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Notification No. 10/2013 – Income Tax SECTION 10(15), ITEM (h) OF SUB-CLAUSE (iv) OF THE INCOME-TAX ACT, 1961 – EXEMPTIONS – INTEREST ON BONDS/DEBENTURES – SPECIFIED COMPANIES AUTHORIZED TO ISSUE TAX-FREE, SECURED, REDEEMABLE, NON-CONVERTIBLE BONDS DURING F.Y. 2012-13 – AMENDMENT IN NOTIFICATION NO. SO 2685(E), DATED 6-11-2012, READ WITH CORRIGENDUM NO. SO 2717(E), DATED 15-11-2012 NOTIFICATION NO. 10/2013[F.NO.178/6/2013(ITA-I)]/SO 321(E), DATED 5-2-2013
Assessing Officer was carried away by the original return filed by the assessee, wherein originally the income admitted in the course of search was not returned by it. But the fact is that the assessee had filed a revised return before completing the assessment.
The assessing officer recorded reasons as required under section 148(2) and reopened the assessments for the earlier three years under section 147 of the Act and issued notices on 29.03.2004, 22.3.2005 and 14.7.2005 respectively. The reasons recorded by the assessing officer are identical for all the three years and are as under: –
I am directed to say that the delay in filing of SLP is a serious cause of concern. One of the reasons for delay in filing of SLP is inordinate delay in receiving the SLP proposals in the Directorate of Legal & Research. Even after conveying the concern of the Board in this regard, it is observed that about 50% proposals are received after 60 days of the date of impugned judgment of High Court as against 21 days prescribed in instruction No. 4 of 2011 laying down the SOP for filing SLP.
In the present case, the assessees being the builders, had the option to recognize their income either on percentage completion method or on project completion method. Therefore, it was not certain to hold that the assessees were liable at all to file returns under section 139(1). Whether the assessees had recognized their income for the impugned assessment years is also not clear. The returns were filed after search made under section 132 but before the issue of notice under section 153A.
In this appeal it is noticed that the Assessee has in fact after interim order granted by this Court has approached the Revenue and there are certain proposals given by the Revenue to the Assessee and it is submitted by Sri Naganand, learned Senior Counsel that initially the Assessee has deposited Rs.50 crores and as per the order of the Tribunal and further a sum of Rs.175 crores has been deposited after the order passed by this court and a sum of Rs.25 crores will be deposited by 10.02.2013 and modification of interim order to such extent should take care of the interest of both the Assessee and Revenue etc.
This tax calculator can be used to calculate the approximate tax payable by salaried individuals for the Assessment year 2013-14 or Financial Year 2012-13. This should NOT be used to compute the actual taxes to be paid to the Government. We have outlined Below the Instructions to Be Followed for Use of Calculators and tax Rules.
Whether the material obtained during search showing a variation in expenditure may be considered as evidence for disallowance of expenditure for a block period u/s 158BB of the Act and would not amount to assessment on estimation basis?
Seconded personal continue to be the employees on the roll of the member oil companies even during the period of secondment. These seconded employees continue to receive their salaries and emoluments from the member oil company of which they are employees. Therefore, not being employees of the respondent-assessee, the overseas allowances cannot be subject to deduction of tax at source.
There is no doubt that the authority concerned, who issues the warrant for searches and seizure, ought to have the necessary materials before him to have a reason to believe that an order for search and seizure is warranted. However, it is clear that if certain materials are available before the authority concerned to arrive at his conclusion, then it is not for this Court to examine as to whether there were sufficient materials or grounds to arrive at such a conclusion.
