Capital Gains Account Scheme can be used by a tax payer to deposit the amount of gains or sales consideration received on disposal of a capital asset for which he/she /it desires to get capital gains exemption u/s 54 or 54F of teh Income Tax Act. It has been provided in section 54 or section...
TDS Not Reflected in 26AS : Its AO Resposnisbility , says Delhi HC
March 16, 2013 by
Non reflection of TDS in the 26AS statement which is the basis on which income tax department gives credit of the tax deducted at source is a very big problem and number one reasons for anxiety and worries in mind of tax payers.Ridiculously, the income tax department does not even recognise the TDS certificate which is issued...
Pledged Shares Can Be Transferred by Owner !
February 21, 2013 by
The headline that pledged shares can be transferred must surprise many , because if the pledged shares can be transferred by pledger (owner) , then there can not be any meaning to law in this regard. However, this exactly what happened in the facts of the case of ACIT vs Biraj Investment Pvt Ltd , [2012] 210...
Charitable Purpose: Seed Certification Is Not !
January 28, 2013 by
The amendment of definition of charitable purpose in section 2(15 ) was done by Finance Act 2008 because the evasion of tax in the grab of charitable trust is rampant in India. The government , after a very big slumber , woke up to this fact and introduced amendments by which the attention of taxmen...
No 80-IA Deduction to MRI , CT Machine Diagnostics Centre
January 25, 2013 by
Delhi High court has recently upturned the decision of ITAT on the subject of allowance of deduction u/s 80-IA to a MRI and CT scan centre . This decision is given in case of CIT vs Dewan Chand Satyapal 2013 29 taxmann.com 235 (DELHI) . The facts of the case is that the Assessing Officer (A.O.) passed an...
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