Deduction u/s.80IB not available on Duty drawback and DEPB receipts

Whether, for computation of capital gains on land sold by NRI, the fair market value of the land is to be reckoned with rather than the full value of the consideration received Posted: 18 Oct 2011 08:56 PM PDT Asstt. Director of Income-tax Vs. Shri Ranjay Gulati (ITAT Delhi) – Under section 48 of the Income Tax Act, 1961 the income chargeable under the head "Capital gains" shall be computed, by deducting from the full value of the consideration... [[ This is a content summary only. Visit www.taxguru.in for full article ]] Deduction u/s.80IB not available on Duty drawback and DEPB receipts Posted: 18 Oct 2011 08:46 PM PDT Vishal Tools & Forgings Private Limited v CIT (ITAT Amritsar)- DEPB is an incentive. It is given under Duty Exemption Remission Scheme. Essentially, it is an export incentive. No doubt, the object behind DEPB is to neutralize the incidence of... [[ This is a content summary only. Visit www.taxguru.in for full article ]] SC issues notice to UP govt on granting tax exemption to Formula 1 event Posted: 18 Oct 2011 07:28 PM PDT The Supreme Court on Tuesday sought explanation from the Uttar Pradesh government for granting tax exemption to the company organising Formula 1 event in Greater Noida. A bench headed by Justice D K Jain also issued notice to Jaypee Group,... [[ This is a content summary only. Visit www.taxguru.in for full article ]] Goods Transport OPERATORS? – Update ACES Posted: 18 Oct 2011 06:24 PM PDT Goods Transport Operators (GTO) is no more a service existing. However, while registering through ACES website, an option is provided to select Goods Transport Operators Service (entry number 51) even if the service does not exist at all.... [[ This is a content summary only. Visit www.taxguru.in for full article ]] Information furnished to I-T not come under fiduciary relationship and cannot be denied to an RTI applicant Posted: 18 Oct 2011 03:34 PM PDT Information given to Income Tax authorities by assesses does not come under fiduciary relationship and cannot be denied to an RTI applicant on that ground, the Central Information Commission has held. The transparency panel while hearing the plea of... [[ This is a content summary only. Visit www.taxguru.in for full article ]] Companies need not maintain 2 set of book of account Posted: 18 Oct 2011 03:30 PM PDT Companies wanting to migrate to international auditing norms, the International Financial reporting Standard (IFRS), may be spared from maintaining two books of accounts -- one under the Companies Act and the other for taxation purposes, if a... [[ This is a content summary only. Visit www.taxguru.in for full article ]] Peak Filing of Balance Sheet and Annual Return under the Companies Act, 1956 Posted: 18 Oct 2011 02:38 PM PDT As you are aware it is time of peak filing of Balance Sheet & Annual Return under the Companies Act, 1956. It has been brought to the Institutes' notice that during October, 2011, filing of Balance Sheet and Annual Return is less as compared to... [[ This is a content summary only. Visit www.taxguru.in for full article ]] Announcement for the Corporate Affairs Standards – The need of the hour Posted: 18 Oct 2011 01:13 PM PDT The globalisation and the emerging scenario of the corporate world require specialized professionals who can provide service with excellence, professionalism & objectivity to deal with various aspects of the corporate affairs. Technicalities of... [[ This is a content summary only. Visit www.taxguru.in for full article ]] Tax deduction at source on the deposits in banks in the name of the Registrar/Prothonotary and Senior Master attached to the Supreme Court/ High Court etc during the pendency of litigation of claim/compensation Posted: 18 Oct 2011 12:07 AM PDT The Board has received references expressing difficulties in implementation of provisions of Section 194A of the Act in a situation where in the course of the proceedings before Supreme Court/High Court/ any other court or tribunal , one or more... [[ This is a content summary only. Visit www.taxguru.in for full article ]] Report of Task Force on Transaction Cost in Exports Posted: 17 Oct 2011 11:51 PM PDT On the initiative of Shri Jyotiraditya M. Scindia, Minister of State for Commerce and Industry (MoS-C & I), the Task Force on Transaction Cost was constituted by the Department of Commerce under the orders of Hon'ble Commerce & Industry... [[ This is a content summary only. Visit www.taxguru.in for full article ]] FM to Inaugurate Economic Editors' Conference Tomorrow Posted: 17 Oct 2011 11:46 PM PDT Press Information Bureau is organizing its two-day Annual Economic Editors' Conference in the National Media Centre, Shastri Bhawan, New Delhi which will be inaugurated by the Finance Minister Shri Pranab Mukherjee tomorrow. [[ This is a content summary only. Visit www.taxguru.in for full article ]] Announcement Regarding Compliance with Paragraphs 61 and 62 of the Standard on Review Engagements (SRE) 2410 Posted: 17 Oct 2011 11:03 PM PDT The Council of the Institute of Chartered Accountants of India, at its 308th meeting, considered an issue relating to difficulties being faced by the members of the Institute in compliance with paragraphs 61 and 62 of the SRE 2410, Review of Interim... [[ This is a content summary only. Visit www.taxguru.in for full article ]] Inclusion of Credit under Kisan Credit Card (KCC) under direct financing for Agriculture Posted: 17 Oct 2011 09:58 PM PDT Please refer to Para 1.1.3 of our circular RPCD.No.RRB.BC.20/03.05.33/2007-08 dated August 22, 2007 on lending to priority sector in terms of which working capital and term loans for financing production and investment requirements for agriculture... [[ This is a content summary only. Visit www.taxguru.in for full article ]]