itatonline
TG
Jan25
BL
Jan 18
TOI
yah
BL
Jan16
moneylife
Jan 15
Online Frauds? Get fast justice from the Cyber Crime Court
ref. comment
LCI
<<<
BL
Partners in trade
ICL
Supreme Court on Corporate Officers’ Criminal Liability
moneylife
JAN13
CGT
Sec 54
Deduction U/s. 80IB(10) cannot be denied for mere delay in issue of completion certificate by Municipality
BL
Magibri
Tricks Chennai home buyers must watch out for
BL
Dec 9
TG
General Anti Avoidance Rules (GAAR) Unveiled
TOI
The Indian Hume Pipe Co Ltd vs. ACIT (Supreme Court)
S. 147: Verdict of Bombay High Court in The
Indian Hume Pipe Co Ltd vs. ACIT 348 ITR 439 that
“full & true disclosure of material facts”
means “specific” disclosure of
“each” fact nullified
The assessee entered into an agreement in July 2001 for
sale of development rights for Rs.39 crore. The transfer
was in December 2003. The assessee computed LTCG of Rs.
23.19 crore. The assessee invested in eligible bonds
between Feb & June 2002 (after the agreement to sell
but before the transfer) and claimed exemption u/s 54EC.
During the assessment proceedings, the AO asked for a copy
of the agreements with the purchaser and other details
which the assessee furnished. A copy each of the s. 54EC
bonds (which gave the dates of investments) was also
furnished. The AO allowed the deduction as claimed. After
the expiry of 4 years from the end of the assessment year,
the AO issued a notice u/s 148 claiming that as the
investments were made prior to the date of transfer (Dec
2003), s. 54EC deduction was not admissible. The assessee
filed a Writ Petition to challenge the reopening on the
ground that there was no failure on its part to make a full
and true disclosure of material facts. The High
Court (348 ITR 439) dismissed the Writ on the
ground that (i) “Full and true disclosure of material
facts” means that the disclosure should not be garbled
or hidden in the crevices of the documentary material which
has been filed by the assessee with the AO. The assessee
must act with candor. A full disclosure is a disclosure of
all material facts which does not contain any hidden
material or suppression of fact. It must be truthful in all
respects and (ii) On facts, though the AO enquired into the
matter and the assessee furnished a copy of the s. 54EC
bonds (from which the dates of allotment/ investment were
evident), there was no (specific) reference by the assessee
to the dates on which the amounts were invested in the s.
54EC bonds. It was also held that it was evident that the
AO had not applied his mind to the issue of s. 54EC
exemption and that the AO was justified in reopening the
assessment. On a SLP filed by the assessee to the Supreme
Court HELD by the Supreme Court:
Note: The ground that s. 54EC exemption is allowable even to investments made pre-transfer as per Circular No. 359 dated 10.5.1983 and so there can be no “reason to believe” was not argued. Contrast with Kelvinator 256 ITR 1 (Del)(FB) (affirmed in 320 ITR 561 (SC)) where it was held that a s. 143(3) assessment meant that the AO was “deemed to have applied his mind to all aspects” and that a reopening based on “reappraisal of existing material” was not permissible.
TG
Jan25
Posted: 24 Jan 2015 07:22 PM PST
BL
Jan 18
TOI
Govt
gags IT on info sharing with media
A Quixot
<> The rationale
behind the reported move /decision of the government, if were to be viewed in
the larger public /societal interests, cannot be impeached of faulted by any
logic. Similar proactive move, long pending but requiring to be looked into and
tackled likewise, concerns areas such as
‘Defence’, ‘Space’, so on; involving
highly valuable info. and
requiring to be kept secret/ in any case not to be made public prematurely or in intricate details, having
regard to mainly its potential /vulnerability to be misused /adversely
exploited by unscrupulous anti-national characters
at large.
With the
same breath, one is provoked to add that, taking a citizen centric approach, the
largely prevailing requirements, and coercively insisted upon , in the guise of
proof of personal identity, of address, so on, production of primarily ‘personal’/
‘private and confidential’ documents such as tax PAN, property purchase docts., etc., ought
to be put an end to once for all. One has in mind known instances in which even
Passport office requires and insists upon, simply for the heck of it, in
addition to Aadhar being a sufficient proof, a whole set of other docts.
A Quixot
<<<
Department of Justice announces new gag-order deal with ...
yah
How honest are the people of Dubai?
BL
Jan16
moneylife
Jan 15
The NDA government has been as ham-handed as the UPA
which thrust a messy Companies Act on us
|
cross refer >
INDIAN CORPORATE LAW: Class Actions in the ...
INDIAN CORPORATE LAW: Damodaran Committee Report ...
· · ITAT Online
itatonline.org/
Chief Justice Kapadia: Inspiring Story Of Journey From Clerk To Chief
Justice · Transfers ... The Entire Law On
Taxation Of Purchases From Suspicious Dealers
· Lawyers Indulge In “Happiness Billing” - Itatonline.org<<<< Who will be India's next Central Chief Information Commissioner under RTI? |
After nearly six months of keeping the post of Central
CIC's post vacant, the screening committee is finally meeting on 16th January
to decide a name
refer comment |
ref. comment
LCI
<<<
- Right to Justice and Regional Benches of Supreme Court
- Sprucing up the Companies Act, 2013 and the rules thereunder: A long journey ahead
BL
Prasad Sangameshwaran
Marketers
began New Year with ASCI rapping them on the knuckles. It could be a worthy
resolution for them to stop making misleading ads. »
......
