Fwd: TaxGuru : “Discrepancy shown in the tax audit report in respect of stock, which is duly explained by the assessee cannot be declared as unexplained investment” plus 17 more

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From: TaxGuru.in - Daily Tax and Corporate Law Update <info@taxguru.in>
Date: Thu, Aug 4, 2011 at 10:01 AM
Subject: TaxGuru : "Discrepancy shown in the tax audit report in respect of stock, which is duly explained by the assessee cannot be declared as unexplained investment" plus 17 more
To: palashbiswaskl@gmail.com

TaxGuru : "Discrepancy shown in the tax audit report in respect of stock, which is duly explained by the assessee cannot be declared as unexplained investment" plus 17 more

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• Discrepancy shown in the tax audit report in respect of stock, which is duly explained by the assessee cannot be declared as unexplained investment
• If a deduction under s 80-IA has been taken, a deduction under s 80HHC is not admissible
• Interest income received by the co-operative bank from advance rent is eligible for a deduction under s 80P(2)(a)(i)
• Whether mere sale of development rights would equate to activities of developer and builder eligible for deduction u/s. 80-IB
• Transfer pricing – Internal comparability to be given preference over external comparables
• Maharashtra VAT – Additional Instructions for Filling Annexures to Form 704
• CBDT Chairman Releases Dos and Don'ts Manual 2011 for departmental use
• RBI seeks Public Comments on Report on Customer Service of Banks
• Lifting Ban on Export of Non-Basmati Rice
• Incentives for Textile Sectors; Proposal for Scheme for Integrated Textile Parks
• Govt to end gas Subsidy for people with annual income of Rs 6 lakh
• SC to hear Vodafone's Rs 11000 crore tax dispute tomorrow
• Minister of State for Finance Releases Nabard-Giz RFIP Synthesis Report on Study of Remittance needs and Opportunities in India
• Empanelment with ALLAHABAD BANK for Concurrent/ Revenue Auditor, Last Date – 13th August,2011
• Performance of SEZ in last three years
• Message from the ICSI President July, 2011
• CBI registers four new cases regarding manipulation in AIIMS Entrance Exams
• Custom Duty – Amends Notification No.16/2011-Customs(N.T) dated the 1st March, 2011

Discrepancy shown in the tax audit report in respect of stock, which is duly explained by the assessee cannot be declared as unexplained investment Posted: 03 Aug 2011 08:09 PM PDT Prism Jewellery Vs ITO (ITAT Mumbai) - Provisions of section 69 will apply only when the investments were not recorded in the books of account and assessee has not offered any explanation for the nature and source of investment. In this case'... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

If a deduction under s 80-IA has been taken, a deduction under s 80HHC is not admissible Posted: 03 Aug 2011 07:35 PM PDT Gupta International v CIT (High Court of Punjab and Haryana) Learned counsel for the appellant-assessee fairly states that matter is covered against the assessee by order of this Court dated 18.4.2011 in ITA No.469 of 2010, Asin Exim International... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Interest income received by the co-operative bank from advance rent is eligible for a deduction under s 80P(2)(a)(i) Posted: 03 Aug 2011 07:24 PM PDT CIT Versus The Maratha Mandir Co-op. Bank Ltd. (Bobay HC) - Interest income in the present case arose on account of giving advance rent to the landlord from whom premises were taken on rent for the purpose of carrying on banking business. Thus,... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Whether mere sale of development rights would equate to activities of developer and builder eligible for deduction u/s. 80-IB Posted: 03 Aug 2011 07:10 PM PDT Assistant / Deputy Commissioner of Income Tax Vs. Bombay Real Estate Development Company Private Limited (ITAT Mumbai) - Whether the CIT(A) erred in directing the AO to allow the deduction u/s 80-IB(10) to the assessee as allowable to a developer... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Transfer pricing – Internal comparability to be given preference over external comparables Posted: 03 Aug 2011 07:00 PM PDT Destination of the World (Subcontinent) Pvt. Ltd.,-vs.- Asstt. CIT (ITAT Delhi) The Tribunal held that in the first instance, the attempt should be made to determine arm's length price of controlled transactions by comparing the same with internal... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Maharashtra VAT – Additional Instructions for Filling Annexures to Form 704 Posted: 03 Aug 2011 06:10 PM PDT 1. In annexure-J section-1 (supplement), enter details of Customerwise Local sales in Maharashtra state. Please enter dealerwise sale. Do not enter transition wise sale. 2. In annexure-J section-2 (supplement), enter details of Supplierwise Local... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

