"02 December 2014" Archive

Delhi VAT – Details of new application uploaded in the DVAT Server

NA (02/12/2014)

In the main DVAT webpage, a separate COMPOSITION DEALER hyperlink has been made available under the head VERIFICATION to check composition status of the dealer....

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Advocates only in proper uniform be allowed entry into Court Rooms – SC

NA (02/12/2014)

On 24.11.2014 an Advocate, wearing Black Gown, Band and Saffron colour long gown entered into the Hon'ble Chief Justice's Court which was viewed seriously. It has been directed that, in future, Advocates only in proper uniform be allowed entry into the Court Rooms....

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HC quashes disciplinary proceeding against CA by ICAI for Inexcusable Delay

Vipin Malik Vs ICAI (Delhi High Court)

In this case ICAI has started the Disciplinary proceeding against a CA . It was alleged that he has got published an advertisement in 'Accountancy Journal' published by the Institute of Chartered Accountants of England and Wales, in United Kingdom to solicit any business...

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Sell Me Houses to Launder My Ill-Gotten Millions – CBDT to inquire

F.No.286/61/2014-IT (28/11/2014)

New item in COBRAPOST.com on 26-11-2014 titled Operation Black Ninja: Sell Me Houses to Launder My Iii-Gotten Millions - Request to carry out enquiries and take necessary action deem fit - reg. Please find enclosed a copy of the above referred news item alleging that 35 real estate companies are willing to take illicit money and convert ...

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Govt. again increases excise duty on Diesel & Petrol

Notification No. 24/2014-Central Excise (02/12/2014)

(a) against item (i) of column (3), for the entry in column (4), the entry “₹ 4.95 per litre” shall be substituted;...

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Remittance of Assets – Submission of CA certificate

RBI/2014-15/332 A.P. (DIR Series) Circular No.43 (02/12/2014)

Accordingly, Reserve Bank has since amended the Principal Regulations through the Foreign Exchange Management (Remittance of Assets) (Amendment) Regulations, 2014 notified vide Notification No. FEMA. 324/2014-RB dated October 31, 2014, c.f. G.S.R. No. 803 (E) dated November 14, 2014, with respect to submitting certificates on tax payments...

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Deductions/Allowances/Perquisites applicable for Salaried Individual for FY 2014-15

Finance Act 2014 has introduced various changes in Income Tax Act,1961 and some of those related to deduction and exemptions available to Salaried Individual taxpayers, which includes Amendments in Section80C, Section 80CCD, Section 80CCE and in Section 24 related to Interest deduction. Here I have compiled attached in Excel file Comp...

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Tax on Sale Of Immovable Properties Vis-A-Vis Deemed Valuation U/s. 50C

(A) Concept of Stamp Duty Value- It should be noted that the Stamp Duty Basis Valuation is applicable only in the transactions pertaining to Immoveable Property in the Income Tax Act 1961. It is similar to the concept of Fair Market Value (FMV)....

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Fifth Bi-Monthly Monetary Policy Statement, 2014-15 By Dr. Raghuram G Rajan, Governor

2014-2015/1124 (02/12/2014)

Monetary and Liquidity Measures On the basis of an assessment of the current and evolving macroeconomic situation, it has been decided to: keep the policy repo rate under the liquidity adjustment facility (LAF) unchanged at 8.0 per cent; keep the cash reserve ratio (CRR) of scheduled banks unchanged at 4.0 per cent of net demand […...

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Addition U/s. 50C for mere variance with Stamp Duty Valuation without investigation not justified

Inderlok Hotels Pvt. Ltd. Vs Income Tax Officer (ITAT Mumbai)

No addition can be sustained in this case, as, neither there is any investigation whatsoever made by the Assessing Officer nor was any evidence gathered by him. Merely because the market value as per the stamp valuation authorities and the sale price are at variance, no addition can be made to the business income....

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