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	<title>TaxGuru &#187; books of account</title>
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	<link>http://taxguru.in</link>
	<description>Complete Tax Solution</description>
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		<title>Unexplained Investment Under Section 69 of the Income Tax Act, 1961</title>
		<link>http://taxguru.in/income-tax/unexplained-investment-under-section-69.html</link>
		<comments>http://taxguru.in/income-tax/unexplained-investment-under-section-69.html#comments</comments>
		<pubDate>Mon, 10 Oct 2011 01:21:00 +0000</pubDate>
		<dc:creator>admin</dc:creator>
				<category><![CDATA[Income Tax]]></category>
		<category><![CDATA[books of account]]></category>
		<category><![CDATA[convenience]]></category>
		<category><![CDATA[discretionary power]]></category>
		<category><![CDATA[evidences]]></category>
		<category><![CDATA[fulfillment]]></category>
		<category><![CDATA[investments]]></category>
		<category><![CDATA[investor]]></category>
		<category><![CDATA[source of funds]]></category>
		<category><![CDATA[Tax Evasion]]></category>
		<category><![CDATA[unexplained investment]]></category>

		<guid isPermaLink="false">http://kanoisandeep.wordpress.com/2007/07/28/unexplained-investment-under-section-69/</guid>
		<description><![CDATA[Section 69 does not provide any guideline about the extent and length of the discretionary power given to AO in the matter of treating the investment as income which is unexplained or unsatisfactorily explained by the investor-assessee. Therefore, Assessing Officer is expected to appreciate the reasonable explanation offered to him, the evidences produced before him about the nature and source of investment and he can not make the addition merely on surmises, conjectures as well as without any supporting evidences. (Ashok Kumar Rastogi V CIT (1991) 100 CTR 204.)]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Books of Account – Companies Act, 1956 &#8211; allegations of mismanagement and connected issues?</title>
		<link>http://taxguru.in/company-law/books-of-account-%e2%80%93-companies-act-1956-allegations-of-mismanagement-and-connected-issues.html</link>
		<comments>http://taxguru.in/company-law/books-of-account-%e2%80%93-companies-act-1956-allegations-of-mismanagement-and-connected-issues.html#comments</comments>
		<pubDate>Sat, 05 Feb 2011 15:17:03 +0000</pubDate>
		<dc:creator>admin</dc:creator>
				<category><![CDATA[Company Law]]></category>
		<category><![CDATA[books of account]]></category>
		<category><![CDATA[CLB]]></category>
		<category><![CDATA[company law board]]></category>
		<category><![CDATA[Inspection of Books]]></category>
		<category><![CDATA[minority rights]]></category>
		<category><![CDATA[minority shareholders]]></category>
		<category><![CDATA[Oppression and Mismanagement]]></category>
		<category><![CDATA[Privat]]></category>

		<guid isPermaLink="false">http://taxguru.in/books-of-account-%e2%80%93-companies-act-1956-allegations-of-mismanagement-and-connected-issues-36672.html</guid>
		<description><![CDATA[Despite the clear regulations in the Companies Act, 1956 as to how every Company should record its transactions, maintain books of account and should submit the approved Financial Statements with the ROC, financial transactions in some closely held companies would be really interesting to note and dealing with the cases of this kind would really be very complicated. The logic behind the settled accounting principles, the provisions of Companies Act, 1956 dealing with maintenance of accounts, Accounting Standards etc., can very easily be understood.]]></description>
		<wfw:commentRss>http://taxguru.in/company-law/books-of-account-%e2%80%93-companies-act-1956-allegations-of-mismanagement-and-connected-issues.html/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Surplus arising to a partner from transaction of contribution of land held by it to a firm as capital contribution shall be taxable u/s 45</title>
		<link>http://taxguru.in/income-tax-case-laws/surplus-arising-to-a-partner-from-transaction-of-contribution-of-land-held-by-it-to-a-firm-as-capital-contribution-shall-be-taxable-us-45.html</link>
		<comments>http://taxguru.in/income-tax-case-laws/surplus-arising-to-a-partner-from-transaction-of-contribution-of-land-held-by-it-to-a-firm-as-capital-contribution-shall-be-taxable-us-45.html#comments</comments>
		<pubDate>Sun, 24 Jan 2010 05:35:44 +0000</pubDate>
		<dc:creator>admin</dc:creator>
				<category><![CDATA[Income Tax Case Laws]]></category>
		<category><![CDATA[books of account]]></category>
		<category><![CDATA[capital asset]]></category>
		<category><![CDATA[CAPITAL GAIN]]></category>
		<category><![CDATA[dlf universal ltd]]></category>
		<category><![CDATA[partnership firm]]></category>
		<category><![CDATA[stock]]></category>

		<guid isPermaLink="false">http://www.taxguru.in/?p=19167</guid>
		<description><![CDATA[and contributed by the assessee to a firm towards capital contribution should be treated as stock in trade even during the course of making the transaction of transferring or contributing the land to the partnership firm as capital contribution, the surplus arising to the assessee from the said transaction of contributing stock in trade to a firm shall then assessable under the head "business" in the view of the colourable device or ruse adopted by the assessee to convert stock in trade into money for its own benefit.]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Deductibility of premium on forward contracts in the year of entering into such contracts</title>
		<link>http://taxguru.in/income-tax-case-laws/deductibility-of-premium-on-forward-contracts-in-the-year-of-entering-into-such-contracts.html</link>
		<comments>http://taxguru.in/income-tax-case-laws/deductibility-of-premium-on-forward-contracts-in-the-year-of-entering-into-such-contracts.html#comments</comments>
		<pubDate>Thu, 21 Jan 2010 17:03:51 +0000</pubDate>
		<dc:creator>admin</dc:creator>
				<category><![CDATA[Income Tax Case Laws]]></category>
		<category><![CDATA[accounting standard]]></category>
		<category><![CDATA[appellate authority]]></category>
		<category><![CDATA[balance life]]></category>
		<category><![CDATA[books of account]]></category>
		<category><![CDATA[borrowings]]></category>
		<category><![CDATA[chartered accountants of india]]></category>
		<category><![CDATA[delhi hc]]></category>
		<category><![CDATA[delhi high court]]></category>
		<category><![CDATA[exchange rate]]></category>
		<category><![CDATA[fluctuation]]></category>
		<category><![CDATA[foreign currency]]></category>
		<category><![CDATA[foreign exchange]]></category>
		<category><![CDATA[forward contracts]]></category>
		<category><![CDATA[forward rate]]></category>
		<category><![CDATA[future years]]></category>
		<category><![CDATA[industrial concerns]]></category>
		<category><![CDATA[industrial finance corporation]]></category>
		<category><![CDATA[institute of chartered accountants]]></category>
		<category><![CDATA[institute of chartered accountants of india]]></category>
		<category><![CDATA[tax purposes]]></category>

		<guid isPermaLink="false">http://www.taxguru.in/?p=19838</guid>
		<description><![CDATA[The Delhi High Court (HC) [2010-TIOL­42-HC-DEL-IT] in the case of CIT v. Industrial Finance Corporation of India (Taxpayer) which held that the difference between forward rate and exchange rate prevailing on the date of entering into forward contracts is fully allowable as deduction even if the difference is amortized in the books of account over the life of the forward contracts.]]></description>
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		<slash:comments>1</slash:comments>
		</item>
		<item>
		<title>Shares activity treated as investment in earlier years cannot be treated as business in subsequent years if facts are the same</title>
		<link>http://taxguru.in/income-tax-case-laws/shares-activity-treated-as-investment-in-earlier-years-cannot-be-treated-as-business-in-subsequent-years-if-facts-are-the-same.html</link>
		<comments>http://taxguru.in/income-tax-case-laws/shares-activity-treated-as-investment-in-earlier-years-cannot-be-treated-as-business-in-subsequent-years-if-facts-are-the-same.html#comments</comments>
		<pubDate>Sat, 16 Jan 2010 17:40:55 +0000</pubDate>
		<dc:creator>admin</dc:creator>
				<category><![CDATA[Income Tax Case Laws]]></category>
		<category><![CDATA[books of account]]></category>
		<category><![CDATA[business activities]]></category>
		<category><![CDATA[business income]]></category>
		<category><![CDATA[business purposes]]></category>
		<category><![CDATA[capital gains]]></category>
		<category><![CDATA[case law]]></category>
		<category><![CDATA[consistency]]></category>
		<category><![CDATA[consistent practice]]></category>
		<category><![CDATA[investment account]]></category>
		<category><![CDATA[investment activity]]></category>
		<category><![CDATA[investment transactions]]></category>
		<category><![CDATA[portfolios]]></category>
		<category><![CDATA[uniformity]]></category>

