Deduction u/s. 35(1) for scientific research available even for unsuccessful research Posted: 09 Sep 2012 08:59 PM PDT Scientific research in the context of the deduction allowable under section 35(1) of the Act would include wide variety of activities. It can also be appreciated that every scientific research need not necessarily result into the ultimate goal with which it may have been undertaken. Often times in... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
 | | Addition u/s. 68 cannot be made merely because addresses of customers are incomplete Posted: 09 Sep 2012 08:56 PM PDT Amounts in the accounts maintained by the assessee are deposits of the customers and/or not under the control of the assessee, and therefore, provisions of section 68 are not applicable to the bank. Further, society/bank not required to go for detailed verification of address/whereabouts of the... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
 | | No section 14A disallowance where assessee incurred no expenditure to earn dividend Posted: 09 Sep 2012 08:41 PM PDT It is evident from the record that the assessee has earned dividend mainly from shares of a and 'C' Ltd. which was acquired through amalgamation of two companies. Further, it is also noticed that most of the expenses are directly attributable to assessee's business. Under these facts and... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
 | | Depreciation to be considered in computing 85% threshold limit of application of trust's income Posted: 09 Sep 2012 08:36 PM PDT The C.B.D.T. vide Circular No. 72 dated 06.01.72 explained as to why section 11(A) has been inserted retrospectively by Finance (No. 2) Act 1971 with retrospective effect from 01.04.1962. A trust can claim exemption provided a specific position of income is applied for purposes of the Trust. Income... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
 | | ICAI to take action against those misusing the name of CA firms Posted: 09 Sep 2012 08:30 PM PDT The Institute has been receiving complaints from members of the Institute, proprietary concerns and firms of Chartered Accountants alleging that they have come across audit reports, balance sheets, certificates etc. of different entities submitted by the said entities/someone with Banks, Financial... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
 | | CBI arrests ITO & CA in bribe case Posted: 09 Sep 2012 08:29 PM PDT The Central Bureau Of Investigation has arrested an Income Tax Officer and a Chartered Accountant for demanding and accepting a bribe of Rs. Five Lakhs from the Complainant. [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
 | | In land development agreement, capital gain arises in year in which developer gets possession of property Posted: 09 Sep 2012 08:27 PM PDT The owners have entered into an agreement for development of the property and certain rights were assigned to the developer who in turn had made the substantial payment and, consequently, entered into the property and, thereafter, if the transferee has taken steps in relation to construction of the... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
 | | Carrying charitable activities through other trust is to be treated as fulfillment of trust objects Posted: 09 Sep 2012 04:46 PM PDT 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... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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