provision

Attention of the members is drawn to Announcements dated 27th March 2009 and 19th May 2009 hosted on website of the Institute wherein the decision of the Council with regard to, inter-alia, working hours and coaching hours have been notified. Normal working hours for the articled assistants shall not start after 11.00 AM and not end before 5.00 PM.Coaching classes shall not continue after 9.30 AM and not start before 5.30 PM so as to enable the articled assistants to co.. Full Article

There are over five million income tax payers in India and this number is fast growing. The tax department, therefore, has to deal with millions of fresh returns every year. The tax returns along with annexures make a very huge mass of records which is nearly impossible to handle in a properly required manner. Full Article

On plain reading of above section, we find that certain expenditures are not allowable if the assessee failed to deduct tax or after deduction same was not paid in time. However, such expenditures are allowable Provided that where in respect of any such sum. Tax has been deducted in any subsequent year, or has been deducted— (A) during the last month of the previous year but paid after the said due date; or (B) during any other 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

provision of Section 143 (2) of Income Act viz-aviz section 36(1)(vii) of the Income Tax Act, 1961 read with section 36(1) both would be harmonized to give purposeful meaning to both the statutory provisions, as one extends benefit to the respondent-assessee of deduction for their debt or part thereof becoming bad and other authorizes Assessing Officer to see that provision of Income Tax Act are not flouted by any means. Full Article

Learned Chartered Accountant submits that the excess amount paid in the subsequent period may be treated as mere deposit which can be adjusted against the earlier short payment and it may be paid alongwith interest. I am unable to accept the contention of the learned Chartered Accountant. The assessee paid the service tax of excess amount against the taxable service which cannot be treated as mere deposit. Therefore, such adjustment is contrary to the provisions of Rule .. Full Article

In the case of CIT Vs. Manga Ram & Sons 107 ITR 307 (All.) and in CIT Vs. Sarankhan Siri Sugar Works 246 ITR 216 (All) proposition of the law laid down by the Hon'ble High Court are that if the income is surrendered with the condition that no penalty be imposed on the assessee. The Assessing Officer is not justified in imposing the penalty. Full Article

It must be understood that right to appeal is not an absolute right nor essential ingredient of process of natural justice. Supreme Court held in Vijay Prakash v. CC [1989(39) ELT 178(SC)], “Right to appeal is neither an absolute right nor an ingredient of natural justice the principles of which must be followed in all judicial and quasi-judicial adjudications. The right to appeal is a statutory right and it can be circumscribed by the conditions of the grant.” Full Article