Resident assessee can claim losses incurred from house property located abroad in return filed in India

May 23, 2014[2014] 45 taxmann.com 345 (Chandigarh - Trib.)

IT/ILT: An option is available to the resident-assessee to file return of income either under the Indian tax laws or under the treaty - If assessee files the return of global income in India, the Revenue is bound to give effect to such return - Therefore, losses from house property located abroad was to be included in the income of resident-assessee

Facts:

(a)		The assessee filed his return of income after including losses from house property located abroad. He purchased this property in Australia which was already on rent. He obtained a loan from ANZ Bank, Australia ('ANZ') to purchase the property.
(b)		The loss was computed under the head house property due to payment of interest to ANZ.
(c)		During appellate proceedings, the CIT(A) referred to the decision of Apex Court in case of CIT v. PVAL Kulandagan Chettiar [2004] 137 Taxman 460 (SC) and held that as far as rent income from Australia was concerned, the assessee was required to file the return in Australia and such income could not be included in Indian income. Therefore, negative income could not be assessed in India.

The Tribunal held in favour of assessee as under:

(1)		In view of Section 5 of the Income-tax Act ('the Act') in case of a resident, income accruing or arising outside India had to be assessed in India. The Sec 90(2) of the Act clearly provides that wherever DTAA is applicable to assessee he has an option to apply either Indian Tax Laws or provisions of DTAA, whichever are more beneficial to him.
(2)		Therefore, the assessee had an option to file return of income under the Indian tax laws where DTAA was applicable.
(3)		In the instant case, the assessee had exercised the option of filing return under Indian laws, thus, the same could not have been refused simply because DTAA was applicable.
(4)		The decision in case of PVAL Kulandagan Chettiar (supra) was distinguishable because in that case the assessee was a resident of India and Malaysia. It was due to financial connection of the assessee with Malaysian property it was held that income from Malaysian rubber plantation was taxable only in Malaysia.
(5)		The assessee had right to file the return of global income in India and the Revenue was bound to give effect to such return. The CIT(A) was not correct in holding that income from house property in Australia was not assessable in India. Accordingly, the order of the CIT(A) was to be set aside and the Assessing officer was to be directed to include the loss from such house property in the hands of the assessee.

Review: Rajinikanth's Kochadaiiyaan is a bad puppet show

Kochadaiiyaan is a fundamentally flawed dud, one without anything to applaud besides grand (if self-glorifying) ambition, rants Raja Sen.
Rajinikanth stands amid a collection of statues, pretending to be his own effigy.
Deepika Padukone, the patroness who has commissioned said sculpture, looks appraisingly over Rajini's body, halting at his bottom. This should really be a little ampler, she complains to the carver,

No reassessment to tax slump sale as ITAT upheld that transfer of undertaking in lieu of shares wasn’t slump sale

MCX appoints P K Singhal as interim CEO

http://investise.blogspot.in/2014/05/mcx-appoints-p-k-singhal-as-interim-ceo.html

Vacancy for CA in JP Morgan chase

Job Description 

Team Leader - HRSD Accounting-140053293

Job Description

 

Description

As a Team Leader one will be responsible for delivering on the periodic deliverables, specific tasks

and requirements assigned to the his team (which is an integral part of the HRSD accounting – Payroll, Benefit & Expat

MCX stock closes on upper circuit

http://www.business-standard.com/article/markets/mcx-soars-on-heavy-volumes-114052200428_1.html

Mumbai’s Francesco’s Pizzeria uses unmanned drones to deliver pizza

Buy Just Dial; target of Rs 1475: Motilal Oswal

http://www.moneycontrol.com/news/recommendations/buy-just-dial-targetrs-1475-motilal-oswal_1085688.html

Buy Just Dial; target of Rs 1475: Motilal Oswal

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Buy Just Dial; target of Rs 1475: Motilal Oswal Read more at: http://www.moneycontrol.com/news/recommendations/buy-just-dial-targetrs-1475-motilal-oswal_1085688.html?utm_source=ref_article