Social media impact
“There is a thin line between harmless untruths and harmful
untruths,” says Madhukar Sabnavis, Vice-Chairman and Country Head, Discovery
and Planning, Ogilvy & Mather India. “Consumers are discerning enough to
make the difference between hyperbole and tangible benefits. However, if a
brand makes a tall claim and is not able to deliver that to consumers in a
tangible form, then the brand can get hurt as consumers feel cheated,”
“......However, all this could change with the increasing
influence of social media. “This may change in the future because of social
media activism by consumers. Misleading ads provide fodder to social media
users to blog and tweet,”
Partners in trade
ICL
Supreme Court on Corporate Officers’ Criminal Liability
moneylife
JAN13
Loan settlement? Here is what you need to be careful about
Seven years after he settled a loan, a borrower is being
subjected to numerous calls, notices and even arrest warrant. The only
mistake, he committed was not to collect the NOC and account statement
from the lender after his settlement |
<> The reported episode makes for a shockingly disgusting
reading. May be, borrower may be regarded to have been callous in failing to
collect the NOC. But was it not the basic duty and responsibility of the lender
bank to have promptly reached the NOC soon after the settlement of the dues. This
is an unadulterated harassment of the customer, often come across repeatedly;
the culprit bank should be made to cough up, through its nose, the maximum compensation for the misdemeanor,
and its idiotic persistence.
Alongside, it says, -
“Reforms & Governance under Modi.” One only hopes that as expected, Modi / the
RBI takes a serious note, if not done,
and cries a halt to recurrence of such anti-people instances any longer.
Govt amnesty for buildings without OC - The Times of India
Time has come for the minister
(s) to be strongly reminded of, in unequivocal terms, and sufficiently impressed
upon, the following discordant and unpalatable facts of life, simple posers:
1. The mandates
required compliance by whom; and who has failed to monitor and enforce compliance?
2. Why was
power or water connection given without a proper verification of the ground reality,
such as ‘no OC’, even on day one or at least soon thereafter; not after years,
nay decades?
3. Is it not, if
at all, an instance of flagrant contributory negligence of the gravest kind, the
primary responsibility and answer-ability to which is traceable to the empowered
authorities / “public servants”; and those were the ones who have miserably
failed in discharge of duties expected of, by any yardstick ? Hence, those
alone are to be penalized?
It is earnestly hoped - by the gullible commoners at
large, directly impacted or likely to be, faced with such horrid situations of
confrontation, - that the indicated and like facets are mindfully gone into and
sincerely given due consideration, by the men in governance, sooner than later.
click here.
Gas agencies can’t force customers to link Aadhaar number: Minister
150 HRBR residents get eviction order from BDA
Aparajita Ray |
<>It is simply imagined that, none with a balanced mind, - having common sense , if not convoluted legal sense, to think plainly and seriously, regardless of whether directly impacted or aggrieved , or not, -can disagree but to only agree and fully endorse the Times View (see the inset) sanely advanced for the common good.
As a noted humanitarian par excellence used to lament with
extreme remorse, our people are, by and large, ‘low aroused’ , and choose to
continue to be so, even in such matters having
far reaching consequences requiring to
be taken a conscious note of and act /pro-act, in a
public (citizen )- centric spirit.
Jan 12
TGCGT
Sec 54
- Section 54 places thrust on investment & not on completion
- Section 54F exemption cannot be denied for mere delay in completion of construction
Deduction U/s. 80IB(10) cannot be denied for mere delay in issue of completion certificate by Municipality
<> The view taken, though not for the first time, is to the
effect that the prescribed time limit of 2 / 3 years ‘FOR’ 'purchase' / 'construction' of a new asset is
not to be construed strictly or rigidly, or interpreted in a narrow sense. That
is the right or better view should necessary regard be had to the setting /the
whole context, with adequate emphasis / stress placed on the crucial word
"FOR". Even if considered from a different angle, constructing and
completing a new independent house, or purchasing a Flat/Apartment, within time
as planned, is not left to the investor- taxpayer; but is subject to or
circumscribed by several ifs and buts, mostly resting with the promoter/seller.
As per the scheme of the enactment itself, - in
particular, in section 54 OR section 154 / 155 of IT Act, there is no provision
hence by necessary implication not envisaged/intended to tax the amount of
capital gains or to the extent it has been ‘utilised’ for the purchase or
construction. A close reading and understanding of sub-section (2) rw the
Proviso thereto lends support.
In the context, it needs a special mention that, the recent
SC judgment in Sanjeev Lal v CIT is a case, it could be urged, to support the identical proposition that section 54 requires to be interpreted
by adopting a common sense reasoning, founded on principles of natural justice
and a liberal judicial approach. This aspect
has been briefly touched upon in the published article, -(2014) 226 Taxman 143-
150/151.
BL
Opinion
Towards faster, more inclusive growth
JIM YONG KIM
The World Bank president has high hopes of India — and some words of caution as well »Magibri
Tricks Chennai home buyers must watch out for
- Chennai: First time homebuyers making most of slowdown
- Can’t afford in Velachery? Try Thoraipakkam
- Yearender: 2014 posed formidable challenges to Chennai realty
- In pics: Latest Chennai real estate trends
BL
A bad settlement is always better than a good judgment that gives all the relief sought.
Conflict is inevitable, but combat is optional.
— Max Lucade
| |
RBI:
Rajan hails govt statement on functional freedom for banks
PSBs have to work out their own capital raising options
Dec 9
TG
General Anti Avoidance Rules (GAAR) Unveiled
TOI
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