No addition of undisclosed investment if there was minor difference in report of DVO and assessee's valuer
January 24, 2015[2014] 52 taxmann.com 54 (Gujarat)/[2014] 367 ITR 686 (Gujarat)
IT : Where there was minor difference in valuation report of DVO and assessee's valuer regarding cost of construction, addition made as undisclosed investment could not be sustained
IT : Addition made on account of undisclosed investment in purchase of land solely on basis of DVO's report was not proper
Whether, in the facts and circumstances of the case and in law, the hon'ble Income-tax Appellate Tribunal was justified in holding that the order of the jurisdictional High Court in the case of CIT Vs. Abhishek Industries Ltd. reported in [2006] 286 ITR 1 (P&H); 156 Taxman 257 (P&H) are not applicable in this case and the disallowance made by the Assessing Officer under section 14A of the Income-tax Act is not as per law.
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19A. Overseas Direct Investments by Proprietorship Concern / Unregistered Partnership Firm in India. A proprietorship concern or an unregistered partnership firm in India, satisfying the criteria for Overseas Direct Investment as prescribed by the Reserve Bank from time to time, may set up / acquire a Joint Venture (JV) / Wholly Owned Subsidiary (WOS) outside India with the prior approval of the Reserve Bank.
Foreign Exchange Management (Transfer or Issue of any Foreign Security) (Fourth Amendment) Regulations, 2014
RESERVE BANK OF INDIA
FOREIGN EXCHANGE DEPARTMENT
CENTRAL OFFICE
MUMBAI-400 001
FOREIGN EXCHANGE DEPARTMENT
CENTRAL OFFICE
MUMBAI-400 001
Notification No. FEMA. 325/RB-2014
November 12, 2014
Foreign Exchange Management (Transfer or Issue of any
Foreign Security) (Fourth Amendment) Regulations, 2014
Foreign Security) (Fourth Amendment) Regulations, 2014
In exercise of the powers conferred by clause (a) of sub-section (3) of Section 6 and sub-section (2) of Section 47 of the Foreign Exchange Management Act, 1999 (42 of 1999), the Reserve Bank hereby makes the following amendments in the Foreign Exchange Management (Transfer or Issue of Any Foreign Security) Regulations 2004 (Notification No. FEMA.120/RB-2004 dated July 7, 2004), as amended from time to time, (hereinafter called the Principal Regulations or the Notification) namely:-
1. Short Title & Commencement
(i) These Regulations shall be called the Foreign Exchange Management (Transfer or Issue of Any Foreign Security) (Fourth Amendment) Regulations, 2014.
(ii) They shall come into force from the date of publication in the Official Gazette.
2. Amendment to Regulation 19A
The existing Regulation 19A shall be substituted with the following, namely:
"19A. Overseas Direct Investments by Proprietorship Concern / Unregistered Partnership Firm in India
A proprietorship concern or an unregistered partnership firm in India, satisfying the criteria for Overseas Direct Investment as prescribed by the Reserve Bank from time to time, may set up / acquire a Joint Venture (JV) / Wholly Owned Subsidiary (WOS) outside India with the prior approval of the Reserve Bank."
3. Amendment to Schedule II
The existing Schedule II stands deleted.
(C D Srinivasan)
Chief General Manager
Chief General Manager
Foot Note:
The Principal Regulations were published in the Official Gazette of GOI vide G.S.R. No 757 (E) dated November 19, 2004 – in Part II, Section 3, Sub-section (i) and subsequently amended vide:-
G.S.R. No. 220 (E) dated April 7, 2005,
G.S.R. No. 337 (E) dated May 27, 2005,
G.S.R. No. 552 (E) dated August 31, 2005,
G.S.R. No. 535 (E) dated September 6, 2006,
G.S.R. No.13 (E) dated January 5, 2008,
G.S.R. No. 209(E) dated March 25, 2008,
G.S.R. No.676 (E) dated September 24, 2008,
G.S.R. No.756 (E) dated October 31, 2008,
G.S.R. No.108 (E) dated February 20, 2009,
G.S.R. No. 301(E) dated May 1, 2009,
G.S.R. No. 441(E) dated June 23, 2009,
G.S.R. No. 609(E) dated August 28, 2009,
G.S.R. No. 607(E) dated August 3, 2012,
G.S.R. No. 609(E) dated August 3, 2012,
G.S.R. No. 947(E) dated December 31, 2012,
G.S.R. No. 345(E) dated May 29, 2013,
G.S.R. No. 516(E) dated July 30, 2013,
G.S.R. No. 529(E) dated August 05, 2013,
G.S.R. No. 552(E) dated August 14, 2013,
G.S.R. No. 323(E) dated May 07, 2014
G.S.R. No. 489(E) dated July 11, 2014 and
G.S.R. No. _____ dated ___________
G.S.R. No. 337 (E) dated May 27, 2005,
G.S.R. No. 552 (E) dated August 31, 2005,
G.S.R. No. 535 (E) dated September 6, 2006,
G.S.R. No.13 (E) dated January 5, 2008,
G.S.R. No. 209(E) dated March 25, 2008,
G.S.R. No.676 (E) dated September 24, 2008,
G.S.R. No.756 (E) dated October 31, 2008,
G.S.R. No.108 (E) dated February 20, 2009,
G.S.R. No. 301(E) dated May 1, 2009,
G.S.R. No. 441(E) dated June 23, 2009,
G.S.R. No. 609(E) dated August 28, 2009,
G.S.R. No. 607(E) dated August 3, 2012,
G.S.R. No. 609(E) dated August 3, 2012,
G.S.R. No. 947(E) dated December 31, 2012,
G.S.R. No. 345(E) dated May 29, 2013,
G.S.R. No. 516(E) dated July 30, 2013,
G.S.R. No. 529(E) dated August 05, 2013,
G.S.R. No. 552(E) dated August 14, 2013,
G.S.R. No. 323(E) dated May 07, 2014
G.S.R. No. 489(E) dated July 11, 2014 and
G.S.R. No. _____ dated ___________
| Published in the Official Gazette of Government of India – Extraordinary – Part-II, Section 3, Sub-Section (i) dated 05.01.2015- G.S.R.No.7(E) |