Vacancy for CA in JP morgan Chase

Job Description 

CIB Operations Control Manager - VP - Dublin, Ireland-140036950 Job Description   J.P. Morgan serves one of the largest client franchises in the world. Our clients include corporations, institutional investors, hedge funds, governments and affluent individuals in more than 100 countries. J.P. Morgan is part of JPMorgan Chase & Co. (NYSE: JPM), a leading global financial services firm with assets of $2.2 trillion.  The firm is a leader in investment banking, financial services for consumers, small business and commercial banking, financial transaction processing, asset management, and private equity. A component of the Dow Jones Industrial Average, JPMorgan Chase serves millions of clients and consumers under its J.P. Morgan and Chase, and WaMu brands.     Corporate & Investment Bank (CIB) has an opportunity for a Control Officer who will be responsible for assessing and sustaining the adequacy of the control environment within the EMEA Fund Services Operations team in Dublin.  Reporting into the Controls Manager -     Key responsibilities include: Covering all products within the Dublin Fund Services team, as part of Operation Control Management (OCM).  The Primary objective of the role will be to promote and test that control standards, corporate policies, and

Vacancy for CA Inter in Mumbai Samsara Shipping

Samsara Shipping is hiring for Sr. Executive - Accounts in Mumbai.

Job Posted date: 10/3/2014.

Candidate Profile:

1) M.Com / Inter CA / B.Com with good academic record.

2) Should need to have experience in Shipping Line/Agency.

3) Thorough knowledge of shipping accounting functions like Disbursements, Remittance, Bank

MOA & AOA formats under Companies Act 2013

ARTICLES OF ASSOCIATION

 OF

 XYZ PRIVATE LIMITED

(COMPANY LIMITED BY SHARES)

Interpretation

I. (1) In these regulations—

(a) “the Act” means the Companies Act, 2013,

(b) “the seal” means the common seal of the company.

(2) Unless the context otherwise requires, words or expressions contained in these regulations shall bear the same meaning as in the Act or any statutory modification thereof in

Urgent Opening for a CA in Congo Republic, Central Africa

There is an urgent opening for a Chartered Accountant in CONGO Republic, Central Africa.

Experience 0 - 2 years

Profile  - Internal Audit ( Training will be provided to the candidate)

New Information requirements in ITR-2

How to register complaint with ombudsman for insurance

FAQ ON SEC 185 ALONG WITH PLANNING

FAQ ON SEC 185 ALONG WITH PLANNING

Q1:  What are the prohibitions on sec 185?

Ans:

•       No company can directly or “indirectly” advance loan to its “directors” or to “other persons in whom directors are interested”.

•       No company can give any guarantee or provide any security in connection with any loan taken by

Vacancy for CA in Sharp And Tannan Associates Advisors Private Limited

Job Summary

• Company Name: Sharp And Tannan Associates Advisors Private Limited
• Location: Mumbai
• Experience: 5 - 10 Years

• Keywords / Skills: Accounts, Finance, Fund Management, Budgeting,Statutory

President Pranab Mukherjee has dedicated ‘RuPay’ India’s own card payment network to the nation.

New Delhi, May 9: President Pranab Mukherjee has dedicated ‘RuPay’ India’s own card payment network to the nation.
Unveiling the indigenous card at a function in Rashtrapati Bhavan yesterday, the President congratulated the Reserve Bank of India for having envisioned the need for such an indigenously managed service in 2005 and for entrusting this task to the National Payments Corporation soon after

The Residence - First Class Apartment in Sky

The UAE-based Etihad airline has outfitted its A380 class flights with a unit called “The Residence”. It will feature a living room, double bedroom, separate ensuite shower room, and for the first time in the airline industry, a dedicated, trained Butler. Measuring an unparalleled 125 square feet in total area, The Residence will be located on the forward upper deck of the airline’s new fleet of Airbus A380s and will be available for single or double occupancy. Butlers are trained at Savoy Butler Academy in London and they will be on call throughout the flight, offering the type of discrete personal service and attention to detail found in the world’s most exclusive hotels. The Residence equipped with much more luxury stuff and however, as the cost to fly in First Class’s best will be about $20,000 for a one-way flight from Abu Dhabi to London.

Vacancy for CA in GE

Job Number	1933875
Business	GE Global Growth & Operations
Business Segment	Global Growth & Operations - GE India
About Us	GE (NYSE: GE) works on things that matter. The best people and the best technologies taking on

Now HP Toners for your lazer printers at heavy discount

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Hope to launch 8 new stores in Mumbai by FY15: Jubilant

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Buy HUL; target of Rs 625: Firstcall Research

http://www.moneycontrol.com/news/recommendations/buy-hul-targetrs-625-firstcall-research_1082359.html

The government is likely to exceed the revised direct tax revenue target by about Rs 5,000 crore in 2013-14

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"Provisional direct tax collections show that the department will exceed the revised estimate of direct tax collection target by about Rs 5,000 crore," Central Board of Direct Taxes (CBDT) Chairman R K

Recall of order - Nexus between interest borrowings and interest free advances – Proper amount of closing balance

 ITAT AHMEDABAD - Income Tax

Madhav Cotton Ginning & Pressing Factory Versus ITO, Wd. 2 (3), Bhavnagar.