CBDT Chairman Releases Dos and Don'ts Manual 2011 for departmental use Posted: 03 Aug 2011 10:07 AM PDT Manual of Dos & Don'ts covering various aspects of General Conduct, Financial administration, Tax administration and Vigilance Administration etc prepared by the Vigilance Directorate , was released by Shri Prakash Chandra, Chairman CBDT during... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

RBI seeks Public Comments on Report on Customer Service of Banks Posted: 03 Aug 2011 09:57 AM PDT The Reserve Bank of India today placed on its website, the Report of the Committee on Customer Service in Banks and sought comments/feedback from members of the public/all the stakeholders on the Committee's recommendations. The comments/feedback... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Lifting Ban on Export of Non-Basmati Rice Posted: 03 Aug 2011 09:14 AM PDT The Empowered Group of Ministers (EGOM) has allowed the export of 10 lakh tons of non-basmati rice, subject to a Minimum Export Price(MEP) of USD 400 per Ton, in its meeting held on 11th July, 2011. It was also decided that the export of non-basmati... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Incentives for Textile Sectors; Proposal for Scheme for Integrated Textile Parks Posted: 03 Aug 2011 09:12 AM PDT The Foreign Trade Policy-2009-14 incorporates several measures of incentives for the export sector including the textiles and clothing viz. Inclusion of 26 new international markets under the Focus Market Scheme; enhancement of incentives available... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Govt to end gas Subsidy for people with annual income of Rs 6 lakh Posted: 03 Aug 2011 09:01 AM PDT The government should end subsidised domestic cooking gas (LPG) for people with income of more than Rs 6 lakh per annum, a Parliamentary Panel has suggested. A 14.2-kg LPG cylinder in Delhi currently costs Rs 395.35. This is Rs 247 short of its... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

SC to hear Vodafone's Rs 11000 crore tax dispute tomorrow Posted: 03 Aug 2011 08:46 AM PDT The Supreme Court is likely to start the final hearing on the high profile Rs 11,000 crore tax dispute between telecom major Vodafone and the I-T Department tomorrow-- a development that corporate India has been keenly watching. A three-judge bench... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Minister of State for Finance Releases Nabard-Giz RFIP Synthesis Report on Study of Remittance needs and Opportunities in India Posted: 02 Aug 2011 10:02 PM PDT The Union Minister of State for Finance Shri Namo Narain Meena has emphasised on application of technical capabilities of the commercial banks to be leveraged with the outreach capabilities of the Regional Rural Banks (RRBs), Cooperatives and the... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Empanelment with ALLAHABAD BANK for Concurrent/ Revenue Auditor, Last Date – 13th August,2011 Posted: 02 Aug 2011 09:58 PM PDT Allahabad Bank invites applications in the under noted prescribed format from practicing firms of Chartered Accountants of India who are willing to have their firm empanelled as Concurrent/ Revenue Auditor in the Bank. The panel of auditors... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Performance of SEZ in last three years Posted: 02 Aug 2011 09:58 PM PDT Land is a State subject. Land for SEZs is procured as per the policy and procedures of the respective State Governments. As per information available in respect of 381 SEZs, 82.3% of land is waste/barren/dry/industrial, 15% of land is single crop... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Message from the ICSI President July, 2011 Posted: 02 Aug 2011 09:56 PM PDT The Institute as part of its capacity building initiatives has chalked out action plan for organizing chain of programmes on XBRL through out India, through Regional Councils and Chapters. In this sequence your Institute has organised a nationwide... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

CBI registers four new cases regarding manipulation in AIIMS Entrance Exams Posted: 02 Aug 2011 09:47 PM PDT The Central Bureau of Investigation has registered four new cases regarding manipulation in AIIMS entrance exams in the on-going investigation of a case registered on 2nd June 2011 pertaining to manipulation and rigging of AIIMS PG Entrance Exam... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Custom Duty – Amends Notification No.16/2011-Customs(N.T) dated the 1st March, 2011 Posted: 02 Aug 2011 09:25 PM PDT Notification No. 56 /2011 - Customs (N.T.) In exercise of the powers conferred by section 11 of the Customs Act, 1962 (52 of 1962), the Central Government on being satisfied that it is necessary in the public interest so to do, hereby makes the... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

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