| Online Rectification Request to rectify intimation received U/s. 143 (1) from CPC, Bangalore Posted: 23 Mar 2012 08:10 PM PDT If you are thinking of seeking rectification of the intimation issued by Centralized Processing Center at Bangalore, then you must carefully review the Common Error Guide and the typical causes of error presented below in order to prepare an accurate [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
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| FAQ On Excise Duty Of 1% on Articles of Jewellery Post Budget-2012 Posted: 23 Mar 2012 06:35 PM PDT The scheme of levy of excise duty on precious metal jewellery was introduced in the Budget 2011 vide notification No. 1/2011. Under the this scheme excise duty of 1% ad valorem was applicable to precious metal jewellery manufactured or sold under a... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
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| Caretaker, servants cannot claim ownership of property – SC Posted: 23 Mar 2012 06:18 PM PDT SC held that No one acquires title to the property if he or she was allowed to stay in the premises gratuitously. Even by long possession of years or decades such person would not acquire any right or interest in the said property. it further held... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
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| Expert Opinion should be given due importance – Beneficial notification should be given liberal interpretation Posted: 23 Mar 2012 05:57 PM PDT It is settled law that the notification has to be read as a whole. If any of the conditions laid down in the notification is not fulfilled, the party is not entitled to the benefit of that notification. The rule regarding exemptions is that... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
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| Assessee entitled to deduction u/s.801C on amount disallowed u/s.40(a)(ia) Posted: 23 Mar 2012 07:23 AM PDT It is undisputed fact that the appellant is an undertaking and is engaged in the manufacturing of article specified in Fourteenth schedule and in a specified category of states for which it is eligible for deduction u/s.80IC. Such an exemption has... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
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| If liabilities are outstanding provisions of sec.41(1) not attracted Posted: 23 Mar 2012 07:10 AM PDT We find that it is clear from letter dated 19-12-2009 that assessee has explained the position regarding liabilities in respect of three parties and even confirmation of M/s Surekha Overseas was filed. This reply clearly shows that the liabilities... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
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| Income from Letting out of the terrace is income from house property Posted: 23 Mar 2012 07:04 AM PDT On Appeal ITAT held that that the letting out of terrace has to be assessed under the head Income From House Property as against Income From Other Sources assessed by the Assessing Officer and also allow deduction provided under section 24 of the... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
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| Merely on the ground that local purchase bill or custom clearance receipt not produced, genuineness of gift cannot be disputed Posted: 23 Mar 2012 06:52 AM PDT In regard to jewellery found on person and in the bedroom of Smt. S.H. Khorakiwala, it was stated before the Assessing Officer that the same was received at the time of her marriage. The Assessing Officer accepted the confirmation of mother but the... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
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| Section 89(1) Salary Arrear Tax Relief Calculator Posted: 23 Mar 2012 05:56 AM PDT We have uploaded Calculator to calculate relief Under section 89(1) of the Income Tax Act, 1961 in respect of Arrears of salary received during the financial year 2011-12. The Calculator will calculate relief if any which Assessee can claim U/s.... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
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| Budget 2012 – Not Much for Capital Market Posted: 23 Mar 2012 05:55 AM PDT Union Budget 2012-13 could not lift the sentiment of the capital markets in India as the markets do not seem to be influenced or moved by the budget proposals, which are otherwise also not directly in favour of capital market. [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
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| Stay Application – AO should pass reasoned orders Posted: 23 Mar 2012 05:04 AM PDT In KEC International Ltd. v. B.R. Balakrishnan (2001) 251 ITR 158., the Division Bench emphasised the importance of reasoned orders being passed on the applications for stay. The Assessing Officers consistently refuse to follow the law laid down in... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
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| While deciding stay Application AO Has To Be Fair To Assessee Posted: 23 Mar 2012 04:26 AM PDT Nishith Madanlal Desai vs. CIT (Bombay High Court) It was held that The power which is vested in the Assessing Officer under Section 220(6) and for that matter that which is conferred upon the CIT (Appeals) to grant a stay of demand is a judicial... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
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| HC laid down Guidelines for effecting Income Tax Recovery Posted: 23 Mar 2012 04:15 AM PDT No recovery of tax should be made pending (a) Expiry of the time limit for filing an appeal; (b) Disposal of a stay application, if any, moved by the assessee and for a reasonable period thereafter to enable the assessee to move a higher forum, if... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
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| Deduction u/s.10A not allowable if company is formed by splitting and reconstruction of the existing business/undertaking Posted: 23 Mar 2012 02:49 AM PDT Now, we take-up the appeals for the A.Y. 2006-07 and 2007-08. The only common issue in both the appeals is in respect of deduction u/s.10A which was denied by the A.O. on the reason that the assessee company is formed by splitting and reconstruction... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
