Fwd: TaxGuru : “Whether disallowance can be made u/s 14A for the interest on borrowed fund even if it is explained that the funds utilised for investments are not borrowed funds?” plus 6 more

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From: TaxGuru.in - Daily Tax and Corporate Law Update <info@taxguru.in>
Date: Mon, Jun 27, 2011 at 9:45 AM
Subject: TaxGuru : "Whether disallowance can be made u/s 14A for the interest on borrowed fund even if it is explained that the funds utilised for investments are not borrowed funds?" plus 6 more
To: palashbiswaskl@gmail.com

TaxGuru : "Whether disallowance can be made u/s 14A for the interest on borrowed fund even if it is explained that the funds utilised for investments are not borrowed funds?" plus 6 more

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• Whether disallowance can be made u/s 14A for the interest on borrowed fund even if it is explained that the funds utilised for investments are not borrowed funds?
• EPFO to appoint fund managers by July-end
• Govt modifies norms for filling board-level vacancies in PSUs
• Eight Indian-origin person named among 40 young leaders of the global telecom industry
• Sebi to reopen its probe into multi-crore IPO scam of 2003-2006
• Even if assessee makes a wrong claim of deduction but the same was allowed by the AO, assessment can be reopned only if any failure to make full disclosure is attributed to the assessee
• When a charitable Trust has already claimed deduction for acquisition of capital assets as application of money, the further claim of depreciation on the same assets not allowable

Whether disallowance can be made u/s 14A for the interest on borrowed fund even if it is explained that the funds utilised for investments are not borrowed funds? Posted: 26 Jun 2011 08:47 PM PDT Rane Brake Lining Ltd Vs ITO (ITAT Chennai) A perusal of the assessment order clearly shows that the Assessing Officer has not invoked the provisions of sec. 14A. In fact the Assessing Officer has pointed out that the total investment in shares as... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

EPFO to appoint fund managers by July-end Posted: 26 Jun 2011 08:18 PM PDT Retirement fund body EPFO will appoint the multiple fund managers to manage its huge corpus of Rs 3.5 lakh crore by July 31, a month ahead of its latest deadline. Employees' Provident Fund Organisation (EPFO) will be able to wind up the process of... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Govt modifies norms for filling board-level vacancies in PSUs Posted: 26 Jun 2011 08:14 PM PDT ) The government has modified the guidelines for filling board-level vacancies in state-owned companies in time and also to help the Central Public Sector Enterprises (CPSEs) to improve performance. Under the new guidelines issued by the Public... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Eight Indian-origin person named among 40 young leaders of the global telecom industry Posted: 26 Jun 2011 08:13 PM PDT As many as eight Indian-origin persons, including those working with Tatas and Bharti group, have been named among 40 young leaders of the global telecom industry. Indians featured in the '40 under 40' list by Global Telecoms Business (GTB), a... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Sebi to reopen its probe into multi-crore IPO scam of 2003-2006 Posted: 26 Jun 2011 08:10 PM PDT Sebi is set to reopen its probe into multi-crore IPO scam of 2003-2006, after more than a year of declaring as 'null and void' the charges made by its own committee against depository NSDL and others in the matter. Sebi will discuss afresh in its... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Even if assessee makes a wrong claim of deduction but the same was allowed by the AO, assessment can be reopned only if any failure to make full disclosure is attributed to the assessee Posted: 26 Jun 2011 01:35 AM PDT Titanor Components Ltd Vs ACIT, Panaji -(High Court of Bombay at Goa) - The power conferred by Section 147 does not provide a fresh opportunity to the AO to correct an incorrect assessment made earlier unless the mistake in the assessment so made is... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

When a charitable Trust has already claimed deduction for acquisition of capital assets as application of money, the further claim of depreciation on the same assets not allowable Posted: 26 Jun 2011 01:30 AM PDT Dy. DIT, Ernakulam Vs Adi Sankara Trust ( ITAT Cochin)- Income Tax - Sections 11, 12A, 32(1) - When assessee, a charitable body, has already claimed deduction for acquisition of capital assets as application of money, the further claim of... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

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Palash Biswas
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