UPDATES FROM TAX GURU 06.11.2009

UPDATES FROM TAX GURU (in this message: 10 new items) MAT applicable on capital gains included in book even if same is not liable to be taxed If assessee deposited advance received as per agreement as required us 54EC, he cannot be treated as a defaulter for the same Allowability of exemption to partly charitable and partly religious trust When a part of the surrender can be accepted on proper explanation the rest can also be allowed to be explained Two Income tax officer caught red handed on CCTV trying to break fellow officer's safe to steal files ICAI to issue fresh notice to PriceWaterhouse, Delhi after Delhi High Court objection Government discussing suggestions of stakeholders to modify direct tax code: FM FAQs for ICAI Members to become Members of ICAEW S. 80-IA (4) deduction is not available to contractors: ITAT Mumbai Larger Bench Indexed cost of gifted assets has to be determined with reference to previous owner MAT applicable on capital gains included in book even if same is not liable to be taxed Posted: 05 Nov 2009 07:38 PM PST The long term capital gain included in the net profit prepared under the Companies Act is not deductible from the net profit for the purpose of computing book profit u/s115JB; merely because the long term capital gain is not liable to be taxed under... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] If assessee deposited advance received as per agreement as required us 54EC, he cannot be treated as a defaulter for the same Posted: 05 Nov 2009 07:33 PM PST Allowability of exemption under section 54EC of IT Act, 1961 When there is no bar to take possession by an agreement and transfer can be treated to have taken place on the basis of an agreement and advance payments deposited in specified bonds as... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Allowability of exemption to partly charitable and partly religious trust Posted: 05 Nov 2009 07:26 PM PST A religious purpose can be a charitable purpose and vice versa in India; therefore, exemption cannot be denied to a trust which is partly charitable and partly religious. Related posts:Allowability of exemption under section 11(1)(a) of IT Act... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] When a part of the surrender can be accepted on proper explanation the rest can also be allowed to be explained Posted: 05 Nov 2009 07:20 PM PST When a part of the surrender can be accepted on proper explanation the rest can also be allowed to be explained. The assessee's claim that balance was from cash withdrawals from cash book has to be tested on the facts appearing in the case. For that... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Two Income tax officer caught red handed on CCTV trying to break fellow officer's safe to steal files Posted: 05 Nov 2009 07:06 PM PST Mumbai: A late-night adventure by two senior income-tax (IT) officers, who sneaked into the room of one of their colleagues and broke open a cupboard to gather information on a leading city builder, went awry recently, leaving the investigation wing... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] ICAI to issue fresh notice to PriceWaterhouse, Delhi after Delhi High Court objection Posted: 05 Nov 2009 06:53 PM PST Accounting regulator ICAI on Wednesday said it will issue fresh notices to PriceWaterhouse, Delhi, in relation to the Satyam scam after the Delhi High Court objected to its action against the firm without any evidence that it was related to PW,... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Government discussing suggestions of stakeholders to modify direct tax code: FM Posted: 05 Nov 2009 06:33 PM PST Government would make all efforts to meet the aspirations and expectations of the taxpayers and the corporate sector before finalisation of the Direct Tax Code. The next steps in this direction would be taken only after a comprehensive review... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] FAQs for ICAI Members to become Members of ICAEW Posted: 05 Nov 2009 05:46 PM PST The MoU provides for Recognition and Examination arrangements for the members of the two largest Institutes. This agreement would facilitate mobility of members across the borders and further strengthen the ties between India and Great Britain. The... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] S. 80-IA (4) deduction is not available to contractors: ITAT Mumbai Larger Bench Posted: 05 Nov 2009 04:52 PM PST he assessee, a civil contractor, claimed deduction u/s 80-IA (4) in respect of the profits from infrastructure projects executed by it. The lower authorities rejected the claim on the ground that the assessee was a mere contractor and not a... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Indexed cost of gifted assets has to be determined with reference to previous owner Posted: 05 Nov 2009 04:40 PM PST The assessee transferred a capital asset which was received by her by way of gift on 1.2.2003. The previous owner had acquired the capital asset on 29.1.1993. In computing capital gains, the assessee claimed that the indexed cost of acquisition had... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] With Regards,  CA Sandeep Kanoi  Website: http://www.taxguru.in/  Get LEGAL & FINANCIAL UPDATES FROM TAX GURU delivered by emai

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UPDATES FROM TAX GURU 05.11.2009

