The Metal Rolling Works Ltd. V/s. CIT (Bombay High Court)- The development agreement did contain a clause to that effect and, therefore, since the last instalment was not received in AY 2002-03, the assessee was justified in not offering the capital gains to tax in AY 2002-03 in the original return of income filed on 31/10/2002. Although Rs.6 crores received initially was not offered to tax in the original return filed for AY 2002-03, it is not in dispute that in the original returns filed for AY 2002-03 the assessee did disclose receipt of Rs.6 crores as advance on account of development agreement entered into with a developer in respect of its land. Once the receipt of Rs.6 crores was disclosed in the original return of income as advance receipt under the development agreement entered into with the developer, the assessee cannot be said to have concealed income or furnished inaccurate particulars of income.
Circular No. – 48/2011-Customs As you are aware, the All Industry Rates (AIR) of Duty Drawback 2011-12 were notified vide Notification No. 68/2011-Cus. (N.T.) dated 22.09.2011. These rates have come into effect on 01.10.2011. Subsequently, the Ministry has received representations on the Drawback Schedule 2011-12 from Export Promotion Councils, Trade associations and individual segments of industry. The representations broadly relate to doubts on classification of items (mainly erstwhile DEPB items) in the Schedule, duty drawback rates, value caps and other miscellaneous matters.
The Supreme Court has said that alterations made in the will by a person do not have legal sanctity unless corrections are executed in the same manner as was done in the case of the original documents. A SC bench said those claiming benefits under an altered will must prove with convincing evidence that the testator did make such alterations to the original will in conformity with the rules governing the Indian Succession Act.
Download Updated Form No. 49A in Excel Format. The form is prepared after considering latest amendments in format of Form No. 49A latest and it is easily fallible. The form is been revised and re-uploaded to the website by us on 15.11.2011 after removing the shortcomings in earlier version. Downloads New Revised Auto PAN CARD […]
Notification No. 57/2011 – Income Tax Rules, 1962 were amended, vide notification No. S.O. 2429(E) dated 24th of October, 2011, for (i) extending the time limit of submission of TDS statements by the Government deductors in view of filing of Form No.24G by them; (ii) compulsory uploading of particulars of amount paid without deduction of tax in view of furnishing of declaration under section 197A; and (iii) enlarging the scope for grant of TDS credit to person other than the deductee.
The housing finance regulator said Housing Finance Companies will no longer levy any fee on floating rate loans. In case of fixed rate loans, it has made a distinction and only those borrowers who pay from their “own sources”, such as savings or even loans from relatives, will be exempted from payment of penalty. In […]
News from unconfirmed sources said that CBEC is to issue in day or two a notification extending the due date for filing of ST-3 return from 25.10.2011 to 26.12.2011 to enable assessees to comply with new system of online filing.
Trade Discount : In the case of S.D. Pharmacy Pvt. Ltd. ITA Nos. 948/Coch/2008, A.Y. 2005-06, dt. 5-5- 2009. It was held that trade discount are not in the nature of commission and hence no TDS is required to be deducted u/s 194H of the act. This was again confirmed in the case of Add CIT v Pearl Bottling (P) Limited.
Goods Transport Operators (GTO) is no more a service existing. However, while registering through ACES website, an option is provided to select Goods Transport Operators Service (entry number 51) even if the service does not exist at all. Additionally, entry number 117 provides selection of Goods Transport Agency Service (GTA) for registration (which is a correct selection for GTA registration). The blunder does not end at registration only.
As regards first objection, from the finding of the Director (Exemption) it is undisputed that the assessee was carrying on charitable activity through another trust. Once the evidence produced disclose that the funds of the trust is applied for carrying on charitable activities, the purpose of establishing the trust is fully satisfied.
