Archive for July, 2009

SUMMARY OF CASE LAW The omission to allow cross examination merely prevents the ITO from making an addition and can be corrected by allowing the cross examination and the AO can be directed to proceed further to examine the matter afresh on the basis of cross examined statement. Full Article

SUMMARY OF CASE LAW Even post Dharmendra Textile Processors’ judgment by the Supreme Court, merely because an addition is made to the income declared by the assessee, penalty under section 271(1)(c) cannot be imposed; Supreme Court’s judgment in the case of Dharmendra Textile Processor’s case does not bring about any radical change in the scheme [...] Full Article

SUMMARY OF CASE LAW There is no provision for deduction on account of brokerage paid in connection with renting out of the property; merely because the brokerage may have been paid out of the rental income, it cannot be said that a charge has been created in the property much less an involuntary charge; thus, [...] Full Article

BIODATA FORMAT-2009 Allahabad Bank invites applications in the under noted prescribed format from practising firms of Chartered Accountants of India who are willing to have their firm empanelled as Concurrent/ Revenue Auditor in the Bank. The panel of auditors maintained last year (excluding existing concurrent auditors) since expired and  will not be used for appointment [...] Full Article

Stock broking firms on Monday argued before the Bombay High Court that they are entitled to claim depreciation costs on the value of their Bombay Stock Exchange (BSE) membership cards while calculating their tax liabilities. The Income Tax department has moved the court against more than 100 brokers saying that depreciation cannot be charged on [...] Full Article

It’s that time of the year again when you need to file your end of year income tax return, but is the plethora of paperwork bogging you down? The Indian government has just made things easier by launching the facility of filing your income tax returns online.  The advantages of filing your income tax returns [...] Full Article

The Andhra Pradesh High Court on Tuesday dismissed a petition filed by a shareholder challenging the Company Law Board’s (CLB) order to induct a strategic investor into Satyam Computer Services Ltd. The designated judge to hear cases arising out of the Companies Act, Mr Justice V.V.S. Rao, dismissed the petition filed by Mr Manohar Lal [...] Full Article

The Centre has changed the definition of ‘income’ under the Income-Tax law to ward off litigation on a Budget proposal on taxation of property passed on as gifts. The gifting route was hitherto used to escape the tax net, but this Budget sought to plug this loophole by bringing to tax, at the hands of [...] Full Article