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Explanation to Section 164 for determination of beneficiary share

February 1, 2017 27621 Views 0 comment Print

By no interpretative process the explanation to Section 164 of the Act, which is pressed in service can be read for determinability of the shares of the beneficiary with the quantum on the date when the Trust deed is executed and the second reason is that the real test is the determinability of the shares […]

Exemption U/s. 54F cannot be denied merely because capital asset was purchased in individual name of coparcener of HUF

January 31, 2017 9048 Views 0 comment Print

Shri K. Balasubramanian, the learned representative for the assessee submitted that the assessee HUF, sold 122.840 carat of diamonds on 2-1-2012 for a total consideration of Rs. 57,12,060. The long-term capital gain computed at Rs. 42,65,619. According to the learned representative, there was no dispute about sale of diamonds and the computation of long-term capital gain at Rs. 42,65,619.

Sec. 35(1)(ii) CBDT approves Christian Medical College Vellore Association

January 31, 2017 2523 Views 0 comment Print

It is hereby notified for general information that the organization M/s Christian Medical College Vellore Association, Vellore (PAN:- AAATC/ 278N) has been approved by the Central Government for the purpose of clause (ii) of sub-section (1) of section 35 of the Income-tax Act, 1961 (said Act), read with Rules 5C and 5E of the Income-tax Rules, 1962 (said Rules), from Assessment year 2016-2017 onwards in the category of ‘University, College or other Institution’, engaged in research activities

Sec. 35(1)(ii) CBDT approves Center of Innovative & Applied Bio-processing

January 31, 2017 627 Views 0 comment Print

It is hereby notified for general information that the organization M/s Center of Innovative & Applied Bio-processing(`CIAB’) (PAN:- AABAB8297N) has been approved by the Central Government for the purpose of clause (ii) of sub-section (1) of section 35 of the Income-tax Act, 1961 (said Act), read with Rules 5C and 5D of the Income-tax Rules, 1962 (said Rules), from Assessment year 2016-2017 onwards in the category of ‘Scientific Research Association’,

District-level Caste Scrutiny Committee had no jurisdiction to revoke caste-status

January 31, 2017 6687 Views 0 comment Print

This petition is directed against the order Annexure P-32 whereby the District Level Caste Scrutiny Committee has revoked the caste certificate issued in favour of the petitioner on 10-10-1991 by the Collector, Durg, holding that she does not belong to Scheduled Tribe as notified and therefore she is not entitled for the caste certificate.

ITAT directs to establish relationship with income of expenses claimed by Parthiv Patel

January 31, 2017 1614 Views 0 comment Print

Assessing Officer nor the CIT(A) has sought to establish a direct nexus between assessees professional income from playing cricket along with his expenditure in question claimed u/s.37 of the Act.

Section 54F exemption on investment out of borrowed funds, in the name of Karta by HUF & On Renovation of Existing Unit

January 31, 2017 15648 Views 0 comment Print

This appeal of the assessee is directed against the order of the Commissioner of Income Tax (Appeals) – 13, Chennai dated 15.09.2016 and pertains to the assessment year 2012-13.

Insolvency and Bankruptcy Board of India (Engagement of Research Associates and Consultants) Regulations, 2017

January 30, 2017 3015 Views 0 comment Print

(1) These regulations may be called the Insolvency and Bankruptcy Board of India (Engagement of Research Associates and Consultants) Regulations, 2017. (2) They shall come into force on the date of their publication in the Official Gazette.

Insolvency and Bankruptcy Board of India (Procedure for Governing Board Meetings) Regulations, 2017

January 30, 2017 1416 Views 0 comment Print

(1) These regulations may be called Insolvency and Bankruptcy Board of India (Procedure for Governing Board Meetings) Regulations, 2017. (2) These regulations shall come into force on the date of their publication in the Official Gazette.

Insolvency and Bankruptcy Board of India (Advisory Committee) Regulations, 2017

January 30, 2017 1662 Views 0 comment Print

These regulations may be called Insolvency and Bankruptcy Board of India (Advisory Committee) Regulations, 2017. (2) These regulations shall come into force on the date of their publication in the Official Gazette.

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