The CID on Monday levelled serious allegations against auditors of Pricewaterhouse and its two Hyderabad partners S Gopalakrishnan and Srinivas Talluri by claiming that the company had no branch in Hyderabad and that these two had no connection with the firm.
17.1 According to us, as correctly held by the Tribunal, the assessee’s claim for deduction had to be allowed, in one lump sum, keeping in view the provisions of Section 43B(d) which provides that any sum payable by the assessee as interest on any loan or borrowing from any financial institution shall be allowed to the assessee in the year in which the same is paid irrespective of the provisions in which the liability to pay
22. The primary function of the Income Tax Act is to bring the income of various kinds into the tax net. The Income Tax authorities are not concerned about the manner or means of acquiring income. The income might have been earned illegally or by resorting to unlawful means. Illegality tainted with the earning has no bearing on its taxability.
Notification No. 15/2009 – Income Tax In exercise of the powers conferred by section 46 of the Wealth-tax Act, 1957 (27 of 1957), the Central Board of Direct Taxes hereby makes the following further amendments in the Wealth-tax Act, 1957, namely:— 1. (1) These rules may be called the Wealth-tax (First Amendment) Rules, 2009. (2) They shall come into force with effect from 1st April, 2009. 2. In the Wealth-tax Act, 1957 for rule 8C, the following rule shall be
IMPORTANT ANNOUNCEMENT Since the Elections to the Lok Sabha and Legislative Assemblies of some States are likely to be held in the months April and May, 2009, it has been decided to hold the next Chartered Accountants PE-II, PCE, Final (Old and New course), IRM, MAC (Part I), TMC (Part I), CMC (Part I), ITL […]
The principal notification was published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i) vide number G.S.R. 118(E), dated the 1st March, 2002 and was last amended by notification no. 2/2009-Customs, dated the 2nd January, 2009 which was published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i) vide number G.S.R.5(E), dated the 2nd January, 2009.
The Central Board of Direct Taxes (CBDT), the apex body for tax matters in India, is actively considering a proposal that will allow income-tax department to ask for information on accounts held by taxpayers in banks abroad. According to a person directly involved in the development, CBDT is considering adding a column in I-T returns […]
The high-profile Rs 7,000- crore Satyam fraud case is likely to be transferred to a special sessions court to expedite trial,according to a senior police officer. The Criminal Investigation Department (CID), which is probing into the fraud after the software firm’s disgraced founder B Ramalinga Raju confessed to fudging the books, will shortly recommend the […]
44. We have carefully considered the rival submissions in the light of material placed before us. The assessments in the present case have been made u/s 153A of the Act. Section 13A provides that in case a person against whom search is initiated u/s 132A of the Act then notwithstanding anything contained in sections 39, 147,148,149 151 and 153 of the Income Tax Act, the AO shall issue a notice to such person
State co-operation minister Harshavardhan Patil on Sunday said that a task force will be set-up to look into the matters of government auditors who are working with the co-operatives commissionerate.
