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Archive: 28 August 2014

Posts in 28 August 2014

Not necessary for assessee to own Plant and Machinery to Claim deduction U/s. 80IB

August 28, 2014 5054 Views 0 comment Print

This is one more instance of the Revenue urging before this Court that firstly a film production unit or a Company is not an industrial undertaking within the meaning of section 80IB of the Income Tax Act 1961 (for short the said Act).

Strategy to crack CA Final Exam in First Attempt

August 28, 2014 178437 Views 53 comments Print

Hello friends, I am CA Manoj Bothra; secured All India Rank 44 in CA Final May 2014 Exam. I am here to share a strategy to crack CA Final Exam in First Attempt and study plan. 1. First thing first, you should have at least a period of 6 month to prepare.  2. During this […]

Criminalisation of politics is an anathema to the sacredness of democracy : SC

August 28, 2014 1276 Views 0 comment Print

Criminalisation of politics is an anathema to the sacredness of democracy. Commenting on criminalization of politics, the Court, in Dinesh Trivedi, M.P. and others v. Union of India and others (1997) 4 SCC 306, lamented the faults and imperfections which have impeded the country in reaching the expectations which heralded its conception.

Assessee cannot be held liable for non payment of TDS by deductor

August 28, 2014 9613 Views 0 comment Print

It would not be possible to proceed to recover the amount of tax from the assessee. The assessee cannot be doubly saddled with the tax liability. Deduction of tax at source is only one of the modes. Once this mode is adopted and by virtue of the statutory provisions the person responsible

Assessee not required to pay tax to the extent to which it has been deducted from relevant income

August 28, 2014 1352 Views 0 comment Print

As provided by s. 205 of the Act, where tax is deductible at source, the assessee shall not be called upon to pay the tax himself to the extent to which it has been deducted from the relevant income. Thus, from the aforesaid provisions it emerges that as soon as the tax is actually deducted

Does the Date of Filing of ITR really Extended?

August 28, 2014 14271 Views 0 comment Print

CA Rekha Dhamankar We all know that the CBDT unexpectedly changed the formats of the tax audit report U/S 44AB of Income-tax Act by its Notification No.33 dated 25/07/2014 and to everyone’s surprise these new formats were made applicable from Financial Year 2013-14, for which the date of filing tax audit reports is 30/09/2014. Few questions […]

A Financial Conditions Index for India

August 28, 2014 1165 Views 0 comment Print

Financial market variables contain information about the future state of the economy. Changes in financial variables often translate into changes in the real economy. Very often financial variables send contradictory signals to economic agents. Further, acute information asymmetry exists in financial markets especially around trigger events during times of crises.

Purchase and sale of securities other than shares or convertible debentures of an Indian company by a person resident outside India

August 28, 2014 955 Views 0 comment Print

With a view to providing flexibility in regard to the manner in which government securities can be acquired by eligible investors, it has now been decided to remove any stipulation as to the manner of acquisition from the said Regulations. Consequently, the eligible investors can acquire such securities in any manner as per the prevalent/approved market practice.

CESTAT Circular on Pre-Deposit of Duty and Service Tax

August 28, 2014 6298 Views 0 comment Print

As there is confusion of adjustment of Cenvat Credit against mandatory penalty, clarifications have been sought from Competent authority. In absence of any classificatory Circular on the issue, all the DRs/ARs/TOs are directed that the appeals received on or after 06.08.2014 may be registered in following cases:

Business loss can be set off against addition u/s. 68 or undisclosed income

August 28, 2014 4970 Views 0 comment Print

Once loss is determined, the same should be set off against the income determined under any other head of income including undisclosed income. Hon’ble ITAT Ahemdabad Bench in the case of M/s. K.R. Automobiles v/s ACIT in ITA No.1972/Ahd/2012 has held that business loss can be set off against the addition u/s.68 of the Act by observing as follows:-

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