UPDATES FROM TAX GURU Registration database of Service Tax assesses – Information required for updating under ACES Work distribution in Mumbai Service Tax Commissionerate- Streamlining of, based on name of assessee ICAI Committee for Members in Industry organizing Corporate Forum from 29th to 31st January 2010 in Mumbai Allowability of Interest liability discharged by way of issuance of shares Principle of Mutuality could be confined in respect of the income earned by the club from investments of its surplus funds Validity of notice u/s. 148 of the IT Act, 1961 by affixture when no material on record to show effort made by AO Court fees is payable as per section 253(6)(d) of the IT Act, 1963 in case Assessee is assessed to loss Constitutional validity of provisions of section 245HA(1)(iv) r.w. section 245HA(3) of IT Act, 1961 Medico-legal reports cannot be refused under the RTI Act Form for Intimating the ICAI about Engagements Accepted (after submission of Multipurpose Empanelment Application Form for the Year 2009-10 PWC approached Delhi HC seeking quashing of proceedings against it, Clean Chit from ICAI Profession Tax Amnesty Scheme for defaulters in Maharashtra S. 14A disallowance can be made with regard to partner's share of profits Registration database of Service Tax assesses – Information required for updating under ACES The new centralized web based software application of CBEC under the name Automation of Centralized Excise and Service Tax (ACES) is likely to be introduced shortly. The details of the same can be accessed at http:// www.aces.gov.in. It is designed... Work distribution in Mumbai Service Tax Commissionerate- Streamlining of, based on name of assessee Attention of the Trade is invited to Trade Notice No. 2/2005-S.T., dated 31-3-2005, No. 21/2005, dated 4-7-2005, etc., notifying the geographical area of Service Tax Divisions-I & II and the allocation of various taxable services under both the... ICAI Committee for Members in Industry organizing Corporate Forum from 29th to 31st January 2010 in Mumbai The companies participating will have to register online on placement portal www.cmii.icai.org. · The participation fees should be remitted at ICAI head office New Delhi only. · Access to the candidate database shall be allowed only after the... Allowability of Interest liability discharged by way of issuance of shares By issuance of shares the assessee cannot be said to have incurred any expenditure and hence, issuance of shares in lieu of interest liability cannot be considered to have been payment towards expenditure. Related posts:In mercantile method of... Principle of Mutuality could be confined in respect of the income earned by the club from investments of its surplus funds Before answering the first question viz., as to whether the interest income of the assessee received from its corporate members on the investments of surplus funds as Fixed Deposits or Debentures etc., is exempted from tax on the concept of... Validity of notice u/s. 148 of the IT Act, 1961 by affixture when no material on record to show effort made by AO Where there was no material on record to show or to suggest that any effort was made by the Assessing Officer to serve the notice in normal course before issuing the directions to serve the same by way of affixture; it could not be held that service... Court fees is payable as per section 253(6)(d) of the IT Act, 1963 in case Assessee is assessed to loss An appeal to the Appellate Tribunal shall be in the prescribed form and shall be verified in the prescribed manner and shall, in the case of an appeal made, on or after the 1st day of October, 1998, irrespective of the date of initiation of the... Constitutional validity of provisions of section 245HA(1)(iv) r.w. section 245HA(3) of IT Act, 1961 The fixing of cut-off date under section 245D(4A)(1), the abatement under section 245HA(1)(iv) , making available the confidential information under section 245HA(3), as inserted by the Finance Act, 2007, would be clearly ultra vires the... Medico-legal reports cannot be refused under the RTI Act Medico-legal reports cannot be refused under the RTI Act, the CIC has held saying unlike normal medical cases, they are not prepared at the instance of the patient but are legal requirement."Medico legal cases (MLCs) are indeed legal requirements in... Form for Intimating the ICAI about Engagements Accepted (after submission of Multipurpose Empanelment Application Form for the Year 2009-10 Association of the concern/any partner/proprietor with Public Sector Banks as Concurrent / internal / income and expenditure or revenue auditor/ stock auditor/ auditor of borrowers accounts etc. (other than as Statutory Bank Branch Auditors and... PWC approached Delhi HC seeking quashing of proceedings against it, Clean Chit from ICAI The Delhi-based franchise of audit firm PricewaterhouseCoopers today approached the Delhi High Court seeking quashing of proceedings initiated against it by the government in the aftermath of Satyam scam. It pleaded before the court that the... Profession Tax Amnesty Scheme for defaulters in Maharashtra The Amnesty Scheme is open for the period from 1st August, 2009 to 31st March, 2010 and is called "Profession tax Enrollment Incentive scheme 2009". Related posts:Frequently asked question on Profession Tax (PT) in Maharashtra Who is liable to pay... S. 14A disallowance can be made with regard to partner's share of profits The assessee, a partner in a firm, received 'share of profit' and 'salary' from the firm. While the 'share of profit' was exempt u/s 10(2A), the 'salary' was taxable as business income u/s 28 (v). The assessee claimed deduction for business... With Regards,  CA Sandeep Kanoi  Website: http://www.taxguru.in/  Get LEGAL & FINANCIAL UPDATES FROM TAX GURU delivered by emai

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