On the facts of the present case, we have noted that there is no finding by any of the authorities below that services are rendered to non-members. There is a reference to the services rendered to the outsiders in the orders of the authorities below, but it is in the context of analysis of judicial [...]

Section 192 deals with the deduction of tax at source. It is computed on the estimated income of the assessee under the head ‘salary’ and the liability is at the time of payment of salary, if there is a perquisite, there is responsibility to deduct tax of the employer under section 192(1), 192(1A) and 192(1B). Perquisite is actually not a payment of salary but a benefit not in terms of money.

Observation of the Assessing Officer that since the land was not cultivated by the assessee himself and was carried on by the brother, therefore, it cannot be treated as agricultural land. We are not absolutely convinced by this argument/observation because there is no requirement in any Act more especially the Income Tax Act that only the self cultivated land will be treated as agricultural land.

Where neither the TPO nor the DRP have found any fault with audited segmental accounts, the Departmental Representative cannot Canvass rejection of the same before the ITAT on the ground that the same one not prepared or audited as per ICAI guidelines.

SERVICE ? ‘Service’ has been defined in clause (44) of the new section 65B and means – any activity for consideration carried out by a person for another and includes a declared service does not include – any activity that constitutes only a transfer in title of (i) goods or (ii) immovable property by way [...]

Unit in SEZ will be covered by sub-section (6) to section 115JB irrespective of the fact that those units were claming deduction under section 10A. The benefit given to SEZ unit from the applicability of provisions of section 115JB has been withdrawn by the Finance Act, 2011 by inserting a proviso to section 115JB(6). Hence, [...]

We are not convinced with the submission made by the learned AR in this regard for the reason that as per the mandate of Article 7, the deduction is to be allowed in conformity with the provisions of the Income-tax Act, 1961. Once section 44C is there, there can be no escape unless it is proved that the expenses incurred are not covered within the mandate of section 44C of the Act.

Merely by depositing the due tax on the amount received on termination of employment the bona fides of the assessee in not declaring the receipt as income in its return of income is not established.

A Chartered Accountant has an obligation, not only statutory but also moral and social, to be absolutely and completely diligent and cautious and careful while preparing, signing and certifying Annual Accounts and/or Audit report. Several Government and private organizations and individuals rely on the report/certificate by Chartered Accountant and once a particular factual aspect or entries, etc.

It was noticed that while commission was paid as a form of remuneration for actual services rendered, dividend is a return of investment and is paid to all its shareholders equally. It was thus held that if the commission is paid for actual services rendered, section 36(1)(ii) will not apply. This decision was followed by [...]