NC Notification No. 100/2013 – Income Tax Whereas by notification of the Government of India, in the Ministry of Finance (Department of Revenue) number S.O. 2033(E) dated 6th August, 2009, issued under sub-section (1) read with clause (b) of the Explanation to section 35AC of the Income-tax Act, 1961 (43
Indisputably, payment of Rs. 29,857/- has been made to M/s Network Solutions for downloading software and provisions of sec. 194J of the Act are attracted. The provisions of said sec. 194J lay down that any person, not being an individual or a Hindu undivided family, who is responsible for paying to a resident any sum by way of (a) fees for professional services, or (b) fees for technical services, or (c) royalty, or (d) any sum referred to in clause (va) of section 28, shall, at the time of credit of such sum to the account of the payee or at the time of payment thereof in cash or by issue of a cheque of draft or by any other mode,
The role and functioning of BCCI have already been examined in detail earlier in this order. An analysis of the position clearly brings out that there is an overlap between the way BCCI is discharging its regulatory and commercial roles respectively, and the modus operandi/decision making process does not clearly separate the two roles.
The very same issue was considered by the Division Bench of this Court in Tax Case (Appeal) No.273 of 2012 dated 12.09.2012 (Commissioner of Income Tax, Chennai v. M/s. Shriram Properties & Constructions (Chennai) Ltd., T.Nagar, Chennai-17) wherein one of us was a member (Justice K.Ravichandrabaabu, J). In that case, the Assessing Officer initiated penalty proceedings under Section 271(1) (c) of the Act holding that the assessee had not filed the revised return of income to offer the amount as income for the purpose of assessment
In short, the Revenue authorities and the Tribunal on the basis of evidence on record came to the conclusion that the addition of Rs.50 lacs was justified. We do not find any question of law arising. The entire issue rests solely on appreciation of evidence on record. Particularly when the assessee having made such a statement and repeated the same two months later and in the letter retracting the statement never offered any explanation as to the reason why he made a confessional statement two months after the search, we do not find any reason to interfere with the concurrent findings of facts of two Revenue authorities and the Tribunal.
Notification No. 19/2013 – Income Tax [F. NO. 225/38/2013-ITA. II], DATED 12-3-2013 In pursuance of sub-clause (ii) of clause (a) of sub-section (1) of section 138 of the Income-tax Act, 1961, the Central Government hereby specifies Director, Financial Intelligence Unit India (FIUIND), Ministry of Finance for the purpose of the said sub-clause.
Notification No. 97/2013 – Income Tax [F.NO. V. 27015/4/2012-SO(NAT.COM]]/S.O. 627(E), DATED 12-3-2013 In exercise of the powers conferred by sub-section (1), read with clause (b) of the Explanation to section 35AC of the Income Tax Act, 1961 (43 of 1961), the Central Government, on the recommendations of the National Committee for Promotion of Social and Economic Welfare, hereby notifies the institutions approved by the said National Committee, mentioned in column (2) of the Table below, and approves the eligible projects or schemes
Attention of all Authorised Persons (APs), who are Indian Agents under the Money Transfer Service Scheme (MTSS) is invited to the Notification dated June 4, 2003 on MTSS, as amended from time to time and the specific permission accorded to them under FEMA, 1999 by the Reserve Bank to undertake inward cross-border money transfer activities in India, through tie-up arrangements with Overseas Principals.
VAT – Delhi – Notification No. No. F. 5(54) Policy-II VAT 2012-13 1363-1375 Dated Tuesday, March 12, 2013 – AMENDMENTS In the Sixth Schedule of the Delhi Value Added Tax Act, 2004-(Delhi Act 03 of 2005), a new entry at Sl.No.30 after Sl.No.29 of Part-B of Sl.No.1 shall be inserted namely:- (30) United Nations Economic and Social Commission for Asia and the Pacific (UNESCAP-SSWA), New Delhi.
As there was lot of expectations from this budget, that budget might be investors or common men friendly. However in reality it does not seems like that. If we talk about real estate and union budget 2013, there was two sided impact on it. I.e. DIRECT TAX and INDIRECT TAX. One by one we take […]