Recall of order - Nexus between interest borrowings and interest free advances – Proper amount of closing balance – Cited case laws not considered - Held that:- The assessee submitted that the Tribunal has not considered the contentions of the applicant – the Tribunal has not fully and properly

IT : Where assessee society was engaged in running an educational institution on charitable basis, even if it derived some surplus while carrying out said activity, registration granted under section 12AA could not be cancelled on aforesaid ground

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S. 32: Assessee (Bank) is entitled to depreciation on assets given on lease

S. 32: Assessee (Bank) is entitled to depreciation on assets given on lease
In so far as the issue relating to the claim of depreciation on leased transactions is concerned, the Supreme Court in ICDS vs. CIT 350 ITR 527 had the occasion to consider the question “whether the Assessee is entitled to depreciation on vehicles financed by it which is neither owned by the Assessee nor used by the Assessee?” The Supreme Court after perusing the lease agreement and other related factors held that the lessor is the owner of the vehicles. As an owner, it used the assets in the course of its business satisfying both the requirements of S. 32 of the Act and hence is entitled to claim depreciation. A similar view was taken by the Delhi High Court in Cosmos Films 338 ITR 266 wherein the Delhi High Court considered the implications of S. 19 of Sale of Goods Act, 1930. The Tribunal, Mumbai Bench in the case of Development Credit Bank Ltd has followed the decision of the Supreme Court in the case of ICDS and the decision of Delhi High Court in the case of Cosmos Films and allowed the claim of depreciation. The Tribunal, Mumbai bench, in the case of L&T has considered a similar issue and followed the findings of the Supreme Court in the case of ICDS and also of the co-ordinate bench in the case of Development Credit Bank Ltd and allowed the claim of depreciation on sale of lease back assets. Considering all these judicial decisions in the light of the facts, we direct the AO to allow depreciationICICI Bank Ltd vs. JCIT (ITAT Mumbai)

Vacancy for CA in HSBC Bank

Candidate profile
Post-Graduation professional qualifications such as MBA, CA preferred

5-7 years of operations & client servicing experience. Minimum 3 years of team management

MCA Directs Regional Directors to Initiate Inquiry Against Those Practicing Professionals Who Certified the Particulars Furnished by Listed Companies

MCA Directs Regional Directors to Initiate Inquiry Against Those Practicing Professionals Who Certified the Particulars Furnished by Listed Companies

The Ministry of Corporate Affairs has directed its Regional Directors to initiate inquiry against those practicing professionals who had certified 12 cases of wrong e-filing by certain listed companies in their e-forms. During the examination it was found that the data furnished in the e-forms were totally

FMC directs MCX to drop Deloitte as auditor

 

The Forward Markets Commission (FMC) isn’t taking PricewaterhouseCoopers (PwC)’s forensic audit report of Multi Commodity Exchange (MCX) lightly. In the wake of the damning observations by the auditor, FMC has directed MCX to drop Deloitte as statutory auditor.

“We think Deloitte should have detected some of the violations that occurred at MCX,” said an FMC

Vacancy for CA in RBS

Sr Analyst

Apply for this Job

Posting Date: 08/05/2014

Job Ref: 9550

Location: Mumbai, Maharashtra, India

Category: Operations

Employment Type: Full-Time

Brand: RBS Group

The Requirements
JOBPURPOSE
Part of the Global Analytics Front Office Services team, supporting the Markets & International

CENVAT - Rule 6 - inputs used in manufacture of dutiable & exempted final products - Payment of 8%/separate accounts not applicable for by-products: SC

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NEW DELHI : HINDUSTAN Zinc Ltd. - the respondent obtained zinc ore concentrate from the mines on the payment of excise duty which is used as an input for the production of zinc. Zinc ore is predominantly available as Zinc Sulphide (ZnS).

When ZnS is heated (calcined) at high temperature in the presence of oxygen, zinc oxide (ZnO) and sulphuric acid are produced. Zinc Oxide is further oxidised to produce zinc. Sulphur obtained as a technological necessity is a pollutant and is, therefore, converted into sulphur dioxide in the

ITAT upheld sec. 14A disallowance as loan funds were used for investment earning tax free income

May 7, 2014[2014] 44 taxmann.com 340 (Mumbai - Trib.)