		<guid isPermaLink="false">http://www.taxguru.in/?p=19507</guid>
		<description><![CDATA[The income from investment activity was offered as capital gains while the income from dealing activity was offered as business income. This position was accepted by the AO in the earlier years. In AY 2005-06, the AO took a different view and held that even the shares held on investment account had to be assessed as business income. The Tribunal allowed the assessee’s appeal (see 122 TTJ (Mum) 87). On appeal by the Revenue, HELD dismissing the appeal:]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>For a debt to be classified as bad, assessee has only to write it off as irrecoverable in its accounts</title>
		<link>http://taxguru.in/income-tax-case-laws/for-a-debt-to-be-classified-as-bad-assessee-has-only-to-write-it-off-as-irrecoverable-in-its-accounts.html</link>
		<comments>http://taxguru.in/income-tax-case-laws/for-a-debt-to-be-classified-as-bad-assessee-has-only-to-write-it-off-as-irrecoverable-in-its-accounts.html#comments</comments>
		<pubDate>Sun, 03 Jan 2010 13:37:44 +0000</pubDate>
		<dc:creator>admin</dc:creator>
				<category><![CDATA[Income Tax Case Laws]]></category>
		<category><![CDATA[bad debt]]></category>
		<category><![CDATA[bad debts]]></category>
		<category><![CDATA[books of account]]></category>
		<category><![CDATA[c b richard ellis]]></category>
		<category><![CDATA[contentions]]></category>
		<category><![CDATA[crores]]></category>
		<category><![CDATA[debtor]]></category>
		<category><![CDATA[ITAT judgments]]></category>
		<category><![CDATA[mauritius ltd]]></category>

		<guid isPermaLink="false">http://www.taxguru.in/?p=18223</guid>
		<description><![CDATA[For claiming any debt as a bad debt, one has to satisfy following two conditions :(1) Debt is written off as bad debt in the Profit and Loss Account by making corresponding entry in the party account. (2) Debt is taken in to account in computing the income of the assessee of the previous year in which debt is written off or in earlier previous year.]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Establishment of identity of creditor, creditworthiness of creditor and genuineness of transaction</title>
		<link>http://taxguru.in/income-tax-case-laws/establishment-of-identity-of-creditor-creditworthiness-of-creditor-and-genuineness-of-transaction.html</link>
		<comments>http://taxguru.in/income-tax-case-laws/establishment-of-identity-of-creditor-creditworthiness-of-creditor-and-genuineness-of-transaction.html#comments</comments>
		<pubDate>Thu, 31 Dec 2009 14:41:10 +0000</pubDate>
		<dc:creator>admin</dc:creator>
				<category><![CDATA[Income Tax Case Laws]]></category>
		<category><![CDATA[appellate tribunal]]></category>
		<category><![CDATA[benches]]></category>
		<category><![CDATA[books of account]]></category>
		<category><![CDATA[case law]]></category>
		<category><![CDATA[creditor]]></category>
		<category><![CDATA[creditworthiness]]></category>
		<category><![CDATA[evidences]]></category>
		<category><![CDATA[genuineness]]></category>
		<category><![CDATA[itat]]></category>
		<category><![CDATA[NRI]]></category>
		<category><![CDATA[onus]]></category>
		<category><![CDATA[principle]]></category>
		<category><![CDATA[real estate in india]]></category>

		<guid isPermaLink="false">http://www.taxguru.in/?p=16941</guid>
		<description><![CDATA[It would depend upon facts of each case whether all the three ingredients to discharge the onus to prove cash credit have been proved by the assessee or not; if an NRI, engaged in business of real estate development with substantial means, decided to invest in real estate in India, genuineness of same cannot be doubted unless there is any evidence to contrary.]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>The burden of proving understatement or concealment is on the revenue</title>
		<link>http://taxguru.in/income-tax-case-laws/the-burden-of-proving-understatement-or-concealment-is-on-the-revenue.html</link>
		<comments>http://taxguru.in/income-tax-case-laws/the-burden-of-proving-understatement-or-concealment-is-on-the-revenue.html#comments</comments>
		<pubDate>Tue, 29 Dec 2009 02:30:09 +0000</pubDate>
		<dc:creator>admin</dc:creator>
				<category><![CDATA[Income Tax Case Laws]]></category>
		<category><![CDATA[books of account]]></category>
		<category><![CDATA[concealment]]></category>
		<category><![CDATA[evidences]]></category>
		<category><![CDATA[investments]]></category>
		<category><![CDATA[jewellery]]></category>
		<category><![CDATA[onus]]></category>
		<category><![CDATA[transfer case]]></category>
		<category><![CDATA[understatement]]></category>

		<guid isPermaLink="false">http://www.taxguru.in/?p=15891</guid>
		<description><![CDATA[The burden of proving  an understatement or concealment is on the revenue; this burden may be discharged by the revenue by establishing facts and circumstances from which a reasonable inference can be drawn that the assessee has not correctly declared or disclosed the consideration received by him and there is an understatement or concealment of the consideration in respect of the transfer.]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Unilateral remission/cessation of liability by assessee will amount to obtaining of benefit under section 41(1)</title>
		<link>http://taxguru.in/income-tax-case-laws/unilateral-remissioncessation-of-liability-by-assessee-will-amount-to-obtaining-of-benefit-under-section-411.html</link>
		<comments>http://taxguru.in/income-tax-case-laws/unilateral-remissioncessation-of-liability-by-assessee-will-amount-to-obtaining-of-benefit-under-section-411.html#comments</comments>
		<pubDate>Thu, 24 Dec 2009 12:34:41 +0000</pubDate>
		<dc:creator>admin</dc:creator>
				<category><![CDATA[Income Tax Case Laws]]></category>
		<category><![CDATA[books of account]]></category>
		<category><![CDATA[cession]]></category>
		<category><![CDATA[income tax act]]></category>
		<category><![CDATA[income tax act 1961]]></category>
		<category><![CDATA[proceedings]]></category>
		<category><![CDATA[provisions]]></category>
		<category><![CDATA[Recession]]></category>
		<category><![CDATA[remission]]></category>
		<category><![CDATA[submissions]]></category>

		<guid isPermaLink="false">http://www.taxguru.in/?p=15336</guid>
		<description><![CDATA[We have considered the rival submissions and also perused the relevant material on record. It is observed that the amount of liability in question in respect of TISCO written back by the assessee company in its accounts was treated by the authorities below as its income by applying the provisions of section 41(1). There is no dispute that the such liability represented the trading liability of the assessee and as declared by the assessee itself in the return of income, there was remission or recession of the said liability during the year under consideration. The said liability accordingly was writ]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>SEBI ask bourses to preserve records till the trial or investigation proceedings concludes</title>
		<link>http://taxguru.in/sebi/sebi-ask-bourses-to-preserve-records-till-the-trial-or-investigation-proceedings-concludes.html</link>
		<comments>http://taxguru.in/sebi/sebi-ask-bourses-to-preserve-records-till-the-trial-or-investigation-proceedings-concludes.html#comments</comments>
		<pubDate>Fri, 11 Dec 2009 01:46:53 +0000</pubDate>
		<dc:creator>admin</dc:creator>
				<category><![CDATA[SEBI]]></category>
		<category><![CDATA[books of account]]></category>
		<category><![CDATA[bourses]]></category>
		<category><![CDATA[central bureau of investigation]]></category>
		<category><![CDATA[crime branch]]></category>
		<category><![CDATA[electronic form]]></category>
		<category><![CDATA[exchange board]]></category>
		<category><![CDATA[information technology act]]></category>
		<category><![CDATA[proceedings]]></category>
		<category><![CDATA[provisions]]></category>
		<category><![CDATA[securities and exchange]]></category>
		<category><![CDATA[securities and exchange board of india]]></category>
		<category><![CDATA[stock broker]]></category>
		<category><![CDATA[stock brokers]]></category>
		<category><![CDATA[stock exchanges]]></category>

		<guid isPermaLink="false">http://www.taxguru.in/?p=16885</guid>
		<description><![CDATA[Market regulator Securities and Exchange Board of India asked bourses on Wednesday to preserve original records related to an investigation till the trial is over instead of the current practice of keeping the papers only for five years. ".  the respective original is to be maintained till the trial or investigation proceedings have concluded," market regulator Sebi said in a circular to all stock exchanges.]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Preservation of records &#8211; MRD/DoP/SE/Cir- 21 /2009 – SEBI</title>
		<link>http://taxguru.in/sebi/preservation-of-records-mrddopsecir-21-2009-%e2%80%93-sebi.html</link>
		<comments>http://taxguru.in/sebi/preservation-of-records-mrddopsecir-21-2009-%e2%80%93-sebi.html#comments</comments>
		<pubDate>Fri, 11 Dec 2009 01:38:41 +0000</pubDate>
		<dc:creator>admin</dc:creator>
				<category><![CDATA[SEBI]]></category>
		<category><![CDATA[books of account]]></category>
		<category><![CDATA[bye laws]]></category>
		<category><![CDATA[CBI]]></category>
		<category><![CDATA[crime branch]]></category>
		<category><![CDATA[e mail]]></category>
		<category><![CDATA[electronic record]]></category>
		<category><![CDATA[information technology act]]></category>
		<category><![CDATA[police crime]]></category>
		<category><![CDATA[scrr]]></category>
		<category><![CDATA[SEBI notifications]]></category>
		<category><![CDATA[stock broker]]></category>
		<category><![CDATA[stock brokers]]></category>
		<category><![CDATA[stock exchanges]]></category>
		<category><![CDATA[supersession]]></category>

