Circular No. 13/2014-Income Tax The SEBI (Alterative Investment Funds) Regulations, 2012 (‘AIF Regulations’) vide Regulation No.4 issued in May 2012 aims at regulating all forms of private pool of funds in India. The said Regulations divide the Alternative Investment Funds (‘AIFs’) into three broad categories – Category-I, Category-II and Category-III Alternative Investment Funds, depending upon the operational strategies, objectives and fund structure. A large number of AIFs registered with SEBI have been set up in the form of non-charitable trusts.
1) Introduced in the Finance Act, 1994 under Service Tax Rules in 2002. 2) An explanation to Section 65(105) was added wherein concept of import of services was launched. 3) This explanation to Section 65(105) was removed in year 2006 and Section 66A was inserted. 4) Rule 2(1)(d) of the Service tax rules, 1994 prescribed the cases of deemed service providers.
FIVE YEARS RIGOROUS IMPRISONMENT WITH FINE OF RS. 90,000/- EACH TO THEN SUPERINTENDENT AND THREE INSPECTORS, ALL OF CENTRAL EXCISE IN A BRIBERY CASE The Special Judge(West), Anti-Corruption, Lucknow(U.P) has convicted Shri R.K.Srivastava, then Superintendent and three Inspectors, S/Shri A.K.Gaba, Dushyant Kumar & Alok Gupta, all of Central Excise U/s 120-B r/w 7 and 13 […]
The assessee is an individual. The return of income was filed on 29.7.2009 declaring an income of Rs. 36,04,069/- and agricultural income of Rs. 10,25,000/-. The assessment was taken up for scrutiny by issuance of notice u/s 143(2) of the Act.
Even if the reopening is sustained, the primary burden that income has escaped assessment is on the shoulder of the assessing officer and after discharging this burden only, the onus shifts to the shoulder of the assessee.
Circular No. 4 of 2014-15 hereby extend the last date of filing of online/hard copy of first quarter return for the year 2014-15, in Form DVAT-16 ,DVAT-17 and DVAT-48 along with required annexures/enclosures to 08/08/2014:
Assessee entered into transactions of payment of job work charges to a related party, viz., M/s Razormed Inc. during the financial year relevant to assessment year under consideration without obtaining prior approval of the Central Government in accordance with the provisions of section 297 of the Companies Act, 1956.
In the instant case, the transaction in question, was not cash transaction. It was merely book entries. The CIT(A) has called Remand Record from the AO, who vide report dated 05.01.1999, confirmed that the transaction in question, by mentioning that no cash was involved.
In the instant case, the following three dates are not in dispute. The residential house was transferred by the appellants and the sale deed had been registered on 24th September, 2004. The sale deed had been executed in pursuance of an agreement to sell which had been executed on 27th December, 2002
CIT v/s M/s Hindustan Organics Chemicals Ltd. (BOmbay High Court)- Supreme Court has expressly held that the amendments to section 43B that were brought about by the Finance Act, 2003 are retrospective in nature, we find that the ITAT was fully justified in deleting the addition of Rs.1,82,77,138/- on account of delayed payment of Provident Fund of employees’ contribution.
