There is A Need to Reduce Negative Connotation of Vigilance and to Promote Preventive, Predictive and Pro-Active Vigilance to Ensure offenders are Caught before Commission of the offence: says Vigilance Commissioner
The assessee is following Percentage Completion Method. This method is recognised by the Income-tax Act for disclosing the profit in the case of a builder. The purpose of granting deduction u/s. 80IB(10) is to promote housing projects.
In determining whether there has been diversion of income by overriding title, it is the nature of the obligation which is the decisive fact. There is a difference between an amount which a person is obliged to apply out of this income and an amount which by the nature of the obligation cannot be said to be a part of the income of the assessee.
In the instant situation, the revenue is taxing the profit on percentage completion method but suggesting to grant deduction only on completion of the project. If the stand of the revenue is accepted then only on completion of project an assessee would be entitled for deduction under section 80-IB(10), then undisputedly an anomaly shall arise as to how and when the tax should be charged.
The salient features of this system are: • Centralised database of all complaints, • Online movement of complaints to the concerned KRA,
Notification No. 43/2012-Customs (ADD) New Delhi, dated the 21st September, 2012 G.S.R. 710 (E). – Whereas in the matter of import of Resin or other organic substances bonded wood or ligneous fibre boards of thickness below 6mm, except insulation boards, laminated fibre boards and boards which are not bonded either by resin or other organic […]
As we all know last date for Income Tax Return Filing for For Corporate & non corporate assessees (i.e. Partnership Firm ,LLP, Proprietorship Firm, HUF) whose accounts are required to be audited under Income tax act or any other act for the time being in force is 30.09.2012. As 30th September is a holiday i.e. Sunday so there arise a question whether last date of return filing will remain 30th September or it will get extended to 01.10.2012 (Monday).
Kind reference is invited to the letter no. DIT(S)/DMFortnight/2012-13 dated 3rd September, 2012 by Member (Revenue) to all CCsIT/DGsIT for organizing a Demand Management Fortnight from 3rd September to 14th September, 2012 to settle Arrear Demand Grievance pertaining to uploading and rectification of Demand on the CPC portal.
The Depositories are advised to:- (a) make amendments to the relevant bye-laws, rules and regulations for the implementation of the above, as may be applicable/necessary ; (b) bring the provisions of this circular to the notice of their DPs and also to disseminate the same on their website.
In the instant case also, the assessee furnished all the details relating to its claim for deduction u/s 80IB of the Act and the Assessing Officer thoroughly examined the claim while framing the assessment u/s 143(3) and on being satisfied the claim was allowed. Therefore, in the present case, reopening of the assessment by issuing notice u/s 148 of the Act is definitely a change of opinion which is not maintainable and therefore, the re-assessment framed by the Assessing Officer u/s 147 of by issuing notice u/s 148 of the Act after completing the assessment u/s 143(3) of the Act by taking a view which was in consonance with the judgment of the Hon’ble jurisdictional High Court was not valid.
