cheque

The Supreme Court has ruled in the case of Tameshwar Vaishanav vs Ramvishal Gupta that if the payee or the holder of the cheque does not file a complaint of dishonour within the prescribed time, he cannot issue a second notice and then file a complaint again. Notice with respect to a cheque can be issued only once. The deadline or limitation starts from the date of the first notice. Full Article

Until the amendment made by the Finance (No.2) Act, 2009, the gifts were taxed only on receipt of sum of money; i.e., cash or cheque or bank draft in excess of Rs.50,000 in a year by any individual or HUF. Now, gifts of immovable and certain movable properties will also be subject to tax if these are received without consideration or at inadequate consideration. In section 56(2), clause (vii) has been inserted w.e.f. 1-10-2009. The earlier provision was brought in with a.. Full Article

The income tax (IT ) department in a raid on a chartered accountant (CA) last week unearthed a money laundering racket running into over Rs 1,000 crore. The CA, Mukesh Choksi, through his several companies generated fake bills showing share transactions in the name of his customers who wanted to convert their black money into white. The department also recovered a pay order of 1 million and came across another onetime transfer of Rs 10 crore in a private bank account. Full Article

The services rendered by hospitals to various patients arc primarily medical services and, therefore, provisions of 194J are applicable on payments made by TPAs to hospitals" etc. Further for invoking provisions of 194J, there is no stipulation that the professional services have to be necessarily rendered to the person who makes payment to hospital. Therefore TPAs who are making payment on behalf of insurance companies to hospitals for settlement of medical/insurance cl.. Full Article

On perusal of the aforesaid account, it is seen that the assessee had to pay sum of Rs. 2,00,000/- to M/s. Ram Kumar Krishan Kumar as on 01.04.2002. Thus, the total amount payable by the assessee was of Rs. 2,00,000/-. Thereafter, the assessee has paid the sum of Rs. 13,000/-, 14,500/-,14, 000/-,15, 000/-, 17,200/- and 12,650/- in cash on 19.06.2002, 20.06.2002, 21.06.002, 22.06.2002, 24.06.2002 and 25.06.2002 respectivel Full Article

It is a fact of common knowledge that in pendency of the investigation proceeding, the departmental officers coerce the assessee to deposit some part of the potential demand. The coercion to deposit the amount is more, when a more premier agency is investigating the case. Such deposit of amount is boasted by the officers in their report to their superiors. Full Article

Parties are heard arid their rival submissions considered. The following facts are not in dispute: a) the identity of the donor is not in doubt; b) gift is by a declaration deed; c) donor has given an affidavit affirming the making of the gift; d) there is a confirmation through post of gift per Demand Draft; e) affirmation of the assessee in examination on oath recorded by A.0 f) affirmation of the donor in examination on oath recorded; Full Article

We have carefully considered the submissions of the rival parties and perused the material available on record. We find that the facts are not in dispute. Under section 194H of the Act any person not being an individual or a Hindu undivided family who is responsible for paying on or after the first day of June 2001 to a resident any income by way of commission or brokerage, shall, at the time of credit of such income to the account of the payee or at the time of payment .. Full Article