Balance in the shares account is Rs.23,52,580/- whereas as per books of account and as per trial balance it is Rs.22,93,130/- and assessee has failed to explain the difference or substantiate his plea that there is no difference. As such, it is held that since assessee has not been able to explain the difference, therefore, addition is called for which has rightly been confirmed by the CIT(A) whose action is further confirmed and this ground appeal of the assessee is dismissed.
We find that the undisputed fact is that the premises are trading assets and have been shown as stock-in-trade. No rent has been received in respect of these unsold assets. The income from the properties have been shown and accepted to be taxable u/s 28. Unless specifically provided a notional income cannot be brought to tax. In other words, the concept of real income is applicable to computation of business income unless specifically provided otherwise. The assessee has not earned any income from the stock-in-trade. Therefore, we are of the view that the ld. CIT(Appeals) rightly allowed the relief to the assessee. In the result, this ground is also dismissed.
Having regard to the dates on which the sites were acquired the long term capital gains and short term capital gains were arrived at . The assessee has paid the money by way of account payee cheque to one B.G. to clear the slum dwellers, which amount has been acknowledged by him. Expenses related only to short term capital gains. According to the assessee, the slum dwellers were in possession of the land, which resulted in short-term capital gains.
Examination Pattern for Foundation Course (Entry Level) Part-I from June 2012 onwards. Examination shall have Multiple Choice Questions to be answered/marked in OMR answer sheets. The Examination of Foundation Course (Entry Level) Part-I shall be held on a single day (Sunday) in two sessions Morning Session Paper I (10.00 am to 12.00 pm) Section A:- […]
This is an application for the winding up of Tantia Constructions Ltd. (hereinafter the company). It is made by a Malaysian company by the name of Road Builder (M) Sdn Bhd, (hereinafter the petitioning creditor). These two companies entered into a joint venture agreement on 14th July, 2003 for setting up a project in the State of Mizoram. After sometime, the company pulled out of it. They entered into a different relationship. The petitioning creditor agreed, on 15th December, 2007, to sell to the company plant, machinery and vehicles at a total consideration of Rs. 2,75,73,614.41/-.
Notification No. 2/2012-Central Excise (N.T.) Central Government hereby makes the following further amendment in the Ministry of Finance, Department of Revenue, notification No 21/2004-Central Excise (N.T.), dated the 6th September, 2004, namely: –
Notification No. 13/2012-Customs (ADD) Central Government hereby rescinds the notification of the Government of India, in the Ministry of Finance (Department of Revenue), No. 58/2011-Customs, dated the 8th July, 2011, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R.525(E), dated the 8th July, 2011, except as respects things done or omitted to be done before such rescission.
The Income Tax Calculator given below is for A.Y. 2012-13 or Financial year 2011-12. The Calculator Calculates taxable Income and tax thereof. Calculator can be used for calculating income tax on all types of Income. It have the option to set off carried forwarded losses and to compute rebate for Agricultural income. Calculator calculates tax on income of Male, Female, Senior Citizen, Very senior Citizen after considering basic exemption limit available to them.
Government may grant the Income Tax department powers to re-open tax returns of beyond six years in specific cases of black money where “foreign assets” are involved.The I-T department needs these powers to pursue the ongoing cases where funds were found to be stashed abroad and these came to light after India received a classified list of bank account holders which include those in HSBC bank Geneva and LGT Bank of Liechtenstein.
Deposits in foreign banks, paintings, sculptures and expensive watches may come under the wealth tax net as part of the government’s drive to unearth black money.The proposal to expand the ambit of the Wealth Tax forms part of the Direct Taxes Code (DTC) Bill which is being scrutinised by a Parliamentary Standing Committee. Some of the proposals are likely to be incorporated in the Budget for 2012-13, pending approval of the DTC.
