APPEAL

M/s.Jagjivandas Nandlal & Co. V/s. The Income Tax Appellate Tribunal, Mumbai Bench `G’ Full Article

Direct Tax Code (DTC) 2010 consolidates the withholding tax provisions as well as the procedural law dealing with reporting of income (including branch profits), net wealth and dividends distributed. To ensure compliance with the reporting requirements under DTC 2010, certain amendments have been proposed to the penal provisions, as also provisions relating to prosecution. This article summarizes the key amendments to the procedural law, including amendments to the asses.. Full Article

Appellant would not have gained in any manner whatsoever, by not filing the appeal within the period of limitation – Generally as a normal rule, delay should be condoned: After all, justice can be done only when the matter is fought on merits and in accordance with law rather that to dispose it of on [...] Full Article

Self reporting of Tax Bases & Acknowledgment [Section 148 & 154] 1. Similar to the concept of filing return of income, taxpayers have been required to file ‘Return of Tax Bases’ (‘RTB’) 2. The RTBs have to be filed on or before: • 30th June – If the person is not a company and does [...] Full Article

CASE LAW DETAILS Decided by: ITAT, AHMEDABAD BENCH `D’ (THIRD MEMBER), In The case of: ACIT v Amar Mining Co, Appeal No. :ITA No. 1841/Ahd./2002, Decided on: January 29, 2009 RELEVENT PARAGRAPH 18. When an expenditure is claimed to have been incurred the initial burden lies on the assessee to prove the genuineness of the purchases. It is [...] Full Article

L.A.BILL No.XIV of 2009 A BILL Further to amend certain tax laws in operation in the State of Maharashtra WHEREAS it is expedient further to amend certain tax laws in operation in the State of Maharashtra, for the purpose hereinafter appearing; it is hereby enacted in the Sixtieth year of the Republic of India as [...] Full Article

SUMMARY OF CASE LAW Merely because some optical fibre lines or connection lines have been laid, the road cannot get converted into a plant; even if the assessee constructs some restaurant etc., on a particular road or provides some other amenities, then on such assets depreciation may be claimed as per Appendix but that would [...] Full Article

SUMMARY OF CASE LAW Merely because other clubs follow the very same accounting policy, it cannot be said to be beyond scrutiny or verification as to the correctness and completeness of the accounting practice followed, and there is any deficiency in such accounting practice or policy, it can very well be tinkered with howsoever universally [...] Full Article