top-up
14th Jan
CG Tax on land transactions
... augmentation exercise led to the revelation that many landowners have not paidcapital gains tax under ... about a certain section of the IT Act, which has led them toevade ...
newindianexpress.com/cities/bangalore/
<> The report relates to so-called JDAs involving transfer of rights in land. As such, the contextual relevance of the reference to section 50C, especially with a special mention made of 'depreciable assets', is not understood; and is seemingly misconceived,
<> The report relates to so-called JDAs involving transfer of rights in land. As such, the contextual relevance of the reference to section 50C, especially with a special mention made of 'depreciable assets', is not understood; and is seemingly misconceived,
cm
SG
$ Interest on fixed deposit with banks cannot be claimed as exempt by a club on principal of mutuality
>relared
$ Interest on fixed deposit with banks cannot be claimed as exempt by a club on principal of mutuality
>relared
TOI
The Bar Council of India has informed that it has proposed a new draft Code of Professional
Standards, Ethics and Etiquette. The said draft Code is available on the website of Bar
Council of India (i.e. barcouncilofindia.org). The Code provides a general guide for ethical standards to be adhered to by members of the Bar whether practising individually or as a law firm and whether engaged in litigation or transactional/ corporate work
ICL
Companies Bill: From the Rule of Law to the Law of Rules
Impromptu
This is a write-up in which the subject matter, riddled with irresolute controversies, has been discussed having particular regard to the corporate law, and hence is confined thereto . Be that as it should, anyone having had any field exposure to the law on income-tax and its administration and enforcement can readily think of several instances in the past, wherein the executive’s rule making power has come in sharp conflict with the law making power of the Legislative body, in varying ways.
To recall:
1. In the matter of admissible “Deduction in respect of Profits and Gains from Newly Established Industrial Undertakings, Ships and Hotels” – ref. section 84/80J and Rules framed there under.
For a detailed study, the commentary in text books and case law cited should be of guidance.
2. Section 14A and the Rule framed for its purposes
It is to be specially noted that these gave rise to differing types of disputes; one of the reasons has been that the Rule came to be prescribed long after the coming into effect of the section (bearing on its sleeves the glaring lack of wisdom in ‘putting the cart before the horse’ OR still worse, ‘ putting the cart before checking out whether the horse is still there in the stable, not already bolted away’) .
While it is recommended to look up the series of itat and courts’ decisions, for a Critique (a somewhat detailed analysis) , refer the published article , - (2009) 14 CPT 819.
KEY NOTE: It may not be out of context to pinpoint that, ostensibly, it is for identical reasons /in like circumstances, that the DTC (new direct tax law), has remained to take off as yet, deplorably for years now.
Add-on>
An elaboration of above Key Note, ref.
http://taxworry.com/direct-tax-code-likely-to-miss-its-april-2012-implementation-deadline/
Not Unrelated>
http://taxguru.in/finance/discretion-root-cause-of-corruption.html
<><>
Add-on>
An elaboration of above Key Note, ref.
http://taxworry.com/direct-tax-code-likely-to-miss-its-april-2012-implementation-deadline/
Not Unrelated>
http://taxguru.in/finance/discretion-root-cause-of-corruption.html
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