		<guid isPermaLink="false">http://www.taxguru.in/?p=16877</guid>
		<description><![CDATA[Further, as per regulation 18 of SEBI (Stock Brokers &#038; Sub-brokers) Regulations, 1992 (hereinafter referred to as Stock Broker Regulations), every stock broker shall preserve the specified books of account and other records for a minimum period of five years. In case such documents are maintained in electronic form, provisions of Information Technology Act, 2000 in this regard shall be complied with.]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Expenditure on replacement of machinery is capital expenditure</title>
		<link>http://taxguru.in/income-tax-case-laws/expenditure-on-replacement-of-machinery-is-capital-expenditure.html</link>
		<comments>http://taxguru.in/income-tax-case-laws/expenditure-on-replacement-of-machinery-is-capital-expenditure.html#comments</comments>
		<pubDate>Thu, 10 Dec 2009 03:58:05 +0000</pubDate>
		<dc:creator>admin</dc:creator>
				<category><![CDATA[Income Tax Case Laws]]></category>
		<category><![CDATA[acquisition]]></category>
		<category><![CDATA[appellate tribunal]]></category>
		<category><![CDATA[books of account]]></category>
		<category><![CDATA[cotton yarn]]></category>
		<category><![CDATA[income tax act]]></category>
		<category><![CDATA[income tax act 1961]]></category>
		<category><![CDATA[new machinery]]></category>
		<category><![CDATA[old machinery]]></category>
		<category><![CDATA[revenue expenditure]]></category>
		<category><![CDATA[spare parts]]></category>
		<category><![CDATA[spinning mill]]></category>
		<category><![CDATA[Supreme Court]]></category>
		<category><![CDATA[textile mill]]></category>

		<guid isPermaLink="false">http://www.taxguru.in/?p=16843</guid>
		<description><![CDATA[M/s. Sri Mangayarkarasi Mills (P) Ltd. (“assessee/SMMP Ltd.”), engaged in the manufacture and sale of cotton yarn, incurred expenditure on replacement of machinery. While on one hand, SMMP Ltd. capitalized the said expenditure in its books of account and in its return of income, on the other, the same was claimed as revenue expenditure on the basis that such expenditure was merely incurred on replacement of spare parts in the spinning mill system.]]></description>
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		<slash:comments>1</slash:comments>
		</item>
		<item>
		<title>Write back of provision of bad debts, not previously allowed as deduction, is not taxable</title>
		<link>http://taxguru.in/income-tax-case-laws/write-back-of-provision-of-bad-debts-not-previously-allowed-as-deduction-is-not-taxable.html</link>
		<comments>http://taxguru.in/income-tax-case-laws/write-back-of-provision-of-bad-debts-not-previously-allowed-as-deduction-is-not-taxable.html#comments</comments>
		<pubDate>Sat, 05 Dec 2009 15:15:02 +0000</pubDate>
		<dc:creator>admin</dc:creator>
				<category><![CDATA[Income Tax Case Laws]]></category>
		<category><![CDATA[absence]]></category>
		<category><![CDATA[adhoc basis]]></category>
		<category><![CDATA[bank of tokyo]]></category>
		<category><![CDATA[banking company]]></category>
		<category><![CDATA[books of account]]></category>
		<category><![CDATA[business income]]></category>
		<category><![CDATA[doubtful debts]]></category>
		<category><![CDATA[income tax act]]></category>
		<category><![CDATA[previous years]]></category>
		<category><![CDATA[provision for bad debts]]></category>
		<category><![CDATA[provisions]]></category>
		<category><![CDATA[tribunal]]></category>

		<guid isPermaLink="false">http://www.taxguru.in/?p=16495</guid>
		<description><![CDATA[The taxpayer was a banking company. In the current appeal, the Revenue’s grievance was that the CIT(A) had erred in directing  that the written back ”provision of bad-debts” was not taxable  as ”business income” especial y when a deduction of a sum was already al owed under Section 36(1) (vi a). The AO in the assessment order held that such write off of the provision for  bad and doubtful debts was allowed as deduction in the previous years and therefore the current write back should be taxable. The CIT(A), while deciding the case before him, held that in the  absence of any specific provision in the Act, an amount of liability  written back cannot be taxed as income.]]></description>
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		<slash:comments>1</slash:comments>
		</item>
		<item>
		<title>Mumbai ITAT rules on taxability of waiver of loan</title>
		<link>http://taxguru.in/income-tax-case-laws/mumbai-itat-rules-on-taxability-of-waiver-of-loan.html</link>
		<comments>http://taxguru.in/income-tax-case-laws/mumbai-itat-rules-on-taxability-of-waiver-of-loan.html#comments</comments>
		<pubDate>Sat, 21 Nov 2009 02:14:36 +0000</pubDate>
		<dc:creator>admin</dc:creator>
				<category><![CDATA[Income Tax Case Laws]]></category>
		<category><![CDATA[appellate authority]]></category>
		<category><![CDATA[books of account]]></category>
		<category><![CDATA[business income]]></category>
		<category><![CDATA[capital gains]]></category>
		<category><![CDATA[cipla]]></category>
		<category><![CDATA[holding company]]></category>
		<category><![CDATA[investing in shares]]></category>
		<category><![CDATA[itat]]></category>
		<category><![CDATA[loan waive and business income]]></category>
		<category><![CDATA[loan waiver not business income]]></category>
		<category><![CDATA[loan waiver not taxable]]></category>
		<category><![CDATA[profit and loss]]></category>
		<category><![CDATA[profit and loss account]]></category>
		<category><![CDATA[share application]]></category>
		<category><![CDATA[taxability of loan waived]]></category>
		<category><![CDATA[unsecured loan]]></category>

		<guid isPermaLink="false">http://www.taxguru.in/?p=15115</guid>
		<description><![CDATA[This article summarizes a recent ruling of the Mumbai Income Tax Appellate Tribunal (ITAT) [2009-TIOL-707-ITAT-MUM] in the case of Cipla Investments Ltd. (Taxpayer) on taxability of waiver of loan. The ITAT held that since the loan received was on capital account, its subsequent waiver too was on capital account. Hence, the loan waived was not liable to be taxed as profits and gains from its business (business income) under the provisions of the Indian Tax Law (ITL). The ITAT also held that waiver would not be taxable as business income if a taxpayer was not allowed deduction of the loan amount earlier.]]></description>
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		</item>
		<item>
		<title>Terminal allowance under clause (iii) of section 32(1) available only to power generating units</title>
		<link>http://taxguru.in/income-tax-case-laws/terminal-allowance-under-clause-iii-of-section-321-available-only-to-power-generating-units.html</link>
		<comments>http://taxguru.in/income-tax-case-laws/terminal-allowance-under-clause-iii-of-section-321-available-only-to-power-generating-units.html#comments</comments>
		<pubDate>Thu, 12 Nov 2009 03:06:08 +0000</pubDate>
		<dc:creator>admin</dc:creator>
				<category><![CDATA[Income Tax Case Laws]]></category>
		<category><![CDATA[books of account]]></category>
		<category><![CDATA[building machinery]]></category>
		<category><![CDATA[Depreciation]]></category>
		<category><![CDATA[machinery plant]]></category>
		<category><![CDATA[pistons]]></category>
		<category><![CDATA[section 32]]></category>

		<guid isPermaLink="false">http://www.taxguru.in/?p=14264</guid>
		<description><![CDATA[Everything revolves around clause (iii) of section 32(1). The said clause provides that in case any of the assets specified therein on which depreciation is claimed and allowed under clause (i), is sold, discarded, demolished, and if the monies payable fall short of the w.d.v, such shortfall will be allowed]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Registration u/s 80G(5) of IT Act, 1961 can not be denied on the ground that charitable trust imparting education for fees</title>
		<link>http://taxguru.in/income-tax-case-laws/registration-us-80g-5-of-it-act-1961-can-not-be-denied-on-the-ground-that-charitable-trust-imparting-education-for-fees.html</link>
		<comments>http://taxguru.in/income-tax-case-laws/registration-us-80g-5-of-it-act-1961-can-not-be-denied-on-the-ground-that-charitable-trust-imparting-education-for-fees.html#comments</comments>
		<pubDate>Sat, 07 Nov 2009 02:13:26 +0000</pubDate>
		<dc:creator>admin</dc:creator>
				<category><![CDATA[Income Tax Case Laws]]></category>
		<category><![CDATA[books of account]]></category>
		<category><![CDATA[charitable purpose]]></category>
		<category><![CDATA[charitable purposes]]></category>
		<category><![CDATA[exmption u/s section 80g]]></category>
		<category><![CDATA[Registration u/s 80G(5)]]></category>
		<category><![CDATA[section 11]]></category>
		<category><![CDATA[Societies Registration Act]]></category>

