disclosure

When the disclosure is made subsequently to the seizure of incriminating material, the disclosure is made because of adverse consequences and such disclosure is not voluntary. On the facts of the case, the disclosure was made pursuant to search and seizure of incriminating material which includes the diary. The issue whether the authorities could have deciphered the documents on their own without petitioner co-operating, is immaterial. Full Article

In AY 2002-2003, the assessee claimed deduction u/s 80-IB (10) of Rs. 3.85 crs which was allowed by the AO vide s. 143 (3) order. The assessment was reopened u/s 147 after the expiry of four years from the end of the assessment year on the ground that the claim for deduction u/s 80IB (10) included ineligible items of other income such ’society deposit’, ’stilt parking’ and sundry credit balances and that income had thereby escaped assessment. The assessee filed a.. Full Article

Chapter XIX-A is a complete Code in itself as regards settlement of cases for having provided a complete mechanism other than procedure provided under the IT Act. Legislature conferred all powers upon Settlement Commission being vested in IT authority under the Act as provided U/s 245-F and what is being decided by settlement commission is conclusive providing no remedy of revision/review or appeal to the assessee or revenue, envisaged in S.245-I of the Act. Full Article

The Council of the ICWAI at its 251st Meeting held on 12-13 February 2009 and 258th Meeting held on 14th December 2009 decided as below: Mandatory application of Cost Accounting Standards “RESOLVED THAT the following Cost Accounting Standards shall be mandatory with effect from period commencing on or after 1st April 2010 for being applied for the preparation and certification of General Purpose Cost Accounting Statements. Full Article

In order to increase transparency in the financial statements of banks, Reserve Bank of India has from time to time issued circulars to banks requiring disclosures in the ‘Notes to Accounts’ to their Balance Sheet. These instructions were consolidated in the Master Circular No.DBOD.BP.BC.NO.22/21.04.018/2009-10 dated July 1, 2009. Full Article

A public prosecutor representing the state in criminal cases need not divulge details of the legal opinion given to the government as it is privileged communication, the Madras High Court has ruled. In a similar case Supreme Court said that a judge could not be asked under the Right to Information (RTI) Act as to how and why he came to a particular conclusion in a judgment. Full Article

Whether for the purpose of disallowance under Section 14A of the Act:-(a) Rule 8D is to be considered as retrospective; Whether before application of Rule 8D the Assessing Officer should give a holding that he is not satisfied for the basis or quantum of expenses disallowed by the Assessee; b) Whether disallowance is to be made if Investment is held as stock-in-trade? Full Article

Whether in determination of book profit u/s 115JB of I. T. Act, adjustment is to be made for:-(a) Depreciation not debited to P & L Account but a note is given in respect thereof; (b) Capital gain not credited to P & L account and taken to reserve; (c) Prior period expenses and extra ordinary items; (d) Difference in the amount of depreciation on account of change in the method of providing depreciation i.e. straight line to WDV or vice-versa? Full Article