Recently ITAT Mumbai in the case of Ruchi Strips & Alloys Ltd vs. DCIT held that the concealment of income had its repercussions only when the assessment was done under the normal procedure. If the assessment as per the normal procedure was not acted upon and it was the deemed income assessed u/s 115JB which became the basis of assessment, the concealment had no role to play and was totally irrelevant. The concealment did not lead to tax evasion at all.
The AO’s argument that the assessee could have utilized its surplus funds for repaying the borrowings instead of investing in shares and by not doing so, there was diversion of borrowed funds towards investment in shares to earn dividend income is not acceptable in view of CIT vs. Hero Cycles Ltd 323 ITR 518 (P&H) where Abhishek Industries was distinguished and it was held disallowance u/s 14A of interest on borrowed funds was not permissible if the investment in shares was made out of own funds.
ITR-1 SAHAJ and ITR 2 in Excel Format for A.Y. 2011-12 / Financial Year 2010-11. ITR 1 Sahaj in Excel Format for A.Y 2011-12 Financial year 2010-11.ITR 1 Sahaj in Excel Format for A.Y 2011-12 Financial year 2010-11 (ZIP FILE). itr2 in Excel Format for A.Y 2011-12 Financial year 2010-11
NOTIFICATION NO. LAD-NRO/GN/2011-12/04/13647, DATED 28-4-2011 – The Securities and Exchange Board of India, having considered the application, dated February 11, 2011 for renewal of recognition made under section 3 of the Securities Contracts (Regulation) Act, 1956 by The Gauhati Stock Exchange Limited having its registered office at 2nd Floor, Shine Towers, Sati Jaymati Road, Arya Chowk, Rehabari, Guwahati-781 008 and being satisfied that it would be in the interest of the trade and also in the public interest so to do, hereby grants, in exercise of the powers conferred under section 4 of the Securities Contracts (Regulation) Act, 1956, renewal of recognition to the said Exchange under section 4 of the said Act for a period of one year commencing on the 1st day of May, 2011 and ending on 30th day of April, 2012 in respect of contracts in securities subject to the conditions stated hereinbelow or as prescribed or imposed hereafter :
Notification No. 45/2011 – Income Tax [F.NO.V-27015/1/2011-SO(NAT.COM)]/S.O. 886(E), DATED 27-4-2011 WHEREAS by Notification of the Government of India in the Ministry of Finance (Department of Revenue) number S.O. 135(E), dated the 3rd February, 2006, issued under clause (b) of the Explanation to section 35AC of the Income-tax Act, 1961 (43 of 1961), the Central Government had notified at serial number 8, “Development of integrated socio economical health, education and essential facilities” by Shri Saibaba Sanstha Trust (Shirdi), Taluk – Rahata, District Ahmednagar, Maharashtra-423109, as an eligible project or scheme for a period of three years beginning with financial year 2005-06 and which was extended further vide Notification number S.O. 1473(E), dated 17th June, 2008 for a period of three years beginning with financial year 2008-09;
Notification No. 44/2011 – Income Tax [F.NO.V-27015/1/2011-SO(NAT.COM)]/S.O. 885(E), DATED 27-4-2011 WHEREAS by Notification of the Government of India, in the Ministry of Finance (Department of Revenue) number S.O.708(E), dated the 25th May, 2005, issued under sub-section (1) read with clause (b) of the Explanation to section 35AC of the Income-tax Act, 1961 (43 of 1961), the Central Government had notified at serial number 5, “Health care project” by Umeed, 208-216, DDA Commercial Complex, Aurobindo Place Market, Hauz Khas, New Delhi – 110016, as an eligible project or scheme for a period of three years beginning with financial year 2005-06 and which was extended further vide Notification number S.O. 2372(E), dated 3rd October, 2008 for a period of three years beginning with financial year 2008-09;
Renu Hingorani vs. ACIT (ITAT Mumbai) – The AO had not questioned the actual consideration received by the assessee but the addition was made purely on the basis of the deeming provisions of s. 50C. The AO had not doubted the agreement or given any finding that the actual sale consideration was more than the sale consideration stated in the sale agreement. The fact that the assessee agreed to the addition is not conclusive proof that the sale consideration as per agreement was incorrect and wrong. Accordingly, there was no concealment of income or furnishing inaccurate particulars of income.
Notification No. 43/2011 – Income Tax [F.NO.V-27015/1/2011-SO(NAT.COM)]/S.O. 884(E), DATED 27-4-2011 WHEREAS by Notification of the Government of India in the Ministry of Finance (Department of Revenue) number S.O. 614(E), dated 18th March, 2010, issued under clause (b) of the Explanation to section 35AC of the Income-tax Act, 1961 (43 of 1961), the Central Government had notified at serial number 21, Educational Institution of Human Development Foundation of Sikkim by Human Development Foundation of Sikkim, G.R.B.A. Road, Chongey Tar, PO Raj Bhawan, Gangtok, East Sikkim- 737101, as an eligible project or scheme for a period of two years beginning with financial year 2008-09;
Notification No. 42/2011 – Income Tax [F.NO.V-27015/1/2011-SO(NAT.COM)]/S.O. 883(E), DATED 27-4-2011 WHEREAS by Notification of the Government of India, in the Ministry of Finance (Department of Revenue) number S.O. 1586(E), dated the 11th November, 2005, issued under sub-section (1) read with clause (b) of the Explanation to section 35AC of the Income-tax Act, 1961 (43 of 1961), the Central Government had notified at serial number 4, “Multi Organ Harvesting and Sharing Network in India” by Mohan Foundation, A-81, Anna Nagar, Chennai – 600102, as an eligible project or scheme for a period of three years beginning with financial year 2005-06 and which was extended further vide Notification number S.O. 2036(E), dated 6th August, 2009 for a period of three years beginning with financial year 2008-09;
Notification No. 41/2011- Income Tax [F.NO.V-27015/1/2011-SO(NAT.COM)]/S.O. 882(E), DATED 27-4-2011 WHEREAS by Notification of the Government of India in the Ministry of Finance (Department of Revenue) number S.O. 737(E), dated 13th March, 2009, issued under clause (b) of the Explanation to section 35AC of the Income-tax Act, 1961 (43 of 1961), the Central Government had notified at serial number 16, K.M.G. General Hospital by Kacheria Mojilal Gordhandas General Hospital Trust, Near Saliawadi Darwaja, Balasinor, District Kheda, Gujarat – 388255, as an eligible project or scheme for a period of three years beginning with financial year 2009-10;