IT: Where assessee had also used loan funds for making investments that earned tax free dividend, part of interest expenditure was to be disallowed

GMCS- AT THE BHYENDER CENTRE OF WIRC - SPREADING WRONG INFORMATION

On Wednesday, May 7, 2014 4:10 PM, Manmohan Agrawal wrote:

 

Dear Sir,

I would like to inform you that yesterday 06/05/2014 at Bhyender centre of WIRC in GMCS lecture. following points have been taught.

"1. if you want convert CA proprietorship firm into partnership. one partner has to be DISA/ CISA

Circular by MCA dated 07/05/2014: Certification of E-forms/non e-forms under the Companies Act, 2013 by the Practicing Professionals

General Clrcular- lO I 2Ol4

File No MCA21/2a /20r4-E-gov

Govemment of India

Ministry of Corporate Affairs

"A" Wing, Sfr Floor, Shastri Bhawan

Dr R. P. Road, New Delhi-110001

Date: - 07.05.2014

To,

All Regional Dir€ctor

All Registrar of Companies

Sub: - certification of E-forns/non e-Forms under Companies Act,

2013 by the Practicing Professionals: . regarding,

Sir,

The Ministry has allowed registered Members of the professionals bodies (the ICAI, ICSI and the

TDS u/s 194I attracted on employee car hire, chauffeur’s services covered u/s 194C

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Bharat Sanchar Nigam Ltd.

May 07 2014

Vacancy for CA Inter/ ICWA Inter in Hindustan Unilever (HLL)

Job Description 

Finance Executive(

Job Number:

 140007M3) 

Unposting Date

 : May-21-2014, 10:29:00 AM

Schedule

 : Full-time

Primary Location

 : India-Maharashtra-Mumbai-Mumbai HO

REQUEST FOR PROPOSAL INTERNAL AUDIT FOR HEAD OFFICE of NHAI

REQUEST FOR PROPOSAL INTERNAL AUDIT FOR HEAD OFFICE  of NHAI

Last date & time of availability of RFP document for downloading - 28.05.2014 upto 1700 Hrs. 

Last date for receiving queries 09.05.2014 upto 1100 Hrs. 

Pre-bid meeting 1100 Hrs on 09.05.2014 at NHAI, HO 

Authority response to queries latest by 15.05.2014.

Admit Cards for May 2014 Exams. - (04-05-2014)

Admit cards in respect of all eligible candidates admitted to the Intermediate (IPC) and Final May/June 2014 examination, with their photographs and signatures on them, are hosted on www.icai.nic.in. Candidates may print their admit cards from the said website. For

Vacancy for CA in Credit Suisse

Job ID:

037398

Location:

Pune

Schedule:

Full-time

Business Area:

Shared Services

Assistant Accountant

We Offer...

• Monthly Acounting and closing process for sub functions of Shared service finance
• Monthly Management Reporting for sub functions of Shared service finance
• Hands on experience in the area of Management Reporting;
• Thorough understanding and knowledge of Financial Planning and Analysis;
• Good in handling complex spreadsheets; variance computation; commentary writing; experienced in budgets/forecasts
• Month-end Closure and Vaiance Analysis
• Strong accounting and ERP system knowledge.
• Formulating budget, forecast and conducting variance analysis.
• Relevant systems exposure – PeopleSoft/Essbase/Hyperion.
• Balance Sheet reconciliation & Sign Off

You Offer...

• CA with less than 2 years experience
• Financial Services Background preferable
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VAT not leviable on 40% of the restaurant bill, which is subject to service tax

VAT not leviable on 40% of the restaurant bill, which is subject to service tax

 

 

In the recent decision of the Uttarakhand High Court, in the case of Valley Hotels & Resorts vs. The Commissioner, Commercial Tax, Dehradun [TS-129-HC2014 (UTT)-VAT].

The High Court allowed the revision application filed by the assessee and held that, where the element of service has been declared and brought to tax

Participate and win by submitting your Articles in Most Viewed Article Contest revised to Rs.1000

Participate and win by submitting your Articles in Most Viewed Article Contest revised to Rs.1000. Click here to know more

Read more: http://www.canewsbeta.com/2012/10/contest-rewards.html#ixzz2MrNypPxs

Its final, Campa Cola residents have to vacate illegal flats by May 31

New Delhi: In a big setback for hundreds of unauthorised residents of the Campa Cola society in Mumbai, the Supreme Court on Monday refused to grant them further extension to vacate their houses.

