TAX UPDATES: 02/17/13

Notification dated 15-01-2013. Powers conferred for Ist January 2013 to 31st Dec 2013.
Earlier Notifications issued on 16-5-2011 and 22-12-2011. Powers under following sections only conferred:

Under sections I l, 13, 14, 26 to 32,36, 38 to 41,45 to 49,52 to 60,66,76,77 and 83
Hence power under section 51 can not be exercised by Inspectors

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Sunday 17 February 2013

Non-payment of interest on loan taken from a co-operative bank would not attract provisions of section 43B because co operative bank is not scheduled bank

Non-consideration of various issues such as date of acquisition of bonus shares, expenditure incurred on earning exempt income etc., made assessment order erroneous and, thus, Commissioner was justified in setting aside same in exercise of his power under section 263

Where main activities of Improvment trust were to purchase undeveloped land and to sell off same after development, activities of assessee were in nature of trade and Commissioner had rightly cancelled registration already granted under section 12AA to it

In case of a charitable trust, if objects are of general public utility and receipts from those objects exceed Rs. 10 lakh, in such a case Assessing Officer can deny exemption under sections 11 and 12 but can not cancel registration of trust granted under section 12A

Where simply an equipment or sophisticated machine or standard facility is provided albeit developed or manufactured with the usage of technology, such a user cannot be characterized as providing technical services.

Where particular technology was made available to assessee exclusively and assessee had right over intellectual property, agreement with supplier was not only for purchase of machine but also for acquiring technical know-how

Even though assessee was engaged in purchase and sale of properties, still he could purchase and hold some plots as capital asset and claim benefit of deduction under section 54F in respect of sale of those plots

Deposit of money in fixed deposit cannot be construed as deposit in capital gain bond for claiming exemption under section 54EC

Guideline of land value fixed by sub-registrar is only a guideline value to ascertain market value of land for collection of stamp duties and it cannot be a sole basis for fixing fair market value as on 1-4-1981

For registration of a newly registered trust under section 12AA, objects for which it was formed should be examined and not its activities, which is yet to be commenced

Section 14A is not applicable in respect of share application money

Mere providing of machinery on hire without any manpower cannot be termed as carrying out of any work by plant and machinery owners and, thus, no tax is required to be deducted under section 194C

Power of Designated Officer Conferred upon Inspectors

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