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Archive: November, 2008

Posts in November, 2008

CBDT INSTRUCTION No. 15/2008, DATED 4-11-2008

November 4, 2008 17257 Views 0 comment Print

INSTRUCTION No. 15/2008 Review will henceforth form an ongoing function of the supervisory officer for monitoring the quality of assessment work being done during the year by Assessing Officers under their supervisory control. The basic purpose of Reviews will remain unchanged viz. to ensure that all issues arising for consideration in the relevant assessment have been considered, the evidence required to examine these has been collected, rival arguments are analysed in the assessment order and a fair and balanced finding recorded.

Notification No. 103/2008 ,Dated : 03.11.2008

November 3, 2008 313 Views 0 comment Print

It is hereby notified for general information that the organization M/s St. Stephen’s Hospital Society, (Administration of the Synodical Board of Health Services – CNI) Tis Hazari, Delhi 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

Public Notice No. 100 (RE-2008)/2004-2009, Dated: 03.11.2008

November 3, 2008 220 Views 0 comment Print

In exercise of powers conferred under Paragraph 2.4 of the Foreign Trade Policy 2004-09, the Director General of Foreign Trade hereby makes the following amendments in Handbook of Procedures.

Haryana Acrylic Manufacturing Company Vs. CIT (Delhi High Court) (2009) 308 ITR 38 (Del)

November 3, 2008 6080 Views 0 comment Print

Badar Durrez Ahmed, J.-This writ petition is directed against the notice dated 29-3-2004 issued by the Assistant Commissioner of Income-tax, Central Circle-18, New Delhi under section 148 of the Income-tax Act, 1961 (‘said Act’)

Tribunal Have To Follow the Principles of Natural Justice

November 3, 2008 1052 Views 0 comment Print

CIT vs. Raval Tiles (Bombay High Court) Where the Tribunal did not pass an order on the appeal despite considerable delay and instead fixed the matter repeatedly for ‘clarifications’ and thereafter closed the matter for orders on the basis of written submissions and without hearing the assessee, HELD the procedure followed by the Tribunal was not in compliance with the principles of natural justice.

Section 14A Applicable To Dividend Earned by an Assessee Engaged In the Trading Of Shares and Securities

November 3, 2008 1662 Views 0 comment Print

M/s. Daga Capital Management Pvt. Ltd. Vs ITO, Mumbai (ITAT MUMBAI)] The words in relation to in s. 14A mean a dominant and immediate connection between the expenditure and the exempt income. To determine whether there is such a connection, one has to see the object with which the expenditure is incurred. If the expenditure is incurred mainly to earn taxable income and the tax-free income is incidental, there is no such connection and s. 14A does not apply. The onus is on the AO to establish that there is a dominant and immediate connection between the expenditure and the exempt income;

ITAT Special Bench Judgment On Section 14A of the Income Tax Act, 1961

November 3, 2008 421 Views 0 comment Print

CIT vs. Sarabhai Holdings (Supreme Court) – Income Tax – Penalty – law permits the contracting parties to lawfully change their stipulations – What is material in the tax jurisprudence is the evasion of tax, not the beneficial lawful adjustment therefor . In the commercial world, the parties are always free to vary the terms of contract and, therefore, the assessee and the vendee had no legal impediment in modifying the terms of their contract. Merely because by Resolution the assessee agreed to defer the payment of interest, would not mean that it tried to evade tax.

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