On examining section 54 and 54F, we find that the provision contained u/s 54 including the proviso are parimateria with section 54F of the Act. The proviso to section 54 also lays down that if the amount of capital gain is not utilized towards construction of residential house within a period of 3 years from the date of transfer of original asset, then, it will be charged to capital gain u/s 45 of the Act in the year in which the period of three years from the date of transfer of the original asset expires.
AO has, as highlighted by the FAA, not produced any evidence that assessee was purchasing and selling plots of land in subsequent and earlier assessment years. AO is entitled to draw inferences and conclusions during assessment proceedings. But, the conclusion which adversely affect the interests of a tax-payer should be based on facts and same should be confronted to the assessee for rebuattal. FAA has given a categorical finding of fact that such a exercise was not undertaken by the AO.
The retrospective clarificatory amendments (vide the Finance Act, 2012) do not seek to override the DTAA. In case of a conflict between the domestic law and the DTAA, DTAA will prevail, in terms of Section 90 of the Act.
Statement recorded under section 132(4) of the Income Tax Act, 1961 is evidence but its reliability depends upon the facts of the case and particularly surrounding circumstances. Drawing inference from the facts is a question of law. Here in this case, all the authorities below have merely reached to the conclusion of one conclusion merely on the basis of assumption resulting into fastening of the liability upon the assessee.
On facts, it is seen that by Ext.P4 notice, the petitioner was informed that there are certain points to be clarified in connection with the returns filed by them. Accordingly, they were required to attend the office of the assessing officer with documents, accounts and other evidence to support the return filed.
Considering the Section and its language plainly, it is apparent that the agreement to allow concessions and benefits including allowances, discounts, rebates or credit have to have a nexus with the dealings of the respondent. The said dealings would not cover a uniform policy by the respondent to sell its product. We agree with Shri Makheeja when he says that if there is a discrimination between authorized dealers inter se, it would amount to a restrictive trade practice but in that case, it will be that the dealing of the respondent with a particular dealer was discriminatory in comparison to its dealing with another dealer. Such is not the case here.
The Last Date for On-line Application for empanelment of Chartered Accountants for the year 2013-14 with the O/o C&AG has been extended to 22nd February 2013.
It is brought to the notice of those students’ who have completed Orientation Programme and 100 hours Information Technology Training (ITT) and joined for the practical training under Regulation 46/69 of the Chartered Accountants Regulations, 1988 under Direct Entry Scheme are advised to complete the registration of article/ audit assistants in the approved From 103/ 113
Share application money’, to the extent it is actually so, so that it only represents amount/s paid by way of application for allotment of shares, the same cannot be regarded as an investment in shares, or an asset (or asset class) yielding tax-free income, and neither is it capable of yielding any tax-free income.
In the present case, as we have noted earlier, it is only on account of the manufacturing activity that the activity of commissioning and installation of the equipment arises and pertinently all the aforesaid activities are negotiated and contracted for at one instance.