		<guid isPermaLink="false">http://www.taxguru.in/?p=13848</guid>
		<description><![CDATA[When the assessee-society was granted registration under section 12AA, it is a testimony to the fact that the society is established for charitable purposes as defined in section 2(15); the same will be charitable purposes irrespective of the fact that for imparting education, the assessee charges fees; there is no condition to hold that to become charitable purposes in respect of imparting education, the same should be imparted freely or without charging any fees;]]></description>
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		<slash:comments>2</slash:comments>
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		<item>
		<title>When a part of the surrender can be accepted on proper explanation the rest can also be allowed to be explained</title>
		<link>http://taxguru.in/income-tax-case-laws/when-a-part-of-the-surrender-can-be-accepted-on-proper-explanation-the-rest-can-also-be-allowed-to-be-explained.html</link>
		<comments>http://taxguru.in/income-tax-case-laws/when-a-part-of-the-surrender-can-be-accepted-on-proper-explanation-the-rest-can-also-be-allowed-to-be-explained.html#comments</comments>
		<pubDate>Fri, 06 Nov 2009 03:20:07 +0000</pubDate>
		<dc:creator>admin</dc:creator>
				<category><![CDATA[Income Tax Case Laws]]></category>
		<category><![CDATA[books of account]]></category>
		<category><![CDATA[case law]]></category>
		<category><![CDATA[Investigation Wing]]></category>
		<category><![CDATA[Nova Scotia Bank]]></category>
		<category><![CDATA[surrender]]></category>

		<guid isPermaLink="false">http://www.taxguru.in/?p=13833</guid>
		<description><![CDATA[When a part of the surrender can be accepted on proper explanation the rest can also be allowed to be explained. The assessee's claim that balance was from cash withdrawals from cash book has to be tested on the facts appearing in the case. For that test it would be necessary that cash book be examined. Both members agree to that effect - the Accountant Member stating that if cash is found withdrawn it should be excepted whereas the Judicial Member directs to verify as to how the cash was generated in the cash book. In my opinion the later course appear to be more reasonable as the cash availability is to be examined with reference to entries made therein.]]></description>
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		<slash:comments>0</slash:comments>
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		<item>
		<title>Addition can not be made merely on the basis of assumption</title>
		<link>http://taxguru.in/income-tax-case-laws/addition-can-not-be-made-merely-on-the-basis-of-assumption.html</link>
		<comments>http://taxguru.in/income-tax-case-laws/addition-can-not-be-made-merely-on-the-basis-of-assumption.html#comments</comments>
		<pubDate>Tue, 27 Oct 2009 14:17:36 +0000</pubDate>
		<dc:creator>admin</dc:creator>
				<category><![CDATA[Income Tax Case Laws]]></category>
		<category><![CDATA[books of account]]></category>
		<category><![CDATA[closing stock]]></category>
		<category><![CDATA[currency notes]]></category>

		<guid isPermaLink="false">http://www.taxguru.in/?p=13157</guid>
		<description><![CDATA[Mere possession of currency notes with the assessee cannot prove that payments were actually made by him particularly in the circumstances when he is claiming otherwise and to substantiate such claim the evidence is produced.]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>MVAT circular on electronic Filing of Audit Report in Form -704</title>
		<link>http://taxguru.in/goods-and-service-tax/mvat-circular-on-electronic-filing-of-audit-report-in-form-704.html</link>
		<comments>http://taxguru.in/goods-and-service-tax/mvat-circular-on-electronic-filing-of-audit-report-in-form-704.html#comments</comments>
		<pubDate>Fri, 02 Oct 2009 17:32:30 +0000</pubDate>
		<dc:creator>admin</dc:creator>
				<category><![CDATA[GST]]></category>
		<category><![CDATA[audit report]]></category>
		<category><![CDATA[books of account]]></category>
		<category><![CDATA[cir]]></category>
		<category><![CDATA[declarations]]></category>
		<category><![CDATA[mvat act]]></category>
		<category><![CDATA[notifications]]></category>
		<category><![CDATA[provisions]]></category>
		<category><![CDATA[rule 17a]]></category>
		<category><![CDATA[Sales Tax]]></category>
		<category><![CDATA[sales tax department]]></category>
		<category><![CDATA[section 9]]></category>
		<category><![CDATA[tax act]]></category>
		<category><![CDATA[Vat]]></category>

		<guid isPermaLink="false">http://www.taxguru.in/?p=13281</guid>
		<description><![CDATA[TRADE CIRCULAR No. VAT/ JC MAHAVIKAS/ Trade Cir. No.27T of 2009 Dated: 1st October 2009 Sub:            Filing of Audit Report in Form -704 electronically. Ref.:   1. Notification No VAT/AMD- 1009/IB/ADM- 6 dated 21st August 2009. ,2. Notification No VAT/AMD-1009/ IB/ADM-6 dated 26th August 2009, 3. Notification No. VAT/AMD-1009- IB/ADM-6 dated 18th June 2009. Gentlemen/ Sir/ Madam, [...]]]></description>
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		<slash:comments>14</slash:comments>
		</item>
		<item>
		<title>Treatment of profit on sale of shares when Assessee hold shares for more then 12 months</title>
		<link>http://taxguru.in/income-tax-case-laws/treatment-of-profit-on-sale-of-shares-when-assessee-hold-shares-for-more-then-12-months.html</link>
		<comments>http://taxguru.in/income-tax-case-laws/treatment-of-profit-on-sale-of-shares-when-assessee-hold-shares-for-more-then-12-months.html#comments</comments>
		<pubDate>Mon, 07 Sep 2009 03:59:47 +0000</pubDate>
		<dc:creator>admin</dc:creator>
				<category><![CDATA[Income Tax Case Laws]]></category>
		<category><![CDATA[books of account]]></category>
		<category><![CDATA[business income]]></category>
		<category><![CDATA[capital asset]]></category>
		<category><![CDATA[dividend]]></category>
		<category><![CDATA[holding period]]></category>
		<category><![CDATA[income tax act]]></category>
		<category><![CDATA[intention]]></category>
		<category><![CDATA[long term capital]]></category>

		<guid isPermaLink="false">http://www.taxguru.in/?p=11520</guid>
		<description><![CDATA[SUMMARY OF CASE LAW Even after holding the shares for more than 12 months and showing such intention from the conduct, the Assessing Officer cannot replace his opinion for that of the assessee in holding that the shares are held as stock-in-trade and profit from which is to be assessed as business income. CASE LAW [...]]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Identification of donor and receipt of gift by cheque not sufficient to prove genuineness of gift</title>
		<link>http://taxguru.in/income-tax-case-laws/ientification-of-donor-and-receipt-of-gift-by-cheque-not-sufficient-to-prove-genuineness-of-gift.html</link>
		<comments>http://taxguru.in/income-tax-case-laws/ientification-of-donor-and-receipt-of-gift-by-cheque-not-sufficient-to-prove-genuineness-of-gift.html#comments</comments>
		<pubDate>Wed, 02 Sep 2009 02:06:13 +0000</pubDate>
		<dc:creator>admin</dc:creator>
				<category><![CDATA[Income Tax Case Laws]]></category>
		<category><![CDATA[books of account]]></category>
		<category><![CDATA[Cash Credit]]></category>
		<category><![CDATA[Gift]]></category>
		<category><![CDATA[income tax act]]></category>
		<category><![CDATA[income tax act 1961]]></category>
		<category><![CDATA[love and affection]]></category>
		<category><![CDATA[prima facie evidence]]></category>
		<category><![CDATA[Section 68]]></category>
		<category><![CDATA[Tax on Gift]]></category>
		<category><![CDATA[unexplained cash credit]]></category>
		<category><![CDATA[Unexplained money]]></category>

