"February, 2009" Archive

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

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 […]...

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Posted Under: Income Tax |

Monetary limit prescribed by CBDT for filing of appeal by revenue

CIT vs Polycott Corporation (Bombay High Court)

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 b...

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

Motwane Manufacturing Co. Pvt. Ltd.,Vs The Commissioner of Wealth-tax (Bombay High Court)

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 ....

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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

Jagdamba Rollers Flour Mills Ltd. Vs ACIT (ITAT Nagpur)

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...

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

The Committee Representing RBF Nidhi Ltd. Vs Vipanchi Investments Pvt. Ltd. (Madras High Court)

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 ...

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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.

URSS Tech Service Pvt. Ltd. Vs Commissioner of Central Excise, Jaipur (CESTAT New Delhi)

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 m...

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

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 nam...

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Posted Under: Income Tax |

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

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 […]...

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Posted Under: Income Tax |

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

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 […]...

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Posted Under: Income Tax |

Tax fraud through abuse of charities: OECD Survey

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 […]...

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Posted Under: Income Tax |

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