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Income Tax : The Institute of Cost Accountants of India seeks inclusion of Cost Accountants in the definition of "Accountant" under Section 515...
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Income Tax : Details of the Lok Sabha Select Committee's sittings on March 6-7, 2025, to examine the Income-Tax Bill, 2025, with oral evidence ...
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Income Tax : The Indian government is set to introduce the new Income Tax Bill, 2025, in the Lok Sabha on February 13, 2025. This comprehensive...
Vide Order No. 105 of 2012 dated 6.6.2012, the CBDT has transferred & posted several officers in the Advance Pricing Arrangement (APA) Team in the office of the DGIT (International Taxation) with immediate effect.
Gross direct tax collections during April-March of the F.Y. 2011-12 was up by 13.02 percent and stood at Rs.5,90,077 crore as against Rs.5,22,104 crore in the same period in F.Y.2010-11. While gross collection of corporate taxes was up by 11.52 percent. The gross collections on this account stood at Rs.3,96,208 crore as against Rs.3,55,267 crore during the F.Y. 2010-11.
security can acquire the character of stock-in-trade if it is so held as part of trading stock and the assessee acts as such. In respect of securities which are held by way of permanent investment by the assessee-bank as part of the requirement of the law, then such securities is not and cannot be either be construed or accepted as an investment in the form of security ready for sale. Stipulation on the bank is that it should be held as an investment in some Government securities or other securities.
We have considered the rival submissions. We have also perused the said order dated 27-05-2011 of the co-ordinate bench of this tribunal in assessee’s own case for the assessment years 2004-05 & 2007-08 (refer to supra). As it is noticed that the co-ordinate bench of this tribunal in assessee’s own case (refer to supra) in para 4 & 5 of the said order dated 27-05-11 has taken into consideration the decision of the Hon’ble Madhya Pradesh High Court in the case of CIT –vs- Darshan Talkies [217 ITR 744] as also the decision of the co-ordinate bench of this tribunal in assessee’s own case for the assessment year 2006-07 in ITA No.1689/Kol/2009 dated 26-11-2009 and the tribunal has dismissed the revenue’s appeals [in ITA Nos.2210 & 2211/Kol/2010] upholding the finding of the ld.CIT(A) in directing the Assessing Officer to grant exemption u/s. 11 of the I.T Act, respectfully following the said order/decision dated 27/05/2011 of the co-ordinate bench of this tribunal in assessee’s own case for the assessment years 2004-05 & 2007-08 (refer to supra) and as also as no contrary view has been taken by any superior authority and no contrary evidence has been placed before us by the revenue, the findings of the learned Commissioner of Income-tax (Appeals) stand confirmed. The issues of revenue’s appeal are dismissed.
As a result of the aforesaid protests and representations, there has been roll-back or reduction in the rigour, in respect of some of the aforesaid proposed amendments. The same were announced by the Finance Minister in his speech, while introducing the Finance Bill, 2012, for consideration. Besides, in certain respects, some additional reliefs have also been announced by the Finance Minister. The same are briefly discussed as follows:
ORDER NO. 104 OF 2012 – The following transfers/postings in the grade of Additional/Joint/Deputy/Assistant Commissioners of Income Tax, is hereby ordered with immediate effect and until further orders:
As regards the provision for bad and doubtful debts, the question again is whether in computing the income of the trust on commercial principles, the provision can be deducted or where the deduction can be allowed only in accordance with the provisions of Section 36(i)(vii) read with Section 36(2)(i) of the Act. We have already held that the income of the trust available for application to charitable purposes in India should be computed not in accordance with the strict provisions of the Income Tax Act but should be computed in accordance with commercial principles and it is on this footing that the payment of Income Tax Act under the VDIS was treated as a deduction and as proper amplication of the income of the trust. The same line of reasoning holds good for the provision for bad and doubtful debts. Even under the computation provision of the Act such a provision was considered allowable up to and including the assessment year 1988-89 and it was only from the assessment year 1989-90 that the Act required that a mere provision would not be allowable as a deduction and the actual writing off of the debt was a necessary pre-condition. Be that as it may, under the commercial principles it has always been recognized that a provision, reasonably made for a loss or an outgoing, can be deducted from the income if there is apprehension that the debt might become bad. There is nothing brought on record to show that the provision was not made bona fide. In such a situation the ratio of the decisions cited by us while dealing with the deductibility of the taxes paid under the VDIS will equally apply. We accordingly hold that while computing the income available to the trust for application to charitable purposes in India in accordance with Section 11(1)(a) the provision for doubtful debts must be deducted.
Explanation-3 to section 43(1) says that where the AO is satisfied that the main purpose of the transfer of such assets to the assessee was the reduction of liability to income tax by claiming depreciation with a reference to an enhanced cost, then the actual cost to the assessee shall be such an amount as the AO may determine having regard to all the circumstances of the case.
The facts of the case are that the assessee had leased its property at Vidyavihar to Minicon Insulated Wires Pvt. Ltd. (MIWPL) at Rs. 22,56,000, which in turn was leased out by MIWPL to various other parties, from which it was receiving rents of Rs. 1,59,34,618. The AO, relying on the orders of the preceding years, added the rents received by MIWPL at Rs. 1,59,34,618 in the hands of the assessee, holding that the rent agreement between the assessee and MIWPL was a sham, and the entire rent received by the company actually belonged to the assessee, as assessee and MIWPL are related parties.
Aviva Life Insurance today announced the launch of its online health plan – Aviva Health Secure. The plan provides the policyholder with a lump sum amount on diagnoses of any critical illness covered by the policy thereby ensuring that the family has adequate funds to meet the unplanned medical expenses and get the best possible treatment. Available exclusively on the online platform, Aviva Health Secure can be bought for a nominal premium starting Rs 2000 per year from www.avivaindia.com. While the minimum sum assured is Rs 5 lakh, the maximum is Rs 50 lakh. The plan can be bought by a person from 18 years to 55 years of age for a minimum policy term of 10 years and a maximum term of 30 years.
