1. List of all the cases which were dismissed by Courts/Tribunal for want of clearance from COD and where revival applications before the respective Courts/ Tribunal have been filed by the Department subsequent to the decision of Apex Court in the case of Electronics Corporation of India Ltd., dated 17-12-2011 and details of the cases thereof including the name of the assessee, AYs involved, quantum of the tax disputed;
It has now been decided that in addition to the reporting prescribed in terms of aforesaid circulars, all the new entities setting up LO/BO/PO shall also: submit a report containing information as per Annex within five working days of the LO/BO/PO becoming functional to the DGP of the state concerned in which LO/BO/PO has established its office; if there are more than one office of such a foreign entity, in such cases to each of the DGP concerned of the state where it has established office in India;
As per the provisions of sec 35(2AB) of Act as applicable to the relevant Assessment year, the expenditure incurred by the assessee in any approved in-house research facility, to the extent of approved by the prescribed authority, is entitled to weighted deduction of 150% of such approved expenditure. Therefore, the expenditure as approved by the DSIR in the certificate given by them in Form 3CL alone is to be granted weighted deduction.
Insofar as eucalyptus and other trees are concerned, the cost of acquisition on the basis of the judgment of the Kerala High Court made in Pullengode Rubbers & Produce Co. Ltd. case, (supra) the capital gain was worked out at 30% of the sale proceeds. The Assessing Officer rejected the appellant’s method of arriving at the cost of rosewood and silver oak trees relying upon the judgment of the Kerala High Court, uniformly m respect of rosewood, silver oak, eucalyptus and other trees.
Know Your Customer (KYC) norms/Anti-Money Laundering (AML) standards / Combating the Financing of Terrorism (CFT) Obligation of Authorised Persons under Prevention of Money Laundering Act, (PMLA), 2002, as amended by Prevention of Money Laundering (Amendment) Act, 2009 – Money changing activities
Foreign Exchange Management Act, 1999-Import of gold in any form including jewellery made of gold/precious metals or / and studded with diamonds / semi precious / precious stones – clarification
Due Date for Filing Income tax Return for corporate assessees and those who come under compulsory audit under income tax Act or under any other Act is 30th September 2012. Question which comes to every CA professionals mind is whether due for filing income tax return for this year will get extended or not? Now the question is why the government should extend the date? We have found 5 Such reasons why we fell government should extend the due for filing of Income tax Return.
A partner is not entitled to receive remuneration for taking part in the conduct of the business under section 13 of the Partnership Act. This rule is subject to the contract to the contrary. In other words, if there is a contract between partners to receive remuneration for taking part in the conduct of the business, this rule is not applicable. Section 40(b) recognizes this rule. It provides for making payment to a partner subject to the condition mentioned therein being fulfilled. The said conditions are:-
The Appellate Tribunal was right in law and facts in holding that the value of silver bars which stood confiscated under the Smugglers and Foreign Exchange Manipulators (Forfeiture of Property) Act, 1976 could not be added to the wealth of the assessee despite the fact that the confiscation order was subsequently set aside in appeal and the appeal was pending on the date of valuation.
The words mentioned in section 54F are that the amount should be invested in the construction of a residential house. Therefore, once the assessee having been invested total sale consideration into construction of a residential house, then it is not necessary that the residential house should have been completed within three years of the transfer of the original asset.