According to reports, the apex court, while hearing their plea for extension, asked them to vacate their illegal premises by May 31, 2014, stating that no more time will be granted to them in this

Vacancy for CA in Tata Steel

Name of the Posts: Head - Indirect Taxation & Contracting

Location: Jajpur, Odisha

No of the Post: 01 One

Job Responsibilities: Candidate will be responsible for indirect tax compliance with respect to excise

ICAI Global Career E-Kit of UAE launched in Dubai by CA. K Raghu, President ICAI - (02-05-2014)

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The CBDT has announced the setting up of a “National Judicial Reference System” (NJRS)

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The NJRS comprises of two components, the “Appeals repository and Management System” and the “Judicial Research and Reference System”.

The Appeals repository is a database of all appeals pending in the ITAT, High Court and Supreme

Heavy discount on the book A Comparative Study of Companies Act 2013 & Companies Act 1956 1st Edition

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Income tax - Whether gains made out of investment in shares through a portfolio management scheme are to be taxed only as business income - NO: HC

NEW DELHI, MAY 03, 2014: THE issue before the Bench is - Whether gains made out of investment in shares through a portfolio management scheme are to be taxed only as business income. And the verdict goes against the assessee.

Facts of the case

The Assessee, a partnership firm, is engaged in the business of providing technical, marketing and maintenance services for earth mover, aircraft and truck tyres. It also trades in tyres. The AO, considered the gains realized by the assessee on sale of shares invested through a portfolio management scheme as business income, and not capital gains. The AO imitated penalty

Vacancy for CA in PWC - Raipur

Requirement	Principal Consultant - MC-gTransformation - 4206/[2013]
Location
Openings	3	Experience	10.00 to 13.00 years
Education	NA
Skills	i) Candidates with 11+ yrs exp having mandatory expertise in / Indian / International government projects (a) Government Reforms, (b) National/ State Level Policy Making and (c) Planning and expertise on at least two of the following domains: Energy/power/infrastructure/panchayat and rural dev/urban utilities, mining, social sector. Possess: BE/B.Tech & MBA from top 15 Engg & MBA institutes, Age: Maximum 50 Years ii)Consultants with 10+ yrs exp in IT//ITeS consulting and implementation who has executed minimum 3 assignment. BE/B.Tech

Vacancy for CA in PWC

Requirement	Manager - Risk Advisory Services - 3083/[2013]
Location
Openings	1	Experience	7.00 to 8.00 years
Education	NA
Skills	People Management Presentation skills Internal Auditing Skills, Good understanding of Risk and Controls

Vacancy for CA/ICWA/CS in National Payments Corporation Of India

Company Details : Reserve Bank of India, after setting up of the Board for Payment and Settlement Systems in 2005, released a vision document incorporating a proposal to set up an umbrella institution for all the RETAIL PAYMENT SYSTEMS in the country. The core objective was to consolidate and integrate the multiple systems with varying service levels into nation-wide uniform and standard business process for all retail payment systems. The other objective was to facilitate an

Audit of Urban Administration And Development Offices for Financial Year 2004-05 To 2013-14 Cluster 3.

Urban Administration And Development - Jabalpur - Madhya Pradesh
Last Date : 05/05/2014
Audit of DUDA Offices for Financial Year 2004-05 To 2013-14 Cluster 3.

Address: Chief Executive Officer State Urban Development Authority Directorate of Urban

Zone Shifting of Candidates for May / June 2014 CA Exams. - (01-05-2014)

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Correction Window for CPT June-2014 Online Exam Forms. - (01-05-2014)

Correction Window for CPT June-2014 Online Exam Forms. - (01-05-2014)

MCA specifies forms which needs pre-certification by CA, CS or CMA

GOVERNMENT OF INDIA

MINISTRY OF CORPORATE AFFAIRS

NOTIFICATION

NEW DELHI, the 28th April, 2014

G.S.R…………………. (E). – In exercise of the powers conferred by sections 396,398, 399, 403

Rotating auditor rule to impact companies

http://businesstoday.intoday.in/story/rotating-auditor-rule-to-impact-companies/1/205718.html

IT/ILT-I : Where in transfer pricing proceedings, TPO made adjustment to assessee's ALP in respect of software development services, in view of fact that two comparables selected by TPO

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