Section 54F- A Fundamental Study Posted: 08 Jun 2012 01:35 AM PDT Section 54F of I.T. Act, 1961 aims to provide for the 100% exemption to an individual or HUF from the chargeability of Long Term Capital Gain (LTCG) that arises from the transfer of a capital asset other than a residential house (residential house being already covered u/s 54) where the assessee... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| Transfer of development rights completes when possession of land given with it Posted: 08 Jun 2012 12:34 AM PDT The dispute is regarding assessment of income receivable by the assessee from the transfer of development rights. The case of the assessee is that granting of development rights was an integral part of development project which was one indivisible project and therefore, the income had to be... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| Corporate Advisors Vis-À-Vis Their Professional Privilege Posted: 08 Jun 2012 12:00 AM PDT The corporate advisors play a very vital and the core role for the companies in respect of various advisory activities including representation before authorities. The corporate advisors generally are chartered accountants, company secretaries, cost and management accountants, advocates, tax... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| Valuation accepted for Wealth-tax Act, should also be adopted under Income-tax Act Posted: 07 Jun 2012 11:42 PM PDT Revenue having accepted the declaration of the valuation of the selfsame jewellery given by the assessee as on 31st March, 1989 as correct valuation for the purpose of Wealth Tax Act, there is no reason why the same valuation should not be treated to be a reliable base for the purpose of computing... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| Director can't be held as beneficial owner of shares in contrast to Sec. 79 Posted: 07 Jun 2012 11:33 PM PDT Assessee claimed set off of brought forward business loss of Rs. 64. 11 lakh for assessment year 1998-99 against the income of the relevant year i.e. assessment year 2006-2007. The assessee company was asked to submit its shareholding pattern as on 3 1st March, 1998 and 31st March, 2006. From the... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| Singapore Court dismisses India's request to disclose black money information Posted: 07 Jun 2012 11:30 PM PDT Information under article 28 of DTAA cannot be disclosed on the basis of un-signed transfer requests of Indian national to a Swiss Bank to transfer money to overseas bank accounts of two foreign companies. The Indian tax authority seized documents from an Indian national which were believed to... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| I-T raids in private finance firms,farm house of BJP MLA Posted: 07 Jun 2012 10:57 PM PDT Teams of Income Tax department officials conducted searches in six places, including a farm house owned by a ruling BJP MLA and two private finance firms, here today. The raids were conducted in a farm house belonging to ruling BJP MLA C T Ravi but occupied by his relatives, official sources said.... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| Composite contract cannot be split to exempt profits from offshore supply of goods Posted: 07 Jun 2012 10:47 PM PDT What was the purpose for which the tender was invited by BMRC cannot be in doubt in this case. It was for installing the signaling and communication system for the metro rail. It was not for supply of offshore equipments independently of the installation and commissioning. Nor was it for... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| CBI Arrests DC Of Customs & 4 others in alleged Bribery Case Posted: 07 Jun 2012 10:03 PM PDT The Central Bureau of Investigation has arrested a Deputy Commissioner of Customs; an Appraiser, both of Custom Houses, Jawahar Lal Nehru Port Trust(JNPT), Nhavaseva(Maharashtra) and two collection Agents (private persons) in a bribery case of Rs.22,000/-. [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| Limited Liability Partnership – Amendment in Form No. 1 to 31 Posted: 07 Jun 2012 09:30 PM PDT 1. . ( 1) These rules may be called the Limited Liability Partnership ( Amendment) Rules, 2012. (2) They shall come into force with effect from 11th June. 2012. 2. In the Limited Liability Partnership Rules, 2009 (hereinafter referred to as the said rules). after rule 8 the following proviso... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| Money Transfer Service Scheme – Single individual can receive 30 remittances in a year Posted: 07 Jun 2012 09:06 PM PDT Attention of all Authorised Persons (APs), who are Indian Agents under the Money Transfer Service Scheme (MTSS) is invited to paragraph 5 (c) of the the Notification dated June 4, 2003 on MTSS and the specific permission accorded to them under FEMA, 1999 by the Reserve Bank to undertake inward... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| Rate of exchange of conversion of each of foreign currency wef 8th June, 2012 Posted: 07 Jun 2012 09:05 PM PDT Notification No.49/2012-Customs (N.T.) Central Board of Excise and Customs hereby determines that the rate of exchange of conversion of each of the foreign currency specified in column (2) of each of Schedule I and Schedule II annexed hereto into Indian currency or vice versa shall, with effect... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| IDBI Bank signs MOU with Government of Karnataka at Global Investors Meet 2012 Posted: 07 Jun 2012 09:00 PM PDT IDBI Bank Ltd has entered into a Memorandum of Understanding with the Government of Karnataka (GoK) at the Global Investors Meet (GIM) held at Bangalore. The meet was organized by Government of Karnataka and Karnataka Udyog Mitra. Shri Manogaran Varadaraj Masilamani, General Manager, IDBI Bank and... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| Govt removes restriction on export of Skimmed Milk Powders Posted: 07 Jun 2012 08:57 PM PDT Notification No 2 (RE – 2012)/2009-2014 Entry Number 38 in the ITC(HS) Classifications of Export & Import Items has been bifurcated and an entry number 38.01(new entry) Skimmed Milk Powder is introduced. Export of new entry namely Skimmed Milk Powder has been made free. [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| Skimmed Milk Powder added under Vishesh Krishi and Gram Udyog Yojana (VKGUY) Posted: 07 Jun 2012 08:53 PM PDT PUBLIC NOTICE No. 4 (RE-2012)/2009-14 Amendments in the Vishesh Krishi and Gram Udyog Yojana (VKGUY) of Chapter 3 of Foreign Trade Policy 2009-14 - Appendix 37A of Handbook of Procedure (Vol. I). In Appendix 37A of Vishesh Krishi and Gram Udyog Yojana (VKGUY), the following product is added in... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| Anti-dumping duty on import of Plain Gypsum Plaster Boards originating in or exported from China PR, Indonesia,Thailand & UAE Posted: 07 Jun 2012 07:19 PM PDT Notification No. 32/2012-Customs (ADD) Whereas in the matter of imports of Plain Gypsum Plaster Boards of all thicknesses and dimensions, excluding Gypsum Boards having water absorption up to and including 5%, generally referred to as Moisture Resistant Boards, and Gypsum Boards having a minimum...
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