the amendments to Chartered Accountants Regulations, 1988, practical Training Guide for Articled/ Audit Assistants has been revised. Students, Members and other Stakeholders are requested to offer their comments, if any. While submitting, you are required to state the same clearly including reasons for change and the suggested draft paragraph, if applicable. Revised […]
The Special Judge for CBI Cases, Chennai has convicted the then Deputy Commissioner of Customs & then Appraiser of Customs, Chennai in a bribery case and sentenced them to undergo one year Rigorous Imprisonment with fine of Rs. 6,000/- each.
