From a reading of the provisions of section 50C(2), it is clearly mandated that if an assessee challenges or objects to the Assessing Officer adopting the guideli ne value of the property for stamp duty purposes in place of the stated consideration in the sale deed for the purposes of computing LTCG, then the Assessing Officer ought to refer the property for valuation to the Valuation Officer of the Income-tax department.
Plain reading of provisions of section 11(2)(b) lays down that 85 per cent of the income is to be applied to charitable purposes or set apart and the moneys accumulated or set apart can be invested or deposited in the forms or modes specified in sub-section (5). Clause (x) of sub-section (5) to section 11 prescribes one of the modes of investment as ‘investment in immovable property’.
It thus remains an undisputed fact that no addition has been made on the reasons recorded for reopening the completed assessment. Now, what is to be seen is as to whether, as contended by the assessee, since no addition has been made on the reasons recorded, no reasons for reopening the completed assessment survive and, consequently, the completed assessment could not have been reopened, or whether in spite of no addition having been made qua the reasons recorded, those reasons still survive and the reopening on the basis of those reasons is in order, as maintained by the department.
Files go missing from government offices all the time. But on this occasion the Income Tax (I-T) department has a legitimate reason. Thousands of files belonging to various business enterprises are believed stolen from one of the I-T offices at Bandra-Kurla Complex (BKC) after burglars broke into the sixth floor of the building. The department lodged a formal complaint at the local police station on Wednesday.
The application for direction for sale was specially assigned to His Lordship. His Lordship should have disposed of the same either by dismissing it if His Lordship so feels it proper or allow it directing Official Liquidator to take expeditious steps for sale. Further directions for advertisement and conduct of sale would remain with the learned Company Judge.
The data regarding companies which have not given dividend to their shareholders is not maintained in this Ministry. Further, there is no statutory compulsion on the companies under the Companies Act 1956 to declare and pay dividends to their shareholders every year.
ANNOUNCEMENT Eligibility of a paid assistant working with a firm of chartered accountants for the purpose of engagement of articled assistants – Amendment to the Regulation 43 of the Chartered Accountants Regulations, 1988 This is to inform all concerned that with the issuance of the Notification No.1-CA (7)/145/2012 on August 1, 2012, the period of […]
Power of winding up of a company was conferred on the Court and notwithstanding any arbitration agreement between the parties the arbitrator would have no jurisdiction to pass the said order. We fail to appreciate, how this decision would help us to decide the present controversy.
The due date for the return period ending June 2012 (i.e. for monthly and quarterly filers) was 21st July 2012. By virtue of the Para 5 of Trade Circular 1T of 2009 dated 12th January 2009 the additional 10 days period was provided for uploading of the return provided that these dealers made the payment of tax due as per return on or before the prescribed due date.
The assessee had submitted that direct salary cost should be considered and indirect overhead cost should not be considered as concerned employees performed insignificant role for the credit monitoring assistance done for the overseas associate enterprises. However, it is true that no fresh ECB loans have been granted during the year under consideration, but services indeed have been rendered by the assessee to its overseas entities.