		<guid isPermaLink="false">http://www.taxguru.in/?p=11499</guid>
		<description><![CDATA[CASE LAW DETAILS Decided by: HIGH COURT OF PUNJAB AND HARYANA,  In The case of: Yash Pal Goel v. Commissioner of Income-tax (Appeals), Chandigarh,  Appeal No.: [2009] 181 TAXMAN 175 (PUNJ. &#38; HAR.) , IT APPEAL NO. 389 OF 2008 ( Decided on: January 20, 2009 RELEVENT PARAGRAPH section 68 of the Income-tax Act, 1961 &#8211; Cash [...]]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>The Eye Research Foundation, Chennai, approved by the Central Government U/s. 35(1)(iii) as research institutions</title>
		<link>http://taxguru.in/income-tax/the-eye-research-foundation-chennai-approved-by-the-central-government-us-351iii-as-research-institutions.html</link>
		<comments>http://taxguru.in/income-tax/the-eye-research-foundation-chennai-approved-by-the-central-government-us-351iii-as-research-institutions.html#comments</comments>
		<pubDate>Tue, 04 Aug 2009 02:41:38 +0000</pubDate>
		<dc:creator>admin</dc:creator>
				<category><![CDATA[Income Tax]]></category>
		<category><![CDATA[books of account]]></category>
		<category><![CDATA[central government]]></category>
		<category><![CDATA[eye research]]></category>
		<category><![CDATA[income tax act]]></category>
		<category><![CDATA[income tax act 1961]]></category>
		<category><![CDATA[income tax rules]]></category>
		<category><![CDATA[research associations]]></category>
		<category><![CDATA[research expenditure]]></category>
		<category><![CDATA[Section 35(1)(iii)]]></category>

		<guid isPermaLink="false">http://www.taxguru.in/?p=10960</guid>
		<description><![CDATA[Section 35(1)(ii) of the Income-tax Act, 1961 – Scientific research expenditure – Approved scientific research associations/institutions NOTIFICATION NO. 57/2009, Dated 9-7-2009 It is hereby notified for general information that the organization Eye Research Centre, Chennai has been approved by the Central Government for the purpose of clause (ii) of sub-section (1) of section 35 of the [...]]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Institute of Rural Management, Anand, Gujarat, approved by the Central Government U/s. 35(1) (iii) as research institutions</title>
		<link>http://taxguru.in/income-tax/institute-of-rural-management-anand-gujarat-approved-by-the-central-government-us-351-iii-as-research-institutions.html</link>
		<comments>http://taxguru.in/income-tax/institute-of-rural-management-anand-gujarat-approved-by-the-central-government-us-351-iii-as-research-institutions.html#comments</comments>
		<pubDate>Tue, 04 Aug 2009 02:37:07 +0000</pubDate>
		<dc:creator>admin</dc:creator>
				<category><![CDATA[Income Tax]]></category>
		<category><![CDATA[books of account]]></category>
		<category><![CDATA[central government]]></category>
		<category><![CDATA[gujarat]]></category>
		<category><![CDATA[income tax act]]></category>
		<category><![CDATA[income tax act 1961]]></category>
		<category><![CDATA[income tax rules]]></category>
		<category><![CDATA[institute of rural management anand]]></category>
		<category><![CDATA[research expenditure]]></category>
		<category><![CDATA[rural management anand]]></category>
		<category><![CDATA[social science]]></category>
		<category><![CDATA[social sciences]]></category>
		<category><![CDATA[statistical research]]></category>

		<guid isPermaLink="false">http://www.taxguru.in/?p=10956</guid>
		<description><![CDATA[Section 35(1)(iii) of the Income-tax Act, 1961 &#8211; Scientific research expenditure &#8211; Approved social science or statistical research or associations or institutions Notification No. 60/2009, dated 31-7-2009 It is hereby notified for general information that the organization Institute of Rural Management, Anand, Gujarat has been approved by the Central Government for the purpose of clause (iii) of [...]]]></description>
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		<slash:comments>0</slash:comments>
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		<item>
		<title>Period for which books of account need to be kept under different Laws</title>
		<link>http://taxguru.in/finance/period-for-which-books-of-account-need-to-be-kept-under-different-laws.html</link>
		<comments>http://taxguru.in/finance/period-for-which-books-of-account-need-to-be-kept-under-different-laws.html#comments</comments>
		<pubDate>Thu, 23 Jul 2009 01:41:26 +0000</pubDate>
		<dc:creator>admin</dc:creator>
				<category><![CDATA[Finance]]></category>
		<category><![CDATA[books of account]]></category>
		<category><![CDATA[income tax act]]></category>
		<category><![CDATA[income tax act 1961]]></category>
		<category><![CDATA[income tax purposes]]></category>
		<category><![CDATA[PERIOD OF PRESERVATION OF ACCOUNTS]]></category>
		<category><![CDATA[period of time]]></category>

		<guid isPermaLink="false">http://www.taxguru.in/?p=10484</guid>
		<description><![CDATA[Companies Act, 1956 A company is required to maintain its books of account and vouchers for a period of 8 years immediately preceding the current year. Licensed Companies u/s 25 of The Companies Act, 1956 is required to maintain its books of account and vouchers for a period of not less than 4 years. The [...]]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>If revenue believes that Assessee evaded tax by furnishing fake or exaggerated bills then they need not disclose the reason of search &amp; seizure</title>
		<link>http://taxguru.in/income-tax-case-laws/if-revenue-believes-that-assessee-evaded-tax-by-furnishing-fake-or-exaggerated-bills-then-they-need-not-disclose-the-reason-of-search-seizure.html</link>
		<comments>http://taxguru.in/income-tax-case-laws/if-revenue-believes-that-assessee-evaded-tax-by-furnishing-fake-or-exaggerated-bills-then-they-need-not-disclose-the-reason-of-search-seizure.html#comments</comments>
		<pubDate>Sun, 14 Jun 2009 16:32:16 +0000</pubDate>
		<dc:creator>admin</dc:creator>
				<category><![CDATA[Income Tax Case Laws]]></category>
		<category><![CDATA[books of account]]></category>
		<category><![CDATA[evasion]]></category>
		<category><![CDATA[forms]]></category>
		<category><![CDATA[income tax act]]></category>
		<category><![CDATA[indian income tax]]></category>
		<category><![CDATA[indian income tax act]]></category>
		<category><![CDATA[investments]]></category>
		<category><![CDATA[Search]]></category>
		<category><![CDATA[seizure]]></category>
		<category><![CDATA[tax evasion case]]></category>

		<guid isPermaLink="false">http://www.taxguru.in/?p=9224</guid>
		<description><![CDATA[SUMMARY OF CASE LAW It is not the mandate of section 132 or any other provision in the Act that the reasonable belief recorded by the Designated Authority before issuing the warrant of authorization must be disclosed to the assessee; where the information is that the tax due to the revenue has been evaded by [...]]]></description>
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		<slash:comments>0</slash:comments>
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		<item>
		<title>Presumption as to books of accounts, other documents, etc. found during survey</title>
		<link>http://taxguru.in/income-tax/presumption-as-to-books-of-accounts-other-documents-etc-found-during-survey.html</link>
		<comments>http://taxguru.in/income-tax/presumption-as-to-books-of-accounts-other-documents-etc-found-during-survey.html#comments</comments>
		<pubDate>Sat, 11 Apr 2009 03:43:36 +0000</pubDate>
		<dc:creator>admin</dc:creator>
				<category><![CDATA[Income Tax]]></category>
		<category><![CDATA[amendments]]></category>
		<category><![CDATA[books of account]]></category>
		<category><![CDATA[income tax act]]></category>
		<category><![CDATA[rebuttable presumption]]></category>
		<category><![CDATA[Search]]></category>
		<category><![CDATA[Survey]]></category>

		<guid isPermaLink="false">http://www.taxguru.in/?p=5285</guid>
		<description><![CDATA[Presumption as to books of accounts, other documents, etc. Section 292C of the Income-tax Act provides for a rebuttable presumption with respect to books of account, other documents, money, bullion, jewelry or other valuable article or thing found in the possession or control of any person in the course of a search under section 132. [...]]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Condition precedent for invoking provisions of section 142A of IT Act : ITAT New Delhi</title>
		<link>http://taxguru.in/income-tax-case-laws/condition-precedent-for-invoking-provisions-of-section-142a-of-it-act-itat-new-delhi.html</link>
		<comments>http://taxguru.in/income-tax-case-laws/condition-precedent-for-invoking-provisions-of-section-142a-of-it-act-itat-new-delhi.html#comments</comments>
		<pubDate>Tue, 31 Mar 2009 13:58:53 +0000</pubDate>
		<dc:creator>admin</dc:creator>
				<category><![CDATA[Income Tax Case Laws]]></category>
		<category><![CDATA[APPEAL]]></category>
		<category><![CDATA[Assessment]]></category>
		<category><![CDATA[books of account]]></category>
		<category><![CDATA[case law]]></category>
		<category><![CDATA[HUF]]></category>
		<category><![CDATA[itat]]></category>
		<category><![CDATA[Reassessment]]></category>
		<category><![CDATA[Section 142A of IT Act]]></category>

