Daily Archives: February 25, 2016

Tangible material required by AO to show income escaped assessment

By | February 25, 2016

Facts of the case The Respondent Assessee filed a return of income on 2nd December 2003 showing a loss of Rs. 96,19,890. The return was processed under Section 143(1) of the Act at the return amount. An order for refund of Rs. 20,16,957 was issued. Subsequently, the Assessing Officer (‘AO’) passed an order recording ‘reasons… Read More »

Section 50 does not converts long-term capital asset into a short-term capital asset.

By | February 25, 2016

Issue Whether assessee is entitled to deduction under section 54E in respect of the capital gain arising on the transfer of a capital asset on which depreciation has been allowed and which is deemed as short-term capital gain under section 50 of the Income-tax Act, 1961 ? Held The benefit of section 54E will be… Read More »

Deemed short term capital gain from Sale of depreciable assets allowed to be set off against brought forward long term capital losses and unabsorbed depreciation

By | February 25, 2016

Issue Assessee had for the subject assessment year inter alia disclosed an amount of Rs.7.12 Crores as deemed short term capital gain under Section 50 of the Act. This deemed short term capital gain arose on account of the sale of depreciable assets. This deemed short term capital gain was set off against brought forward… Read More »

Inclusion of “National Bank of Abu Dhabi PJSC” in the Second Schedule to RBI

By | February 25, 2016

Source : Reserve Bank of India RBI/2015-16/328 DBR.No.Ret.BC.79/12.07.138A/2015-16 February 25, 2016 All Scheduled Commercial Banks Dear Sir, Inclusion of “National Bank of Abu Dhabi PJSC” in the Second Schedule to the Reserve Bank of India Act, 1934 We advise that the “National Bank of Abu Dhabi PJSC” has been included in the Second Schedule to… Read More »

Alteration in name of “Bank Internasional Indonesia” to “PT Bank Maybank Indonesia TBK”

By | February 25, 2016

Source Reserve Bank of India RBI/2015-16/329 DBR.No.Ret.BC.80/12.07.104A/2015-16 February 25, 2016 All Scheduled Commercial Banks Dear Sir, Alteration in the name of “Bank Internasional Indonesia” to “PT Bank Maybank Indonesia TBK” in the Second Schedule to the RBI Act, 1934 We advise that the name of “Bank Internasional Indonesia” has been changed to “PT Bank Maybank… Read More »

Rehabilitation of Manual Scavengers

By | February 25, 2016

Rehabilitation of Manual Scavengers The Self Employment Scheme for the Rehabilitation of Manual Scavengers (SRMS) has been revised in accordance with the provision of “Prohibition of Employment as Manual Scavengers and their Rehabilitation Act 2013” (MS Act, 2013) to provide the following benefits to the identified manual scavengers and their dependants. (i)     Onetime cash assistance… Read More »

Cases of Atrocities Against SCS

By | February 25, 2016

Cases of Atrocities Against SCS Article 17 of the Constitution of India has abolished ‘untouchability’ forbade its practice and made enforcement of any disability arising therefrom as an offence punishable in accordance with law. An Act of Parliament namely, the Protection of Civil Rights Act, 1955 prescribes punishment for enforcement of any disability arising from… Read More »

Modernization of Dhubri River Port

By | February 25, 2016

Modernization of Dhubri River Port A floating terminal is being maintained at the Dhubri river port on the bank of river Brahmaputra which caters to the operations of two Roll-on Roll-off vessels of Inland Water Transport Directorate of the Government of Assam and other private boat operators. In view of the potential of the Dhubri… Read More »

Oil Pollution in Seas

By | February 25, 2016

Oil Pollution in Seas The Government has formulated the National Oil Spill –Disaster Contingency Plan (NOS-DCP) for establishing an integrated national system for responding promptly and effectively to deal with any oil pollution incident. The Indian Coast Guard (ICG), is designated as the Central Coordinating Agency (CCA) for marine oil spill response activities. Government has… Read More »