Investment in specified bonds from the amounts received as an advance is eligible for s. 54EC deduction

  S. 54EC: Investment in specified bonds from the amounts received as an advance is eligible for s. 54EC deduction. The fact that the investment is made prior to the transfer of the asset is irrelevant. Citation: Bombay HC: INCOME TAX APPEAL NO. 1009 OF 2014 (i) The short question is whether an amount received on sale of a capital asset as an advance on the basis of Agreement to Sale and the same being invested in specified bonds before the final sale, would entitle the assessee to the benefit of Section 54EC of the Act. (ii) An Agreement to Sale for the subject property was entered into on 21st February, 2006. The final sale took place under a Sale Deed dated 5th April, 2007. The assessee invested an amount of Rs.50 lakhs from the advance

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“Deduction” contemplated in Section 10A/10B is qua the eligible undertaking of an assessee standing on its own and without reference to the other eligible or non-eligible units or undertakings of the assessee

  S. 10A/ 10B: Though s. 10A/ 10B were amended by FA 2000 w.e.f. 01.04.2001 to change “exemption” to “deduction”, the “deduction” contemplated therein is qua the eligible undertaking of an assessee standing on its own and without reference to the other eligible or non-eligible units or undertakings of the assessee. The benefit of deduction is given by the Act to the individual undertaking and resultantly flows to the assessee. The deduction of the profits and gains of the business of an eligible undertaking has to be made independently and before giving effect to the provisions for set off and carry forward contained in s. 70, 72 and 74. The deductions u/s 10A/10B are prior to the commencement of the exercise to be undertaken under Chapter VI of the Act

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‘Demonitisation will impact consumer spending in short term’

The demonetisation undertaken in India will have a “significant impact” on consumer spending in the short term but the country’s economy will return to the about 7.6-7.7 percent growth forecast by a flagship UN report, a senior economic official said. The United Nations World Economic Situation and Prospects (WESP) 2017 report launched today said India’s economy is projected to grow by 7.7 percent in fiscal year 2017 and 7.6 percent in 2018, benefiting from strong private consumption. The report however did not take into consideration the impact of the demonization policy on the country’s economic growth. Senior Economic Affairs Officer, Global Economic Monitoring Unit, Development Policy and Analysis Division in the UN Department of Economic and Social Affairs Dawn Holland said the report’s forecast was finalised on November 11, just

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Growth fears haunt stocks, Nifty ends below 8,400

  Growth concern cast its shadow on the market as the flagship Sensex slipped marginally to close at 27,236 after IMF sharply lowered India’s GDP estimate, with RIL proving to be a drag too. The multi-lateral agency had cut India’s growth rate for the current fiscal to 6.6 per cent from its previous estimate of 7.6 per cent due to the “temporary negative consumption shock” of demonetisation, which made investors anxious. Reliance stock was in a tight spot as spending worries surrounding its telecom venture took some sheen off its quarterly results. After opening higher, the 30-share BSE barometer ended at 27,235.66, down 52.51 points, or 0.19 per cent. The gauge had climbed 50 points on Monday. The 50-share Nifty index fell 14.80 points, or 0.18 per cent, to 8,398

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Rupee climbs to over 1-wk high on weak dollar, GST hopes

  The rupee continued its impressive run against the broadly weak dollar for the second straight day, surging by a solid 15 paise to end at 67.95 amid hopes for a speedy roll-out of GST. Sustained dollar unwinding from banks and exporters in the face of sluggish greenback overseas predominantly helped the domestic currency to overcome initial volatility and bounce back. The American dollar remained under immense pressure ahead of US president-elect Donald Trump’s inauguration at the end of the week and today’s speech by UK Prime Minister Theresa May. Forex market sentiment also got a boost on the GST roll-out after the Centre and states yesterday reached a consensus on sharing powers for control over taxpayers under GST. However, the roll-out is now expected from July 1, against the

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Pak must walk away from terror for talks with India: PM

  In a clear message amidst the chill in bilateral ties, Prime Minister Narendra Modi today asked Pakistan to walk away from terror if it wants to have dialogue with India. Outlining his approach for an integrated neighbourhood, Modi said his vision for country’s neighbourhood puts premium on peaceful and harmonious ties with entire South Asia. “But, India alone cannot walk the path of peace. It also has to be Pakistan’s journey to make. Pakistan must walk away from terror if it wants to walk towards dialogue with India,” he said while addressing the participants at the government’s geo-political flagship initiative “Raisina Dialogue-II”. He also recalled several initiatives taken by him to normalise ties with Pakistan including travelling to Lahore. There is a deep chill in Indo-Pak ties due to

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No concessions for Apple, but govt to review mobile manufacturing policy to boost the sector 

  The government won’t offer any special concessions to Apple but is reviewing its entire policy on mobile phone manufacturing as part of an effort to promote the ‘Make in India’ initiative, officials said. This could meet some of the demands that Apple has made apart from benefitting other phone makers as well. Apple had sought the concessions to set up plants in the country. The issue will be examined in depth at a high-level meeting with Apple executives next week. On Apple’s wish list is said to be a 15-year customs duty holiday on the import of iPhone kits, new and used capital equipment, and consumables. Apple’s requests are being considered by three government departments — revenue, industry and information technology. India needs to support an iconic brand like

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$11-billion FPI outflow was due to demonetisation: Sebi 

  Securities and Exchange Board of India (Sebi) chairman U.K. Sinha on Tuesday said the outflow of $ 11 billion of foreign portfolio investment in the October-December quarter is being analysed to assess the extent of impact ‘demonetisation’ has had on the outflows. “It is being analysed and will take three to four months time,” he said while addressing a seminar on ‘Developing the Indian Capital Markets – Sebi’s Role, Issues and Challenges’ in Kolkata organised by the Bharat Chamber of Commerce. He further added that there were a few other global developments, including the US presidential election results and a hike in Fed rates, which coincided with India’s decision to demonetise Rs 500 and Rs 1,000 currency notes. Quoting data from the International Monetary Fund (IMF), Sinha said demonetisation

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Result Notification Final – Nov 2016

  CA Final November 2016 Pass Percentage Attempt Group No. Of Candidate Appeared No. of candidates cleared pass percentage CA Final November 2016 Pass Percentage Both 36768 4256 11.57% CA Final Nov 2016. Group – 1. 37200 2655 07.14% CA Final Nov 2016. Group – 2. 36896 4545 12.32% CA Final may 2016 Both 40180 4565 11.36% CA Final may 2016 Group – 1 77374 14092 18.21% CA Final may 2016 Group – 2 77086 14474 18.77% CA Final Nov 2015 Both 42469 2440 5.75% CA Final Nov 2015 Group – 1 77442 9764 12.61% CA Final Nov 2015 Group – 2 75774 9084 11.99% CA Final may 2015 Both N.A N.A 8.26% CA Final may 2015 Group – 1 N.A N.A 11.41% CA Final may 2015 Group – 2

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Advisory to Companies to furnish Statement of Financial Transactions (SFT) to the Income Tax Department 

  To, The Principal Officer All eligible companies Sir, As per Rule 114E of the Income Tax Rules 1962, for and from 2016-17, all companies have to be furnish SFT in respect of certain specified transactions as tabulated below: S.No. Nature and value of transactions Reporting companies 1. Receipt from any person of an amount aggregating to ten lakh rupees or more in a financial year for acquiring bonds or debentures issued by the company or institution (other than the amount received on account of renewal of the bond or debenture issued by that company) A company or institution issuing bonds or debentures 2. Receipt from any person of an amount aggregating to ten lakh rupees or more in a financial year for acquiring shares (including share application money) issued

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