Income earned by a co-operative society from interest on FDRs / Saving balances with commercial banks qualifies for exemption u/s 80P(2)(a)(i)

Section 143(2)(ii) clearly stipulates service of notice and not issuance of notice. For details view www.taxmann.com

Provisions of section 56(2)(v) applied only to gift on or after 1-9-2004. Source: www.taxmann.com

Income tax

IT - Loss claimed by assessee on a/c of fluctuation in foreign exchange rate as on balance sheet date is allowable as expenditure u/s 37(1) [SC] : Taxmann.com

Wealth tax

WT - When urban land is utilized for construction of a building with prescribed authority’s approval then that land ceases to be urban land [Ker.]source: www.taxmann.com

Foreign Direct Investment

FDI – Clarification regarding revision of conversion price of FCCBs [Source : www.taxmann.com]

Income Tax

IT - Sale of a depreciable asset in r/o which depreciation was allowed to assessee should always be treated as short term capital gains [Ker.] : Taxmann.com

Income tax

IT- Any person who in someway or other facilitates purchases by a non-resident for export can’t be brought within cl.(b) of Explanation 1 to sec. 9(1)(i) [AAR]


IT - Shares allotted to partners of an extinct firm consequential to regn. of that firm as a co. would not give rise to any profit or gain [AAR] : Taxmann.com

Income Tax

IT-Payment towards VSAT/Transaction charges made by a Stock Broker to Stock Exchange is not fee for technical services u/s 194J
[ITAT-Mum.] Source : taxmann.com

RTI

RTI Act cannot be applied to claim exemption from disclosure of information, provided by an assessee to IT Dept. for asst. purposes, to 3rd party [CIC]. source www.taxmann.com