		<guid isPermaLink="false">http://www.taxguru.in/?p=4348</guid>
		<description><![CDATA[CASE LAW DETAILS Decided by:. ITAT, DELHI BENCH `F&#8217;: NEW DELHI In The case of: ITO v. Rajeshwar Nath Gupta, HUF Appeal No. : ITA No. 4295/Del/2005 &#38; C.O. No. 375/Del/2007 Decided on: May 9, 2008 SUMMARY OF CASE LAW Section 142A is attracted, inter alia, where the Assessee is found to have made investment [...]]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>When an expenditure payable is waived subsequently, resulting in refund or benefit to the assessee, it is taxable as income</title>
		<link>http://taxguru.in/income-tax-case-laws/when-an-expenditure-payable-is-waived-subsequently-resulting-in-refund-or-benefit-to-the-assessee-it-is-taxable-as-income.html</link>
		<comments>http://taxguru.in/income-tax-case-laws/when-an-expenditure-payable-is-waived-subsequently-resulting-in-refund-or-benefit-to-the-assessee-it-is-taxable-as-income.html#comments</comments>
		<pubDate>Fri, 06 Mar 2009 17:03:26 +0000</pubDate>
		<dc:creator>admin</dc:creator>
				<category><![CDATA[Income Tax Case Laws]]></category>
		<category><![CDATA[accountants]]></category>
		<category><![CDATA[advertisements]]></category>
		<category><![CDATA[Assessment]]></category>
		<category><![CDATA[books of account]]></category>
		<category><![CDATA[principle of accounting]]></category>
		<category><![CDATA[Refund]]></category>
		<category><![CDATA[time limitation]]></category>

		<guid isPermaLink="false">http://www.taxguru.in/?p=3108</guid>
		<description><![CDATA[The expenditure might have been paid out and hence refunded or the expenditure is recorded in the books as payable and allowed as a deduction previously — on waiver, would be covered by Section 41(1) of the Act. The accent of the statute is ‘an allowance or deduction has been made in the assessment for [...]]]></description>
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		<slash:comments>0</slash:comments>
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		<item>
		<title>Ramalinga Raju had 50 bank accounts in 2002</title>
		<link>http://taxguru.in/chartered-accountant/ramalinga-raju-had-50-bank-accounts-in-2002.html</link>
		<comments>http://taxguru.in/chartered-accountant/ramalinga-raju-had-50-bank-accounts-in-2002.html#comments</comments>
		<pubDate>Sun, 18 Jan 2009 07:08:22 +0000</pubDate>
		<dc:creator>admin</dc:creator>
				<category><![CDATA[CA CS ICWA]]></category>
		<category><![CDATA[accountants]]></category>
		<category><![CDATA[Auditor]]></category>
		<category><![CDATA[b ramalinga raju]]></category>
		<category><![CDATA[books of account]]></category>
		<category><![CDATA[confession]]></category>
		<category><![CDATA[Finance]]></category>
		<category><![CDATA[finance ministry]]></category>
		<category><![CDATA[Insider Trading]]></category>
		<category><![CDATA[KPMG]]></category>
		<category><![CDATA[MAYTAS]]></category>
		<category><![CDATA[PWC]]></category>
		<category><![CDATA[ramalinga]]></category>
		<category><![CDATA[Satyam]]></category>
		<category><![CDATA[tax implications]]></category>

		<guid isPermaLink="false">http://www.taxguru.in/?p=1459</guid>
		<description><![CDATA[The Income Tax (I-T) department has recalled a 2002 investigation report against the promoters of Satyam that had details of a probe conducted by I-T sleuths on family members and associates of B Ramalinga Raju in Hyderabad. Not believing the confession of Raju that the company was left with no cash, and with investigations pointing [...]]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Article on Related Party Transactions &amp; Legal Provisions</title>
		<link>http://taxguru.in/company-law/article-on-related-party-transactions-legal-provisions.html</link>
		<comments>http://taxguru.in/company-law/article-on-related-party-transactions-legal-provisions.html#comments</comments>
		<pubDate>Sat, 17 Jan 2009 12:45:06 +0000</pubDate>
		<dc:creator>admin</dc:creator>
				<category><![CDATA[Company Law]]></category>
		<category><![CDATA[Income Tax]]></category>
		<category><![CDATA[Auditor]]></category>
		<category><![CDATA[audits]]></category>
		<category><![CDATA[books of account]]></category>
		<category><![CDATA[finance analysis]]></category>
		<category><![CDATA[financial statements]]></category>
		<category><![CDATA[ICAI]]></category>
		<category><![CDATA[personal benefit]]></category>
		<category><![CDATA[related parties]]></category>
		<category><![CDATA[Related Party Transaction]]></category>
		<category><![CDATA[related s]]></category>
		<category><![CDATA[tax]]></category>

		<guid isPermaLink="false">http://www.taxguru.in/?p=1381</guid>
		<description><![CDATA[Investment is one of the major decisions in finance. Analysis of Financial information provided by the entity is one of the significant task to take right decisions. To protect the interest of the investors, transparency in the books of account is essential. Indian companies have been viewed by the outside world as family controlled and [...]]]></description>
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		<slash:comments>3</slash:comments>
		</item>
		<item>
		<title>Interpretation of expression &#8220;value&#8221; used in Explanation 2 to section 80-IB(2) of IT Act</title>
		<link>http://taxguru.in/income-tax-case-laws/interpretation-of-expression-value-used-in-explanation-2-to-section-80-ib2-of-it-act.html</link>
		<comments>http://taxguru.in/income-tax-case-laws/interpretation-of-expression-value-used-in-explanation-2-to-section-80-ib2-of-it-act.html#comments</comments>
		<pubDate>Fri, 16 Jan 2009 13:10:19 +0000</pubDate>
		<dc:creator>admin</dc:creator>
				<category><![CDATA[Income Tax Case Laws]]></category>
		<category><![CDATA[accountants]]></category>
		<category><![CDATA[books of account]]></category>
		<category><![CDATA[constitution]]></category>
		<category><![CDATA[Depreciation]]></category>
		<category><![CDATA[eligible business]]></category>
		<category><![CDATA[industrial undertaking]]></category>
		<category><![CDATA[installments]]></category>
		<category><![CDATA[instalments]]></category>
		<category><![CDATA[itat]]></category>
		<category><![CDATA[mat]]></category>
		<category><![CDATA[relevant extracts]]></category>

		<guid isPermaLink="false">http://www.taxguru.in/?p=1333</guid>
		<description><![CDATA[ITAT, DELHI BENCH `H&#8217;, NEW DELHI HLS Asia Ltd. v. DCIT, Appeal No. ITA NO. 1964/DEL/2006 Dated: DECEMBER 24, 2008 The Legislature has nowhere stated that for the purpose of Explanation 2, the value of the machinery should be taken at market value and not the value as recorded in the books of account; since, [...]]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Power of IT Authorities to Conduct Survey in Premises of a CA Lawyer/Tax Practitioner of an Assessee</title>
		<link>http://taxguru.in/income-tax-case-laws/power-of-it-authorities-to-conduct-survey-in-premises-of-a-ca-lawyertax-practitioner-of-an-assessee.html</link>
		<comments>http://taxguru.in/income-tax-case-laws/power-of-it-authorities-to-conduct-survey-in-premises-of-a-ca-lawyertax-practitioner-of-an-assessee.html#comments</comments>
		<pubDate>Sat, 27 Dec 2008 12:53:03 +0000</pubDate>
		<dc:creator>admin</dc:creator>
				<category><![CDATA[Income Tax Case Laws]]></category>
		<category><![CDATA[books of account]]></category>
		<category><![CDATA[business premises]]></category>
		<category><![CDATA[Income Tax Survey]]></category>
		<category><![CDATA[place of business]]></category>
		<category><![CDATA[Search]]></category>
		<category><![CDATA[seizure]]></category>
		<category><![CDATA[Survey]]></category>
		<category><![CDATA[tax practitioner]]></category>

