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Since the housing project was completed after 31.3.2008, the assessee has not fulfilled the second requisite condition for claiming deduction under section 80IB(10) of the Act and therefore the assessee is not entitled for deduction under section 80IB(10) of the Act.
In the case of Ashika Stock Broking Ltd. (supra) it was held that once there was a net surplus from share dealing of market segment and future and option segments together and if there was a net profit therefrom the assessee was entitled for rebate of entire STT. In the case under consideration surplus from share dealing from market segment/ future and option segment is not there, but there is net income after setting off of losses.
It is now settled law that in order to sustain a penalty under section 271(1)(c) the department must establish that the receipt of the amount in dispute constitutes income of the assessee and part from the falsity of the explanation given by the assessee, the department must have before it cogent material or evidence from which it can be inferred that the assessee has consciously concealed the particulars of his income or has deliberately furnished inaccurate particulars in respect of such income.
A Central Board of Direct Taxes (CBDT) panel on black money has suggested enactment of new laws, strengthening of existing legislation and introduction of deterrent penalties for tax offences to deal with the menace.
Ground No. 3 relates to disallowance of prior period expenses amounting to Rs. 2,33,864/-. The Ld. Counsel for the assessee submitted that expenses of petty nature have been written off during the year, details of which have been furnished during the course of assessment proceedings. The Ld. DR strongly supported the orders of lower authorities.
Kind reference is invited to the above, wherein the assessing officers have been instructed to verify and reconcile the demands where such demand or adjustment thereof by CPC is disputed by the taxpayer. They have also been advised to upload amended figure of arrear demand on the Financial Accounting System (FAS) portal of Centralized Processing Center (CPC), Bengaluru wherever there is balance outstanding arrear demand still remaining after aforesaid correction/ reconciliation.
The prima-facie role of a Company Secretary is to identify all the AEs with whom the Company has transacted during the year. There are likely chances that some of the entities which are falling under the deeming fiction might go unnoticed to the auditors. The consequence of non-reporting of a transaction is as high as 2 % of the total value of transaction that went unreported. Further, penalty proceedings can also be initiated for concealment of true facts and disclosure under section the Income Tax Act.
The Income Tax Department is in the process of training a fresh batch (Batch-II) of 5000 graduates as Tax Return Preparers (TRPs) across the country. The TRPs are authorized to prepare Income Tax Returns for individual and HUF taxpayers. The Tax Return Preparer Scheme (see www. trpscheme.com) was launched by the Income Tax Department during the year 2006-07.
Twin issues of corruption and black money have attracted unprecedented public attention in the past few months in India. Political debates in Parliament and outside, media news and campaigns, public demonstrations, dharnas and fasts, Hon’ble Supreme Court’s attention and observations, and the general public discourse, has been focused on these issues for more than past two years now.
Notification No. 32/2012-FT&TR-II Whereas the annexed Agreement between the Government of the Republic of India and the Government of the Republic of Liberia for the exchange of information and assistance in collection with respect to taxes was signed in Liberia on the 3rd day of October, 2011; And whereas the date of entry into force of said agreement is the 30th day of March, 2012, being the date of the later of the notifications after completion of the procedures as required by the respective laws for the entry into force of this Agreement, in accordance with article 12 of the said Agreement;
