Archive for October, 2009

Allowability of exemption under section 54EC and transfer date

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 required under section 54EC, simply because the sale deed was executed later on, the assessee cannot be charged with default of violation of the provision of section 54EC [...]

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Per second billing to be one of the options: TRAI

NEW DELHI: Telecom regulator TRAI today said that operators will have to provide an optional tariff of per second call along with other packages "Per second billing will be one of the options that (telecom) service providers have to provide," Telecom Regulatory Authority of India Chairman J S Sarma told reporters when asked about the reactions from operators on the suggestions for per second billing. "Current [...]

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Genuineness of a gift transaction

The adverse facts inter alia that the donor has no house, no telephone number, no fixed deposit and no other immovable assets are not so material to hold the gift not a genuine one or sources thereof unsatisfactory so long as the immediate source of the gift is admittedly established to be from a third party. ITAT, AGRA BENCH, AGRA (THIRD MEMBER) Shri Avnish Kumar Singh v. ITO ITA No. 204/Ag/2006 April 30, 20 [...]

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Extension of date of filing of the tax audit report under section 44AB as well as filing of returns in the State of Maharashtra

Order under section 119 of the Income tax Act, 1961 - Extension of date of filing of the tax audit report under section 44AB as well as filing of returns in the State of Maharashtra Notification F.No. 225/163/2009-ITA.II, dated 29-9-2009 On consideration of the reports of local disturbances caused due to Swine Flu and riots in the Pune, Satara, Kolhapur and Sangli Districts of Maharashtra, the Centr [...]

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WORKS CONTRACT: HIGHWAY DEVELOPERS FEEL BUDGET BLOW

Highway contractors are feeling the heat of a Union Budget move that has taken away the benefit of a 10-year tax-break for all road projects undertaken as work contracts. The move is considered particularly harsh because the tax breaks have been withdrawn with retrospective effect from April 1, 2000. The matter was recently taken up at an inter-ministerial meeting of the Highways Ministry with officials from the Fi [...]

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INTEREST ON ERRONEOUSLY AVAILED CENVAT CREDITS

There have been two recent developments in regard to interest liability in cases of erroneously availed CENVAT credits on inputs. The question of law is whether in terms of the CENVAT Credit Rules 2004 (the Rules), the liability to interest is triggered upon the erroneous or incorrect availment of input tax credits or whether such liability is only applicable where such erroneously availed CENVAT credits are utilis [...]

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NO MAILS FOR REFUNDS ISSUED FROM INCOME TAX DEPARTMENT

Press Information Bureau Government of India Tuesday, October 06, 2009 Ministry of Finance NO MAILS FOR REFUNDS ISSUED FROM INCOME TAX DEPARTMENT ____________ _________ _________ __ 18:14 IST Information has been received from several quarters that people are receiving electronic mails informing them of their income-tax refunds and seeking their credit card details. The e-mail is sent from the [...]

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