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The National Highways Authority of India (NHAI) and Rural Electrification Corporation Ltd (REC) have kept their targets to raise funds in the current financial year through tax-free infrastructure bonds unchanged, at a total of Rs 6,500 crore. Analysts feel it is a wise step not to raise the target now, as the market is yet to pick up in a big way.
Please find below the details of Online Income Tax return filed during the period from 01.04.2009 to 31.03.2010.
Prasad Production Ltd. (“Taxpayer”) was awarded a contract by the Government of the State of Andhra Pradesh to establish IMAX Theatre at Hyderabad. The Taxpayer entered into an agreement with IMAX Ltd., Canada for purchase of the system (which included supply of equipment, installation, testing and initial training) as well as transfer of technology. As per the agreement, the total consideration for purchase of the system was US$ 1,365,000 and US$ 950,000 was towards technology transfer fee.
The assessee purchased US-64 Units of the UTI in May 1990 for Rs. 3.75 crs, received dividend thereon of Rs. 45 lakhs and sold the units in July 1990 for Rs. 3.25 crs. The assessee claimed that deduction u/s 80M was available on the dividend and that a short-term capital loss of Rs. 51.61 lakhs on purchase and sale of units was allowable.
If the Assessing officer or Commissioner (Appeals) in the course of any proceedings under the Act is satisfied that any person has concealed the particulars of his income or furnished inaccurate particulars of such income, then he can direct that such person shall pay by way of penalty u/s. 271(1) (c), a sum not less than 100% but not exceeding 300% of the amount tax sought to be evaded by reason of concealment of his income or furnishing inaccurate particulars of his income.
Notification No. 24/2010-Income Tax S.O. (E).-In exercise of the powers conferred by clause (48) of section 2 of the Income-tax Act, 1961 (43 of 1961), read with clause (ii), clause (iii) and clause (v) of sub-rule (3) and sub-rule (6) of rule 8B of the Income Tax Rules, 1962, the Central Government hereby specifies the bond with the following particulars as zero coupon bond for the purposes of the said clause (48) of section 2 of the said Act, namely :—
Notification No. 23/2010-Income Tax valuation of shares and securities.-(a) the fair market value of quoted shares and securities shall be determined in the following manner, namely;-(i) if the quoted shares and securities are received by way of transaction carried out through any recognized stock exchange, the fair market value of such shares and securities shall be the transaction value as recorded in such stock exchange;
If there was a surplus of agricultural income in the hands of the assessee for these impugned assessment years, there would have been no question of claiming expenses by way of deduction or question of allowing the same as deduction in computing the business income of the assessee company. The expenses relating to agricultural operations cannot be allowed as expenditure in computing the business income for the simple reason that agricultural income does not form part of the total income under the IT Act.
Notification No. 22/2010-Income Tax In exercise of the powers conferred by Explanation 2 to section 90 of the Income-tax Act, 1961 (43 of 1961) the Central Government hereby notifies the following areas outside India as the ‘specified territory’ for the purposes of the said section, namely:- Bermuda, British Virgin Islands, Cayman lslands, Gibraltar..
The Income Tax (I-T) department sleuths conducted simultaneous raids on 45 sugar mills spread in 17 places across the country on Wednesday. The I-T department cracked the whip following a recent Headlines Today report that showed how sugar mills were illegally raking in profit by artificially jacking up prices.
