From the above discussion, it transpires that the objective satisfaction of the AO as to the correctness of the assessee’s claim was not recorded in the instant case. However, even if Rule 8D cannot be applied, the AO is obliged to ascertain the expenditure which had been incurred to earn the tax-free income.
Admittedly, learned CIT(A) admitted the fresh evidences but did not allow any opportunity to the Assessing Officer for examining those evidences or furnishing any evidence in rebuttal as required by sub-rule (3) of Rule 46A.
The stock exchanges should ensure that system audit of stock brokers / trading members are conducted in accordance with the prescribed guidelines enclosed in this circular.
Notification No. 87/2013 – Income Tax S.O. 3391 (E).—In exercise of the powers conferred by clause (46) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies for the purposes of the said clause, the Tripura State AIDS Control Society a body constituted by the
Notification No. 88/2013 – Income Tax S.O. 3393(E).—In exercise of the powers conferred by clause (c) of sub-section (2) of Section 80G of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby specifies ‘Archery Association of India’, New Delhi as an association for the purposes of said
Notification No. 89/2013-Income Tax In the notification of Government of India, Ministry of Finance, Department of Revenue (Central Board of Direct Taxes) vide number S.O. 3251(E), dated the 25th October, 2013 published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (ii), dated the 25th October, 2013
Government of India has inserted, by the Finance Act, 2012, a new Chapter XII-BB titled- ‘Special Provisions relating to Conversion of Indian Branch of a Foreign Bank into a Subsidiary Company’ in Income Tax Act, 1961, inter alia, exempting capital gains arising from such conversion from capital gains tax, with effect from April 1, 2013.
(i) Whether Central Bureau of Investigation, popularly called CBI, is a constitutionally valid police force empowered to investigate crimes? (ii) Could a police force, empowered to investigate crimes, have been created and constituted by a mere Resolution of Ministry of Home Affairs, Government of India, in purported exercise of its executive powers?
Return forms DVAT-16 and Form1 along with annexures and DVAT-30 & 31 have been amended vide notifications issued on 20-09-2013. Thus, the second quarter return of the current year is the first return to be filed after modifications.
It has been brought to our notice that, some banks are not providing TDS Certificate in Form 16A to their customers in time, causing inconvenience to customers in filing income-tax returns timely.
