It is not in dispute that on the date of maturity, i.e., 22.11.2006, the certificates of gold were redeemed, therefore, 22.11.2006 should be considered as the date of acquisition of the gold for the purpose of computation of capital gains. The authorities below were, therefore, not justified in rejecting the claim of assessee for short term capital gains on redemption of bonds.
It has been held that when any expenditure is incurred by an assessee on leasehold premises, even though it may give an enduring benefit, it would not amount to capital expenditure as no capital asset is being created in favour of the assessee. In some of the cases, the expenditure is on civil and electrical works also.
Unless the foreign remittances are credited in the account of assessee or at least credited in the account of the bank, it can not be said that the export proceeds have been received in or brought into India. The assessee has placed on record a certificate from State Bank of India which only states that the proceeds of the foreign remittances had been credited to the account of the assessee.
In the present case, though the cheque was received on 4.1.2007, the same was actually deposited in the bank on 5.2.2007 and must have been encashed on a date after that. As such, it is to be considered as if the consideration for the services was received by the appellant in the month of February itself, thus requiring them to deposit the tax with the department in March, 2007.
In view of the difficulties faced by exporters on account of the weakening of external demand, RBI has taken following measure; (i) Period of realization and repatriation to India of the amount representing the full export value of goods or software was enhanced from 6 months to 12 months.
Commissioners of Income-Tax (Appeals) were directed to bifurcate the appeals pending with them into four categories. High demand appeals brought forward as on the first day of the financial year involving disputed demand of Rs. 10 lakhs and above, have been identified as the first category for priority disposal.
The sanctioned and the working strength of the officers/staff in the Income Tax Department/Directorates as on 31.3.2012 are given as under:-
The Government is focusing on increasing use of Information Technology for detection of evasion of tax. The Government also receives information on tax evasion from public at large through letters, e-mails, reports in media etc. the Government grants rewards to persons who provide information useful for detection of tax evasion and realization of taxes subject to certain guidelines issued by Central Board of Excise and Customs (CBEC) and Central Board of Direct Taxes (CBDT).
Reserve Bank of India had deregulated the interest rates on advances sanctioned by Scheduled Commercial Banks, with effect from October 18, 1994 and these interest rates were determined by bank themselves with the approval of their Boards, subject to Benchmark Prime Lending Rate (BPLR) and spread guidelines.
The Stock Exchange or the Clearing Corporation, as the case may be, shall, in consultation with SEBI, formulate a policy for annual inspection of their members in various segments and follow up action thereon. The policy shall also cover various kinds of risks posed to the investors and market at large on account of the activities/business conduct of their members.
