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Archive: 22 March 2009

Posts in 22 March 2009

Provision for a liability allowable if it can be estimated & if there is reasonable certainty

March 22, 2009 363 Views 0 comment Print

5. Having heard the learned counsel for the Revenue as well as the assessee, we are of the view that no fault can be found with the reasoning of both the CIT(A) as well as the Tribunal. In our view, the issue raised by the Revenue before us that the liability under the “long service award” scheme of the assessee is contingent as the payment under the same scheme is dependent on the discretion of the management

The levy under section 234B is compensatory in nature and is not in the nature of penalty: HC Delhi

March 22, 2009 4196 Views 0 comment Print

RELEVENT PARAGRAPH 11. We have examined the decisions cited by the counsel on both sides and after considering the submissions made by them, we agree with the learned counsel for the Revenue that the levy under Section 234B of the said Act is compensatory in nature and is not in the nature of penalty. We […]

In case of gift from NRI not related to Assessee, onus is on the Assessee to substantiate the claim of genuine gifts: ITAT, Mumbai

March 22, 2009 2085 Views 0 comment Print

10. The scope of gifts and the existing areas of controversies in regard to them are relevant issues here. Generally, the gifts may involve biological relatives, sociologically connected or unconnected persons, politically or spiritually reverend individuals etc. In the cases, where the gifts involve the biological relatives, the giving gifts are normally conventional, traditional or a social practice and the motive

Depreciation @ 60% is allowed on Computer peripherals & accessories

March 22, 2009 56959 Views 0 comment Print

40. The accessories and peripherals of computers provide input processing, storage and various output devices. The output devices such as printer, scanner etc. are computer peripherals and form essential parts of PC. These output devices cannot work in isolation and also working on computer system without an output device such as printer would be futile.

All types of wells and tube-wells would be included in the term building : ITAT Ahmedabad

March 22, 2009 7827 Views 0 comment Print

56. To determine as to whether an asset is a `plant’, the Supreme Court in the case of Scientific Engineering House Private Limited (supra) lays down certain tests. These are : “Does the article fulfill the function of a plant in the assessee’s trading activity? Is it a tool of his trade with which he earned on his business? If this answer is in the affirmative, it will be a plant”

Time limit prescribed for issuance of notice under section 143(2)(i) or 143(2)(ii) of IT Act

March 22, 2009 4244 Views 0 comment Print

8. We have considered he submissions made by both the sides, material on record and orders of the authorities below. We find that the question, before US, is whether limited scrutiny proceedings and regular scrutiny proceedings are independent of each other or not and, therefore, notice issued for limited scrutiny into a regular scrutiny where time to issue notice u/s 143(2)(ii) has expired or not

Income Tax Department raid at Buldhana credit society

March 22, 2009 2282 Views 0 comment Print

Buldhana Urban Co-operative Credit Society, the country’s largest, has come under the taxman’s scanner for suspected money-laundering. A team of Income Tax officials has conducted a search and seizure operation on around 15 premises that include the society’s offices as well as those of its promoter Radheyshyam Chandak and other office-bearers. Some premises related to society’s top officials in Pune, Nasik, and Akola were also covered in the raid. Some godowns owned by the society, used to store agriculture commodities, were also raided.

IT department can now track down fraudulent electronic transactions

March 22, 2009 751 Views 0 comment Print

Tax evasion in Mumbai may now become more difficult as taxpayers will have to deal with a cyber-savvy income-tax department. The IT department has recently adopted a technology to track down fraudulent electronic transactions even after they are deleted from computers. The department has a Cyber Forensic Lab in Mumbai that consists of advanced technological […]

Swiss bank revealed Indian have more money then rest of the world

March 22, 2009 25153 Views 0 comment Print

This is so shocking…. ….If black money deposits was an Olympics event…. India would have won a gold medal hands down. The second best Russia has 4 times lesser deposit. U.S. is not even there in the counting in top five! India has more money in Swiss banks than all the other countries combined! Recently, […]

ICAI wants more time for auditors to complete statutory Audit of PSU Banks

March 22, 2009 378 Views 0 comment Print

Do auditors – facing flak for endorsing falsified accounts in the Satyam scandal – have enough time to do their work properly? The Institute of Chartered Accountants of India (ICAI), trying to save the profession’s credibility under assault this year, has underlined the need to give central statutory auditors sufficient time to prepare audit reports. […]

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