enquiry

When AO, who is both an adjudicator as well as an investigator, is acting in a quasi judicial capacity, it is his perception which counts and not that of CIT sitting in revisionary proceedings. It is not an error on the part of the AO not to conduct any inquiry into the accounts the way CIT wants it in exercise of his power under section 263. Full Article

The Reserve Bank of India (RBI) is likely to allow money withdrawals from the point of sale (PoS) terminals using prepaid cards issued by banks. “RBI is considering to allow open loop cards to withdraw money from a PoS terminal. RBI is working on issues, like the amount a PoS owner should charge. The decision may come soon,” said a senior executive of a public sector bank. Full Article

When the AO has reopened the same very issue which is under revision and has examined all the details and after verifying and being satisfied, has taken a plausible view, how can his order be treated as erroneous simply because in his order, he has not made elaborate discussion with reference to his satisfaction. Full Article

The scrutiny of returns had been a regular measure to check tax evasion since long. The collection of information for the purpose of making enquiries in the course of such scrutiny assessments is as much important as the assessment proceedings itself. There are various provisions in the Income-tax Act, 1961 for the purpose of collecting information directly from the assessees as also from the others for the purposes of making such enquiries at various stages of assessmen.. Full Article

SUMMARY OF CASE LAW The limited scope of enquiry of the TRO while proceeding to exercise his jurisdiction under Rule 11 may be akin to the scope of enquiry under Order XXI Rule 58 of the Code of Civil Procedure, 1908 (as it stood prior to 1976 amendment), but that does not take away his [...] Full Article

Opening up more options for travellers seeking details of train services, Indian Railways have started an SMS service on the 139 passenger information system. The service would enable one to know the passenger name record status, current train running positions, accommodation and availability and fare enquiry. ”All that a passenger needs to do is SMS the queries [...] Full Article

CASE LAW DETAILS Decided by:. ITAT, MUMBAI BENCHES `G’, MUMBAI, In The case of: Memorial Medical Association v CIT, Appeal No. : ITA No. 2957/Mum/2006, Decided on: March 18, 2009 SUMMARY OF CASE LAW The requirement of section 12AA is that the order granting or refusing the registration is to be passed by the CIT [...] Full Article