"27 July 2015" Archive - Page 2

Salient Features of Gold Deposit Scheme (GDS)

Gold Deposit Scheme (GDS): Salient Features Include-All Designated Banks can Operate GDS as per Guidelines Issued by RBI; Banks Issue a Passbook/Certificate to Depositor; Resident Indians Can Invest etc. The Central Government, with a view to bring privately held stock of gold in circulation, to reduce the country’s reliance on import o...

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Posted Under: Fema / RBI |

Simplification of ITR Forms; Issue of PAN Cards

The Government has simplified Income Tax Returns (ITR) Forms for individuals and HUFs not having business or professional income. In ITR Form No. 2 and 2A, the main form does not contain more than three pages and other information relevant for computation of income will be captured in the schedules which are required to be […]...

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Posted Under: Fema / RBI |

Success Mantra for CA Exam. .!!

Chartered Accountant is one of the best professional courses in India and its a great honor to be a Chartered Accountant (CA). Unbelievable marks are scored by most of the CA students. They think that they attempted the full paper; but marks are not up to mark – even 40s were not allotted !...

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Posted Under: Fema / RBI |

Addition made by AO without disclosing the basis to Assessee and in Assessment order is not sustainable

Shri K.P. Madhvan Nair Vs. ITO (Kerala High Court)

Not only that the details which were allegedly in the possession of the Assessing Officer and which is mentioned in the assessment order were not disclosed to the assessee, but also the Assessing Officer also has not disclosed any such details in the assessment order. ...

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Interest U/s. 194A not deductible on excess amount paid by builder to Purchaser on cancellation of agreement to sale

M/s Beacon Projects Pvt Ltd. Vs CIT (Kerala High Court)

It is obvious that section 2(28A) is not attracted to every payment made and that the provision can be attracted only in cases where there is debtor-creditor relationship and that payments are made in discharge of a pre-existing obligation....

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Non-compliance in respect of hived off part of project does not dis-entitle deduction under Section 80IB(10)

Smt. Swapna Cherukuri Vs DCIT, Hyderabad (ITAT Hyderabad)

ITAT Hyderabad in the case of Smt. Cherkuri vs. DCIT concluded that development of commercial complex by the buyer of plot area even if it is approved by the concerned authorities as the part of the project, could not be said to have been developed by the assessee as a part & parcel of the project....

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Penalty order passed after 6 Months of ITAT confirmation is time barred

ITO Vs Pandit Vijay Kant Sharma,(ITAT Delhi)

The ITAT ,Delhi in the case of. ITO vs. Pandit Vijay Kant Sharma concluded that The limitation period of six months and not one year is applicable in case the penalty order is passed by the AO pursuant to confirmation of penalty by the tribunal ...

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Adjustment for variation in closing stock necessary for correct application of TNMM

ACIT Vs M/s Rahman Industries Ltd. (ITAT Lucknow)

ITAT Licknow in the case of ACIT vs. M/s Rahman Industries Ltd. held that- Adjustment for variation in closing stock is necessary for the correct computation of Operating cost thereby correct application of Transaction Net Margin Method (TNMM). ...

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Format of Notice, Explanatory Statement, Attendance Slip/Sheet & Minutes of AGM under CA 2013 & SS- 2

Format of Cover Page of Notice of the Annual General Meeting Date:   (Date of Notice) Dear Members/Directors/Auditor, You are cordially invited to attend the Annual General Meeting (the ‘AGM’) of the members of (Name of Company) (the ‘Company’) to be held on (Day of AGM), (Date of AGM), 2015 at (Time of AGM) at (Venue […]...

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Posted Under: Fema / RBI | ,

Transfer of beneficially held asset taxable as capital gains and not under other sources

Shailendra H. Bhati Vs ITO (ITAT Mumbai)

The tribunal in the verdict of Shailendra H. Bhatia vs. ITO concluded that Transfer of possession with the ownership rights confer beneficial ownership which is good enough to hold the asset as capital asset ...

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September 2020