TDS return under digital signature optional, new forms & rule to claim refund 1) All statements to be furnished in Form nos. 24Q, 27Q and 26Q shall be furnished electronically with option to furnish it under a digital signature; 2) Deductor can file statement in the new Form 26B to claim refund of the sum paid to the Central Government under Chapter XVII-B, provided:  |
| CBDT Circular disallowing expenditure on freebies to medical practitioners is valid If the assessee satisfies the assessing authority that the expenditure is not in violation of the regulations framed by the medical council then it may legitimately claim a deduction, but it is for the assessee to satisfy the assessing officer that the expense is not in violation of the Medical...  |
| No penalty can be levied on admission of appeal by High Court Hon'ble Delhi High Court in the case of CIT vs. Liquid Investment Limited, I.T.A.No. 240/2009 vide its order dated 5.10.2010 has clearly held that where High Court has accepted substantial question of law u/s 260A, this itself shows that issue is debatable. Accordingly, no penalty was imposable u/s...  |
| S. 271(1)(c) Admission of quantum appeal by HC shows that issue is debatable Both the CIT(A) as well as the ITAT have set aside the penalty imposed by the Assessing Officer under Section 271(1)(c) of the Income Tax Act, 1961 on the ground that the issue of deduction under Section 14A of the Act was a debatable issue.  |
| Agricultural Land is not Capital Asset if not within notified area & no capital gain on transfer of such land The agricultural land situated in areas lying within a distance not exceeding 8 kms. from the local limits of Municipalities or Cantonment Boards are covered by the amended definition of 'capital asset', if such areas are, having regard to the extent of and scope for their urbanization...  |
| Bonus Provision under Payment of Bonus Act,1965 is ascertained liability for MAT calculations The position in law is clear that if the provision for bonus had been computed on the basis of Payment of Bonus Act, 1965 then it would be an ascertained liability. However, if it was only estimation then it could not be regarded as an ascertained liability. Since, the position is not clear on...  |
| Expenses allowed in earlier year cannot be disallowed in subsequent years if facts are same Admittedly, the facts of the year under consideration and assessment year 2004-05 are identical. In AY 2004-05, the Assessing Officer allowed depreciation on certain assets while in the year under consideration, he disallowed the depreciation on all the assets. In our opinion, when the facts are...  |
| Value recorded in registered sale deed cannot be sole basis for determining FMV Consideration as shown in the Registered Sale Deed cannot be equated with 'Fair Market Value', as defined in the Act u/s 2(22B) of the Act. /Therefore, adoption of average value of land at Rs. 27,030/- per acre as on 1.4.1981, as 'Fair Market Value' of the land in question,...  |
| Addition justified if creditworthiness of donors giving gift not proved In the absence of any material to show that said amount was sent by the assessee's mother and brothers from Singapore, the claim of the assessee does not merit any consideration. Thus the amount of Rs. 78 lakhs treated as unexplained investment under section 69 and assessable as undisclosed...  |
| CBI arrests Central Excise Superintendent In Bribery Case The Central Bureau of Investigation has arrested a Superintendent of Central Excise, Ahmedabad for demanding & accepting a bribe of Rs. 14,500/- from the Complainant. CBI registered a case against a Superintendent of Central Excise working under Ahmedabad-I Commissionerate, Ahmedabad on the...  |
| CBEC Appoints Baddi, Distt, Solan – Himachal Pradesh as an ICD Notification No. 22/2013 – Customs (N.T.) New Delhi, dated the 20th February, 2013 G.S.R…..(E) . - In exercise of the powers conferred by clause (aa) of sub-section (1) of section 7 of the Customs Act, 1962 (52 of 1962), the Central Government, hereby makes the following further amendments...  |
| Compliance Certificate by Practicing Company Secretary for listing of SMEs PRESS RELEASE CHIEF OF BUSINESS BUREAU February 20, 2013 Compliance Certificate by Practicing Company Secretary (PCS) for listing of Small & Medium Enterprises (SMEs). In recognition of the role of SMEs in economic development of the country, Securities and Exchange Board of India (SEBI) and...  |
