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28.12.2010 - Recent Updates as on 28.12.2010
Tuesday, December 28, 2010

1.   THE COMMISSIONER OF INCOME TAX AND ANOTHER VS. SMT.SUSHILA DEVI GUPTA, INCOME TAX APPEAL NO. - 124 OF 2010, ORDER DATE :- 3.12.2010, ALLAHABAD HIGH COURT

The assessee in her return had shown income of Rs.30,75,759/- as Long Term Capital Gain. However, the assessing officer treated the sale transaction to be sham and added the entire sale price as income under Section 68 of the Income Tax Act.The Commissioner had deleted the addition after considering that the transaction of sale of share was conducted through the borker, who had confirmed the sale and then the transaction was done through Calcutta Stock Exchange. This finding was confirmed by the Tribunal. It is finding of fact. There is no illegality in the same. 

(Please click here for judgment) 

  

2.   THE COMMISSIONER OF INCOME TAX-I VS. M/S KRISHI UTPADAN MANDI SAMITI, INCOME TAX APPEAL NO. - 163 OF 2010, ORDER DATE :- 2.12.2010, ALLAHABAD HIGH COURT

The questions, whether the Samitis are charitable institutions or not and whether they are entitled to be registered under section 12 AA of the Act, were agitated before a Division Bench of the Lucknow Bench of this Court in bunch of appeals. These appeals were against the order of the Tribunal granting registration to the Samitis under section 12AA of the Act.

In the aforesaid case, the basic question was whether the Tribunal was justified in allowing the registration of the Samitis under section 12 AA of the Act or not. The Division Bench observed as follows:  

'We do not see any good reason for holding that statutory bodies like market board and market committees under reference could not be treated as "charitable" within the meaning of S.2(15) of the IT Act. Therefore, we do not find any objectionable material to treat these institutions as non-charitable'. 

The Division Bench dismissed the appeal filed by the Department and held that they were entitled to be registered under section 12 AA of the Act.

(Please click here for judgment) 

  

What's New
  • RBI Circular No. 27 – Money changing activities  (Click for detail)

  • RBI Circular No. 28 –Cross Border Inward Remittance under Money Transfer Service Scheme  (Click for detail)

  • RBI Circular No. 29 – Use of International Debit Cards/ Store Value Cards/Charge Cards/Smart Cards by resident Indians while on a visit outside India  (Click for detail)

  • RBI Circular No. 30 – Asian Clearing Union (ACU) Mechanism – Payments for import of Oil or Gas  (Click for detail)

  • RRBs - SLR reduced - Section 24 of the Banking Regulation Act, 1949 - Maintenance of Statutory Liquidity Ratio  (Click for detail)

  • RBI/2010-11/333 - Issuance of Non-Convertible Debentures (NCDs)  (Click for detail)

  • Phone Banking will need one more password  (Click for detail) 

  • Decisions of the Council of the Institute regarding CPE activities  (Click for detail)      
        
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