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| Arbitration agreement cannot take the criminal acts out of the jurisdiction of the Courts of law Posted: 23 Mar 2012 02:25 AM PDT The impugned order also notes that in view of the arbitration agreement between the agent and the Government, all the alleged violations fell within the purview of Arbitration and Conciliation Act, 1996 and therefore, the respondent could not be... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
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| RBI Monitoring Rupee Situation – FM Posted: 22 Mar 2012 10:16 PM PDT The Union Finance Minister Shri Pranab Mukherjee said that RBI is closely monitoring the current rupee situation and he is sure that RBI will do the needful, as required. The Finance Minister further said that he would like to add that despite... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
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| Book Rail Ticket through Mobile Phone Posted: 22 Mar 2012 09:30 PM PDT E-Tickets through Mobile Phone -Indian Railways Catering and Tourism Corporation (IRCTC), a public sector undertaking under the Ministry of Railways, has launched the scheme for booking Railway e-tickets through mobile phone through its website i.e.... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
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| S. 80TTA – Deduction in respect of interest on deposits in savings account Posted: 22 Mar 2012 09:21 PM PDT Section 80TTA is proposed to be introduced to provide deduction to an individual or a Hindu undivided family in respect of interest received on deposits (not being time deposits) in a savings account held with banks, cooperative banks and post... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
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| Minimum rates of wages under Minimum Wages Act, 1948 in different States/Union Territorie Posted: 22 Mar 2012 09:17 PM PDT The Government is in the process of consulting various stake holders and is yet to take a final decision on the proposal for amending the Minimum Wages Act, 1948 and fixing a statutory National Floor Level Minimum Wage. [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
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| Lessor has no right to decline to receive possession and demand accrued rent Posted: 22 Mar 2012 09:12 PM PDT Now, Section 111 of the Transfer of Property Act deals with the modes of determination of the lease and vide clause (e) thereof provides that a lease can be determined by express surrender and vide clause (f) by an implied surrender. Clause (h)... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
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| Motor Vehicle Tax and base of tax structure Posted: 22 Mar 2012 08:43 PM PDT Motor Vehicle Tax (MVT) is being levied in all States and Union Territories (UT) except in the UT of Lakshadweep. There are different bases for computation and different rates, leading to differing incidence of taxes for different categories of... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
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| Govt approves 7% additional instalment of Dearness Allowance (DA) to central government employees Posted: 22 Mar 2012 08:41 PM PDT The Union Cabinet today gave its approval to release an additional instalment of Dearness Allowance (DA) to central government employees and Dearness Relief (DR) to pensioners w.e.f. 1.1.2012 representing an increase of 7% over the existing rate of... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
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| Regarding Pre-Shipment Inspection Agencies (PSIA) – Public Notice No.104 (RE-2010)/2009-2014 Posted: 22 Mar 2012 08:04 PM PDT Public Notice No.104 (RE-2010)/2009-2014 In exercise of powers conferred under Paragraph 2.4 of the Foreign Trade Policy 2009-14, the Director General of Foreign Trade hereby amends para 2.32.2 A of Handbook of Procedure, Vol. I relating to... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
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| Recruitment of Sports Persons to the posts of Tax Assistants, Notice Servers & Multi Tasking Staff Posted: 22 Mar 2012 07:59 PM PDT The Income Tax Department, Applications are invited from meritorious sports persons satisfying the requirements as mentioned in Annexure-1 for appointment to the posts of Tax Assistants, Notice Servers & Multi Tasking Staff. [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
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| Disallowance u/S. 14A cannot not exceed disallowance made in original assessment order if ITAT refer matter back to AO Posted: 22 Mar 2012 07:30 PM PDT Lld. counsel for the assessee, has submitted that there is no need to remit the matter to the Assessing Officer as the Assessing Officer had not made any disallowance under Section 14A, except in respect of interest expenditure. He further says that... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
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| Success in profession measured not by the fortune made but on the threshold of learning – Delhi HC Posted: 22 Mar 2012 07:26 PM PDT The profession of law has always been known as a noble profession. It is not an empty rhetoric. Success in the profession is measured not by the fortune made but on the threshold of learning. Advocates are known as the officers of the Court. They... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
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| Change in Tariff Value of Gold Notified Posted: 22 Mar 2012 08:09 AM PDT Notification No. 24/2012 - Customs (N. T.) Central Board of Excise and Customs (CBEC), Department of Revenue, Ministry of Finance has issued a Notification No.24/2012-Customs (N.T.) dated March 22, 2012 and thereby notifying change in tariff value...
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