		<guid isPermaLink="false">http://www.taxguru.in/?p=947</guid>
		<description><![CDATA[The IT authority does not assume any power to enter the business premises/Office of the CA/Lawyer/Tax Practitioner to conduct survey under section 133A of IT Act in connection with survey of the premises of their client unless the client state in the course of survey that his books of account/documents and records are kept in the office of his CA/ Lawyer/Tax Practitioner.]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Scientific Research Expenditure &#8211; Approved Scientific Research Associations/Institutions- Notification 95/2008, Notification 94/2008</title>
		<link>http://taxguru.in/income-tax/scientific-research-expenditure-approved-scientific-research-associationsinstitutions.html</link>
		<comments>http://taxguru.in/income-tax/scientific-research-expenditure-approved-scientific-research-associationsinstitutions.html#comments</comments>
		<pubDate>Tue, 14 Oct 2008 03:13:00 +0000</pubDate>
		<dc:creator>admin</dc:creator>
				<category><![CDATA[Income Tax]]></category>
		<category><![CDATA[accountability]]></category>
		<category><![CDATA[accountants]]></category>
		<category><![CDATA[ALLOWABILITY OF SCIENTIFIC RESEARCH EXPENDITURE]]></category>
		<category><![CDATA[books of account]]></category>
		<category><![CDATA[Due Date]]></category>
		<category><![CDATA[education society]]></category>
		<category><![CDATA[enrolled students]]></category>
		<category><![CDATA[Income Tax Notifications]]></category>
		<category><![CDATA[income tax rules]]></category>
		<category><![CDATA[maharashtra]]></category>
		<category><![CDATA[medical research centre]]></category>
		<category><![CDATA[research expenditure]]></category>
		<category><![CDATA[section 35]]></category>

		<guid isPermaLink="false">http://kanoisandeep.wordpress.com/2008/10/14/scientific-research-expenditure-approved-scientific-research-associationsinstitutions/</guid>
		<description><![CDATA[NOTIFICATION NO. 95/2008, Notification 94/2008  It is hereby notified for general information that the organization National Health &#038; Education Society, (P.D. Hinduja National Hospital and Medical Research Centre), Mumbai has been approved by the Central Government for the purpose of clause (ii) of sub-section (1) of section 35 of the Income-tax Act, 1961 (said Act), read with Rules 5C and 5E of the Income-tax Rules, 1962 (said Rules), with effect from 1-4-2008 in the category of 'other Institution', partly engaged in research activities subject to the following conditions, namely:—]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Provisions of Section 43B of the Income-Tax Act, 1961 held as not applicable to service tax</title>
		<link>http://taxguru.in/income-tax/provisions-of-section-43b-of-the-income-tax-act-1961-ita-held-as-not-applicable-to-service-tax.html</link>
		<comments>http://taxguru.in/income-tax/provisions-of-section-43b-of-the-income-tax-act-1961-ita-held-as-not-applicable-to-service-tax.html#comments</comments>
		<pubDate>Wed, 01 Oct 2008 15:49:00 +0000</pubDate>
		<dc:creator>admin</dc:creator>
				<category><![CDATA[Income Tax]]></category>
		<category><![CDATA[accrual basis]]></category>
		<category><![CDATA[books of account]]></category>
		<category><![CDATA[ITAT judgments]]></category>
		<category><![CDATA[profit and loss]]></category>
		<category><![CDATA[profits]]></category>
		<category><![CDATA[provision]]></category>
		<category><![CDATA[SECTION 43B &  SERVICE TAX]]></category>
		<category><![CDATA[taxable services]]></category>

		<guid isPermaLink="false">http://kanoisandeep.wordpress.com/2008/10/01/provisions-of-section-43b-of-the-income-tax-act-1961-ita-held-as-not-applicable-to-service-tax/</guid>
		<description><![CDATA[The rigour of sec.43B may be applicable in the case of Sales-tax or Excise Duty but the same cannot be said to be the position in case of Service-tax because of two reasons. Firstly, the Assessee is never allowed deduction on account of service tax which is collected on behalf of the Govt., and paid to the Govt. accordingly. Therefore, a service provider is merely acting as an agent of the Govt., and is not entitled to claim deduction on account of service tax. Hence, on this account alone addition under sec.43B could not be made ]]></description>
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		<slash:comments>0</slash:comments>
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		<item>
		<title>Trade Circular No. 25T of 2008 on Business Audit under MVAt dated 23/07/2008</title>
		<link>http://taxguru.in/goods-and-service-tax/trade-circular-no-25t-of-2008-on-business-audit-under-mvat-dated-23072008.html</link>
		<comments>http://taxguru.in/goods-and-service-tax/trade-circular-no-25t-of-2008-on-business-audit-under-mvat-dated-23072008.html#comments</comments>
		<pubDate>Mon, 28 Jul 2008 07:44:00 +0000</pubDate>
		<dc:creator>admin</dc:creator>
				<category><![CDATA[GST]]></category>
		<category><![CDATA[Assessment]]></category>
		<category><![CDATA[audit criteria]]></category>
		<category><![CDATA[audits]]></category>
		<category><![CDATA[books of account]]></category>
		<category><![CDATA[business audit]]></category>
		<category><![CDATA[Business Audit under MVAt]]></category>
		<category><![CDATA[clarifications]]></category>
		<category><![CDATA[discretion]]></category>
		<category><![CDATA[income]]></category>
		<category><![CDATA[Interest]]></category>
		<category><![CDATA[interviewer]]></category>
		<category><![CDATA[maharashtra]]></category>
		<category><![CDATA[MVAT]]></category>
		<category><![CDATA[Mvat Notification]]></category>
		<category><![CDATA[objections]]></category>
		<category><![CDATA[proceeding]]></category>
		<category><![CDATA[provision]]></category>
		<category><![CDATA[turnover]]></category>
		<category><![CDATA[validity]]></category>
		<category><![CDATA[Vat]]></category>
		<category><![CDATA[vat system]]></category>
		<category><![CDATA[voluntary compliance]]></category>

		<guid isPermaLink="false">http://kanoisandeep.wordpress.com/2008/07/28/trade-circular-no-25t-of-2008-on-business-audit-under-mvat-dated-23072008/</guid>
		<description><![CDATA[As expressly mentioned in Section 22, the primary object of business audit is to promote compliance with law. Business audit is a device with the Department to ascertain and ensure compliance of laws that are implemented by the Department. At a practical level, the object of audit is to ascertain the correctness of returns and to identify inadequacies in returns, if any when checked against the books of account and the circumstances of the business. If the returns are not filed then, the audit officer is expected to quantify the liability of the dealer and enforce recovery. (Trade Cir. No. 25 T of 2008)]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Interest paid on loans for acquisition of new machinery before same is first put to use, cannot be claimed as revenue expenditure</title>
		<link>http://taxguru.in/income-tax-case-laws/interest-paid-on-loans-for-acquisition-of-new-machinery-before-same-is-first-put-to-use-cannot-be-claimed-as-revenue-expenditure.html</link>
		<comments>http://taxguru.in/income-tax-case-laws/interest-paid-on-loans-for-acquisition-of-new-machinery-before-same-is-first-put-to-use-cannot-be-claimed-as-revenue-expenditure.html#comments</comments>
		<pubDate>Fri, 01 Feb 2008 11:38:00 +0000</pubDate>
		<dc:creator>admin</dc:creator>
				<category><![CDATA[Income Tax Case Laws]]></category>
		<category><![CDATA[Assessment]]></category>
		<category><![CDATA[books of account]]></category>
		<category><![CDATA[capital assets]]></category>
		<category><![CDATA[Deduction]]></category>
		<category><![CDATA[Depreciation]]></category>
		<category><![CDATA[Income tax department]]></category>
		<category><![CDATA[Interest paid on loan]]></category>
		<category><![CDATA[interest payment]]></category>
		<category><![CDATA[plant and machinery]]></category>
		<category><![CDATA[revenue expenditure]]></category>
		<category><![CDATA[tax avoidance]]></category>

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		<description><![CDATA[FOR the Income Tax Department, the latest ruling of the Larger Bench of the Punjab &#038; Haryana High Court amounts to a big win. And, at the centre of the dispute was whether the interest paid on borrowed capital for purchasing new plant and machinery before the same is put to use is revenue expenditure or to be added to the 'actual cost' of the asset? What further complicated the issue was the fact that the assessee was a running company and wanted to set up a new plant by buying new machinery out of borrowed capital. ]]></description>
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		<slash:comments>0</slash:comments>
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		<item>
		<title>Expenditure made for use of domestic customer base and transfer of human skills – revenue in nature &#8211; allowable deduction : ITAT</title>
		<link>http://taxguru.in/income-tax-case-laws/expenditure-made-for-use-of-domestic-customer-base-and-transfer-of-human-skills-%e2%80%93-revenue-in-nature-allowable-deduction-itat.html</link>
		<comments>http://taxguru.in/income-tax-case-laws/expenditure-made-for-use-of-domestic-customer-base-and-transfer-of-human-skills-%e2%80%93-revenue-in-nature-allowable-deduction-itat.html#comments</comments>
		<pubDate>Mon, 28 Jan 2008 08:58:00 +0000</pubDate>
		<dc:creator>admin</dc:creator>
				<category><![CDATA[Income Tax Case Laws]]></category>
		<category><![CDATA[Assessment]]></category>
		<category><![CDATA[books of account]]></category>
		<category><![CDATA[business activities]]></category>
		<category><![CDATA[domestic business]]></category>
		<category><![CDATA[tribunal]]></category>

