Follow Us :

Archive: February, 2009

Posts in February, 2009

Free YouTube Live on The global landscape –  from market’s to trade

May 24, 2024 9 Views 0 comment Print

Join us for an insightful and dynamic YouTube Live session on “The global landscape –  from market’s to trade.” with renowned financial analyst Ankit Baid, MBA Finance. The presentation explores shifting of the global economic landscape, focusing on the decline of US dominance and the rise of China. It examines the potential decrease in global […]

Live Course on Appeal, Pleading & Drafting under GST by CA Sachin Jain

May 15, 2024 7380 Views 0 comment Print

oin us for an immersive live course led by renowned expert CA Sachin Jain, as we delve into the intricacies of appeal, pleading, and drafting under GST.

Tax hounds chase defaulters as TDS target set to fall short by 10%

February 28, 2009 297 Views 0 comment Print

The income-tax department is expected to fall short of its targeted collections from tax deduction at source (TDS) by 10% in 2008-09. Against a target of Rs 47,000 crore, TDS collections are expected to be around Rs 42,000 crore. To make good the shortfall, the department has carried out surveys to identify corporates that have […]

Monetary limit prescribed by CBDT for filing of appeal by revenue

February 28, 2009 580 Views 0 comment Print

9. Having considered the contentions, in our opinion, the instructions cannot be interpreted as a Statute though it is pursuant to the power conferred under Section 268-A of the Income Tax Act. What the Court has to consider is the plain language of the paragraph and the object behind the said provisions. The object appears to be not to burden courts and Tribunals in respect of matters

Land used for internal roads of the factory and play ground for workers of the factory is taxable as wealth of the company,

February 28, 2009 1210 Views 0 comment Print

Motwane Manufacturing Co. Pvt. Ltd., Vs. The Commissioner of Wealth-tax (Mumbai HC) – The Tribunal was right in law in holding that land used for internal roads of the factory and play ground for workers of the factory is taxable as wealth of the company, when the factory building has not been charged for wealth-tax .

Enquiry to be made by AO under section 40A (2) (a) of IT Act in case payment of remuneration to director is excessive or unreasonable

February 28, 2009 5718 Views 0 comment Print

7. After going through the orders of the learned Members as well as the orders of the lower authorities, I am of the view that no disallowance was required to be made for the reasons given hereafter. The question for consideration is whether on facts of the case, the disallowance was justified in view of the specific provisions of section 40A(2)(a) of the Act. It would be appropriate to reproduce the relevant portion of the said provision below:

Rights of owners versus right of company in liquidation over title deeds mortgaged by owners’ POA for raising loans

February 28, 2009 984 Views 0 comment Print

The company in liquidation is entitled to invoke the provisions of section 171 of the Contract Act relating to general lien over the properties offered as security to cover all the loans availed by the owners’ POA and the claim of the owners seeking redemption of the title deeds in terms of section 91 of the Transfer of Property Act must yield to such right and consequently the right to claim redemption cannot be accepted.

Credit on Mobile Phone Bill is admissible when the calls made from the mobile were relatable to the business of the assessee even when such phones were not installed in their premises.

February 28, 2009 382 Views 0 comment Print

In the present case, the only ground on which it was proposed to deny Cenvat Credit on Service Tax is the non-installation of mobile phones in the appellant’s premises. Neither is there any ground in the notice nor any finding that the calls made from the mobile were not relatable to the business of the assessee. In this view of the matter, the judgment of the Hon’ble Gujarat High Court squarely covers the issue in favour of the appellant. Following the same, I set aside the impugned order and allow the appeal.

CBI lays trap, arrests Additional Commissioner and subordinate; stumble upon properties worth crores

February 28, 2009 2220 Views 0 comment Print

The Central Bureau of Investigation has stumbled upon propertiesworth crores of rupees, which is suspected to have been illegitimately amassed by a senior Income Tax officer. Additional IT Commissioner, S M Keshkamat was held on Friday for accepting a bribe of Rs 4.5 lakh from an assessee. Keshkamat had purchased the properties in the names […]

CBI detains I-T officer T V Mohan for graft & Searched Additional comm. of IT, S M Keshkamat

February 28, 2009 411 Views 0 comment Print

The CBI and the income tax department are at loggerheads. The reason is the effect of a trap laid by the CBI to catch an income tax officer, T V Mohan who was allegedly accepting a bribe of Rs 4.5 lakh from the chartered accountant of a real estate agent. Mohan was detained on Thursday […]

MVAT AUDIT REPORT CAN BE SUBMITTED ON 28FEB & 1MAR. ON 2MAR UPTO 9PM

February 28, 2009 781 Views 0 comment Print

THE SALES TAX OFFICE HAS OPENED A SEPARATE DESK FOR ACCEPTING THE MVAT AUDIT REPORT (FORM 704). 1.THE MVAT AUDIT REPORT CAN ALSO BE SUBMITTED ON 28TH FEBRUARY & 1ST MARCH 2009. 2.ON ABOVE DATES THE SALES TAX OFFICE IN THE STATE OF MAHARASHTRA WILL BE REMAIN OPEN DURING REGULAR OFFICE HOURS FOR ACCEPTING MVAT […]

Tax fraud through abuse of charities: OECD Survey

February 28, 2009 303 Views 0 comment Print

TAX evasion and tax fraud through the abuse of charities is a serious and increasing risk in many countries, and some estimate that the abuse of charities costs their treasury many hundreds of millions of dollars. The vast majority of charities are legitimate but some may be targeted by criminals to launder the proceeds of […]

Search Post by Date
May 2024
M T W T F S S
 12345
6789101112
13141516171819
20212223242526
2728293031