"12 January 2015" Archive

Year of Index to compute capital gain on sale of inherited asset

CIT Vs Gautam Manubhai Amin (Gujrat High Court)

The question which is posed for consideration is whether for considering the long term capital gain Cost Inflation Index is required to be considered at the date on which the property was inherited in the name of the assessee or as per the previous cost of acquisition at which previous owner had acquired the capital asset....

Value Dating check in relation to Concurrent Audit of Banks

Dear Professional colleagues, Concurrent Audit of Banks are fast gaining significance in the wake of increase in Non-Performing Assets (NPA) and other irregularities which have surfaced in the recent past. Concurrent Audit is primarily a risk mitigation method wherein various Banking functions are Audited in detail in order to unearth any...

Posted Under: Income Tax |

97th Amendment of the Constitution-A Look Through

The 97th amendment to the Constitution passed in January this year grants citizens the fundamental right to form cooperative societies. The amendment has added the term cooperative societies along with the right to form unions. It has fulfilled a long-standing demand...

Posted Under: Income Tax |

Addition for Professional Fees- Merely based on AIR not sustainable

M/s. A.F. Ferguson & Co. Vs JCIT (ITAT Mumbai)

Addition, made solely on the basis of AIR information, especially in the absence of full details of parties and when the professional receipts declared by the assessee far exceeds than the amount mentioned in the AIR information, is not sustainable in the eyes of law. ...

Additions based on mere AIR information not sustainable

M/s. ANS Law Associates Vs ACIT (ITAT Mumbai)

It has been held time and again by this Tribunal that the additions made solely on the basis of AIR information are not sustainable in the eyes of the If the assessee denies that he is in receipt of income from a particular source, it is for the AO to prove that the assessee has received income as the assessee cannot prove the negative. ...

Bogus purchases – Transaction with Hawala Party not necessarily mean all transaction of Assessee with him are bogus or sham

ACIT Vs M/s G V Sons (ITAT Mumbai)

DR strongly supported the order of the AO that prima facie, the basis of addition was the statement of the survyed parties wherein it was accepted that they were providing accommodation transaction, and therefore the entries recorded were sham....

Kite Fight of VAT Dealer and Department

Krishna, this Year Makar Sankranti is on 15th January and also the last date of submission of Maharashtra VAT Audit Report. There is Happiness everywhere because of Makar Sankrati. Many are busy in flying kites and buying gift (Vaan). Accordingly, how interesting Kite fight between department and VAT dealer?...

Posted Under: Income Tax | ,

SEBI Circular on Risk Management Policy at the Depositories

CIrcular No. CIR/MRD/DP/1/2015 12/01/2015

The Depository System was reviewed by the Depository Systems Review Committee(DSRC) inter alia in the context of Principles for Financial Market Infrastructures(PFMI) laid down by the Committee on Payment and Settlement Systems (CPSS) and International Organization of Securities Commissions(IOSCO)....

FICCI urges FM to create non-adversarial tax regime

Dr. Jyotsna Suri, President of FICCI today has urged the Finance Minister, Shri Arun Jaitley, to make earnest efforts to move away from the aggressive revenue approach and provide a genuine non-adversarial and conducive tax environment for industry and the economy to flourish....

Posted Under: Income Tax |

Index based market-wide circuit breaker mechanism

Circular No. CIR/MRD/DP/02/2015 12/01/2015

BSE and NSE shall implement suitable mechanism to ensure that all messages related to market-wide index circuit breakers are given higher priority over other messages....

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