FM: Investors Showing Huge Curiosity and Interest in India; We Can't Afford to Miss this Opportunity; Ordinarily Everything is Going in our Favour Including Better Growth Prospects, Good Reserves, Fiscal Deficit and Cad Under Control; Calls for Non Adversarial Tax Administration
FM Calls for Non Adversarial Tax Administration
Press Information Bureau
Government of India
Ministry of Finance
Government of India
Ministry of Finance
27-January-2015
FM: Investors Showing Huge Curiosity and Interest in India; We Can't Afford to Miss this Opportunity; Ordinarily Everything is Going in our Favour Including Better Growth Prospects, Good Reserves, Fiscal Deficit and Cad Under Control; Calls for Non Adversarial Tax Administration
The Union Finance Minister Shri Aruj Jaitley said that there is huge curiosity and interest in India especially among domestic and foreign investors. The Finance Minister said that we can't afford to miss this opportunity. The Finance Minister Shri Jaitley said that ordinarily everything is going in our favour including growth prospects. The Finance Minister further said that other developed and emerging market economies like Brazil, South Africa, Europe, Japan and Russia among others are facing challenging situation while our prospects are showing an upward trend. The Finance Minister Shri Jaitley was speaking at the Investiture Ceremony to honour the officers of Central Board of Excise and Customs (CBEC) for their excellent performance and International Customs Day function organised here today by CBEC. The Finance Minister said that in order to make best use of this opportunity, we have to address two major concerns i.e. quick decision making & stability in policy matters and reforms in tax structure and administration. The Finance Minister said that there is need for change both in attitude and mind set towards investors' and assesses. He said that we need to have a non-adversarial tax administration which is both investors' and assesses' friendly.
The Union Finance Minister Shri Jaitley further asked the CBEC officers to ensure that those who are liable to pay tax must pay their dues and tax evaders must be taken to task. However, the Finance Minister said that at the same time, they have to maintain certain level of civility with assesses and investors which must be cogent and logical. The Finance Minister said that revenue collections which was affected due to low manufacturing in the last 2-3 years are also turning around and we hope to meet our fiscal targets. He said that our reserves are good and Current Account Deficit (CAD) position is much better. The Finance Minister said that our currency was among the two global currencies which withstood the might of dollar in recent times. He said that we try to improve where we found ourselves wanting. He asked the custom officers to safeguard borders by curbing unlawful economic activities. He congratulated the award winners for their exemplary work and hoped that they will be role model for other officers to emulate their performance in future.
Speaking on the occasion, Shri Jayant Sinha, Minister of State of Finance said that there is need for more transparency in tax administration and need to build data base for authentic and valid information. He said that there is need for coordination among different agencies to avoid delay by having less paper work, documents to be filed, among others for efficient delivery of services.
Earlier speaking on the occasion, Shri Shaktikanta Dass, Revenue Secretary asked the CBEC officers to rededicate themselves to their sovereign responsibility of administering indirect tax administration and maximise the revenue collections. He asked the officers to dedicate themselves to the cause of improving the ease of doing business in the country in line with the Prime Minister's programme of 'Make in India'. In this regard, the Revenue Secretary asked the officers that 24×7 functioning of the ports and airports for customs clearances must be implemented in letter and spirit. He asked the custom officials to check illegal flow of goods and commodities such as drugs, fake currency notes etc. across the international border. He said that we should also dedicate ourselves to the theme of facilitation to stakeholders and ensure smooth follow of goods and commodities within the country and in other countries. He asked the officers to give personal touch in efficient and effective discharge of their day to day duties.
Later, the Finance Minister Shri Jaitley gave away the awards to the officials of CBEC who were given Presidential awards for their exemplary performance on Republic Day last year.
The function was also attended among others by Shri Kaushal Shrivastav, Chairman, CBEC, Members and senior officers of CBEC, award winners and their family members among others.
CA Kunal Singhal Introduction Although a very familiar term in everyday life, fixed deposits or "FD" as we call it, is one of the very crucial investments which almost every individual happen to make or open with their bankers. Definition Fixed deposits are high interest yielding term deposits offered by bank in India. It is […]
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