"06 March 2009" Archive

Income Tax raids on electricity department offices

The income-tax department has commenced a series of raids on divisions of the state’s electricity department unofficially citing irregularities in tax deduction at source (TDS), while the excise and customs department has sought details on sale of power to consumers. Officials in the electricity department told TOI that they receive...

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Posted Under: Income Tax |

Allowability of deduction under section 80-IA of IT Act, 1961 claimed by a works contractor

ACIT Vs Indwell Lianings Pvt. Ltd. (ITAT Chennai)

7. In the facts of the present case we find that the assessee undertook work on contract basis. The assessee took contract work of insitu cement lining for water supply project of the Gujarat Water Supply and Sewerage Board (Gujarat Government Undertaking). 8. Vide Finance Act, 2007 an Explanation was inserted with retrospective effect f...

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Bona fide reason to believe that there is escapement of income is sufficient for issue of notice under section 148

ACIT Vs Rani Shankar Mishra (ITAT New Delhi)

19. As per our considered view, at the time of issue of notice, it is sufficient that prima-facie reasons and material should be with Assessing Officer that there is escapement of some income. At the time of issue of notice the Assessing Officer is not required to conclusively establish that there is escapement of income, mere bona-fide r...

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Part Performance of Transaction fall within ambit of section 2(47) of IT Act

R. Kalanidhi Vs ITO (ITAT Chennai)

11. Keeping in view the nature of the transaction between the Assessee and the so called Developer, coupled with the transfer and the possession of the immovable properties, we find that the transaction amounts to conveyance in favour of the purchaser of the properties and the transfer was completed on the date when the purchases were exe...

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Imposition of penalty on basis of findings given in assessment proceedings

Ashok Grih Udyog Kendra (P.) Ltd. Vs ACIT (ITAT Lucknow)

7. We have carefully considered the rival submissions and have also perused the materials available on record. The decisions cited at the time of hearing of appeal were duly considered. It is apparent from the record that the assessee company had debited a sum of Rs.2,37,370/ - under the head `travelling expenses' and claimed the above ex...

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ICAI to set up ratings system for corporate governance

The Institute of Chartered Accountants of India (ICAI) is planning to set up a rating system for corporate governance for listed and unlisted entities. It is aiming to bring in internationally best practices and new code of conduct. The apex statutory body of CAs, established under the Chartered Accountants Act, 1949, is in the process [&...

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Posted Under: Income Tax |

Notification on Service Tax Exemption Granted to Special Economic Zones

Notification No.9/2009-Service Tax (03/03/2009)

The Central Government has issued a Notification („subject Notification?) granting exemption from service tax in respect of the taxable services which are provided in relation to the authorized operations in a Special Economic Zone (SEZ) and are received by a developer or a unit of an SEZ. This Notification supercedes the earlier exempt...

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Online Updation of Address for Chartered Accountnats

Dear Members, As You may be aware that ICAI ( Institute of Chartered Accountants of India) general election will be held in DEC 2009.You can vote only in the city of your professional address as per ICAI Database. Pls check your address by clicking the link given below:- http://220.227. 161.82/locm.asp Click on http://www.icai. org/addupd...

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Posted Under: Income Tax |

When an expenditure payable is waived subsequently, resulting in refund or benefit to the assessee, it is taxable as income

The accent of the statute is ‘an allowance or deduction has been made in the assessment for any year in respect of loss, expenditure or trading liability’. The condition for applying Section 41(1) is the allowance of deduction earlier and subjecting it to tax later on its waiver. Explanation 1 to Section 41(1) covers even unilateral t...

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Posted Under: Income Tax |

Accounting firm PWC overhauls Indian operations

The global auditing firm PricewaterhouseCoopers is overhauling its India operations, two months after starting an investigation into fraud at one of its clients here. The auditor, which has nine offices and thousands of clients in India, said Thursday that it would make a number of sweeping changes to “re-emphasize quality.”...

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Posted Under: Income Tax |

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