		<guid isPermaLink="false">http://kanoisandeep.wordpress.com/2008/01/28/expenditure-made-for-use-of-domestic-customer-base-and-transfer-of-human-skills-%e2%80%93-revenue-in-nature-allowable-deduction-itat/</guid>
		<description><![CDATA[THE assessee company was incorporated during the financial year 1997-98. Originally, there was a company jointly promoted by Tatas and IBM , which were known as Tata IBM. During the financial year 1997-98, it was mutually agreed between the two promoters to bifurcate the business activities into separate entities viz. IBM Global Services India Private Limited (the assessee company) and Tata IBM . As per the agreement entered into, various assets of the erstwhile Tat IBM were transferred to the assessee company has paid amounts of Rs. 9,38,57,925/ - and Rs. 5.3 Crore on account of transfer of certain employees to the assessee company and on account of transfer of the data base of the domestic business. The assessee company actually paid a sum of Rs. 18.4 crore for the transfer of the employees to the assessee company but claimed an expenditure of Rs. 9,38,57,925/ - as the remaining sum of around Rs. 9.01 crore was attributable to STP Unit, income of which was exempt.]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Assessing Officer is to show in reason recorded that any income escaped</title>
		<link>http://taxguru.in/income-tax-case-laws/assessing-officer-is-to-show-in-reason-recorded-that-any-income-escaped.html</link>
		<comments>http://taxguru.in/income-tax-case-laws/assessing-officer-is-to-show-in-reason-recorded-that-any-income-escaped.html#comments</comments>
		<pubDate>Mon, 14 Jan 2008 13:14:00 +0000</pubDate>
		<dc:creator>admin</dc:creator>
				<category><![CDATA[Income Tax Case Laws]]></category>
		<category><![CDATA[adjournment]]></category>
		<category><![CDATA[Assessment]]></category>
		<category><![CDATA[books of account]]></category>
		<category><![CDATA[material facts]]></category>
		<category><![CDATA[proceedings]]></category>
		<category><![CDATA[Re-Assessment]]></category>
		<category><![CDATA[tribunal]]></category>
		<category><![CDATA[writ petition]]></category>

		<guid isPermaLink="false">http://kanoisandeep.wordpress.com/2008/01/14/itt-ao-is-to-show-in-reson-recorded-that-any-income-escaped/</guid>
		<description><![CDATA[It was incumbent on the Assessing Officer to show in the reasons recorded by him that any income escaped assessment due to error or omission on the part of the assessee in not disclosing all material facts relevant for assessment of this year. The assessment order does not show any error or omission on the part of the assessee in disclosing all material facts. So the Tribunal held that the CIT(A) was right in cancelling the re-assessment.]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Proceedings in search cases cannot be used as an opportunity to reopen</title>
		<link>http://taxguru.in/income-tax-case-laws/proceedings-in-search-cases-cannot-be-used-as-an-opportunity-to-reopen.html</link>
		<comments>http://taxguru.in/income-tax-case-laws/proceedings-in-search-cases-cannot-be-used-as-an-opportunity-to-reopen.html#comments</comments>
		<pubDate>Sat, 05 Jan 2008 10:24:00 +0000</pubDate>
		<dc:creator>admin</dc:creator>
				<category><![CDATA[Income Tax Case Laws]]></category>
		<category><![CDATA[Assessment]]></category>
		<category><![CDATA[books of account]]></category>
		<category><![CDATA[proceedings]]></category>
		<category><![CDATA[search and seizure]]></category>
		<category><![CDATA[search cases]]></category>
		<category><![CDATA[Shares]]></category>
		<category><![CDATA[taxable income]]></category>
		<category><![CDATA[tribunal]]></category>

		<guid isPermaLink="false">http://kanoisandeep.wordpress.com/2008/01/05/proceedings-in-search-cases-cannot-be-used-as-an-opportunity-to-reopen/</guid>
		<description><![CDATA[ THE facts of the case are on a Search &#038; seizure operations carried out at the business premises of the assessee company on 18-3-02 notice u/s 158BC of the I.T. Act, 1961, served on the assessee it was alleged that the assessee that a sum of Rs.54,45,000/ - which was received by the assessee from its sister concern M/s PMC Entertainment Pvt. Ltd, as application money was nothing but the assessee company's own money which was brought into the books in the garb of application money and the whole transaction was managed, sham and was a deliberate arrangement to subvert the interest of revenue.]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Penalty &#8211; For failure to get accounts audited under the Income Tax Act, 1961</title>
		<link>http://taxguru.in/income-tax-case-laws/penalty-for-failure-to-get-accounts-audited.html</link>
		<comments>http://taxguru.in/income-tax-case-laws/penalty-for-failure-to-get-accounts-audited.html#comments</comments>
		<pubDate>Thu, 22 Nov 2007 15:09:00 +0000</pubDate>
		<dc:creator>admin</dc:creator>
				<category><![CDATA[Income Tax Case Laws]]></category>
		<category><![CDATA[audit report]]></category>
		<category><![CDATA[balance sheet]]></category>
		<category><![CDATA[books of account]]></category>
		<category><![CDATA[concealment]]></category>
		<category><![CDATA[penal provisions]]></category>
		<category><![CDATA[profit and loss]]></category>

		<guid isPermaLink="false">http://kanoisandeep.wordpress.com/2007/11/22/penalty-for-failure-to-get-accounts-audited/</guid>
		<description><![CDATA[Section 271B, read with section 44AB, of the Income-tax, 1961 - Penalty - For failure to get accounts audited - Assessment years 1987-88 to 1989-90 - Whether section 271B is not attracted in a case where no account has been maintained and instead recourse under section 271A can be taken - Held, yes]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Period of preservation of accounts or for which books are required to be maintained</title>
		<link>http://taxguru.in/income-tax/period-of-preservation-of-accounts-or-for-which-books-are-required-to-be-maintained.html</link>
		<comments>http://taxguru.in/income-tax/period-of-preservation-of-accounts-or-for-which-books-are-required-to-be-maintained.html#comments</comments>
		<pubDate>Sat, 03 Nov 2007 09:44:00 +0000</pubDate>
		<dc:creator>admin</dc:creator>
				<category><![CDATA[General Info]]></category>
		<category><![CDATA[Income Tax]]></category>
		<category><![CDATA[accountability]]></category>
		<category><![CDATA[accountants]]></category>
		<category><![CDATA[books of account]]></category>
		<category><![CDATA[Companies Act]]></category>
		<category><![CDATA[Excise]]></category>
		<category><![CDATA[income tax act]]></category>
		<category><![CDATA[PERIOD OF PRESERVATION OF ACCOUNTS]]></category>
		<category><![CDATA[previous years]]></category>
		<category><![CDATA[ROC]]></category>

		<guid isPermaLink="false">http://kanoisandeep.wordpress.com/2007/11/03/period-of-preservation-of-accounts/</guid>
		<description><![CDATA[Companies Act, 1956 -· A company is required to maintain its books of account and vouchers for a period of 8 years immediately preceding the current year. · A s. 25 company is required to maintain its books of account and vouchers for a period of not less than 4 years. · The books and papers of the Amalgamated/Transferor Company must be not be disposed of without the prior permission of the Central Government]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>What are books of account?</title>
		<link>http://taxguru.in/finance/what-are-books-of-account.html</link>
		<comments>http://taxguru.in/finance/what-are-books-of-account.html#comments</comments>
		<pubDate>Wed, 15 Aug 2007 07:41:00 +0000</pubDate>
		<dc:creator>admin</dc:creator>
				<category><![CDATA[Finance]]></category>
		<category><![CDATA[books of account]]></category>
		<category><![CDATA[business income]]></category>
		<category><![CDATA[cash books]]></category>
		<category><![CDATA[day books]]></category>
		<category><![CDATA[electronic record]]></category>
		<category><![CDATA[finance act]]></category>
		<category><![CDATA[floppy disc]]></category>
		<category><![CDATA[information technology act]]></category>
		<category><![CDATA[ledgers]]></category>
		<category><![CDATA[madras high court]]></category>
		<category><![CDATA[magnetic data storage]]></category>
		<category><![CDATA[print outs]]></category>
		<category><![CDATA[storage device]]></category>

		<guid isPermaLink="false">http://kanoisandeep.wordpress.com/2007/08/15/what-are-books-of-account/</guid>
		<description><![CDATA[In a recent case, the Madras High Court concluded that P&#038;L account and balance-sheet are not books of account as contemplated under the I-T Act. Computation of business income under the income-tax law has to be made on the basis of `books of account'. This law has been in operation since 1992, but surprisingly there was no definition of the term  till 2001. Finance Act, 2001 introduced the definition through Section 2(12A). The definition, which took effect from June 1, 2001, reads thus:]]></description>
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		<slash:comments>0</slash:comments>
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