"March, 2009" Archive - Page 10

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

ITO Vs Mukesh Bhanubhai Shah (ITAT Mumbai)

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 g...

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Depreciation @ 60% is allowed on Computer peripherals & accessories

ACIT Vs Container Corporation of India Ltd. (ITAT Delhi)

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 ...

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

ACIT Vs Niko Resources Ltd. (ITAT Ahmedabad)

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 answe...

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

Bholanath R. Shukla Vs ITO (ITAT Mumbai)

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 ...

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Condition precedent for claiming exemption under section 54 of IT Act: ITAT, Hyderabad

ITO Vs Rohini Reddy (ITAT Hyderabad)

9. We have carefully considered the rival submissions and perused the record. Marginal heading of section 54 of the Act, which is relevant in this context, refers to "profit on sale of property used for residence". Main section speaks of transfer of a capital asset- being building or lands appurtenant thereto and being a residential house...

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Income Tax Department raid at Buldhana credit society

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-be...

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Posted Under: Income Tax |

IT department can now track down fraudulent electronic transactions

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 adv...

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Posted Under: Income Tax |

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

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, […]...

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Posted Under: Income Tax |

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

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 ...

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Posted Under: Income Tax |

MVAT circular on filing of revised return as advised by the Auditor in Audit Report

.VAT/MMB-1006/ 152/Adm-6 Mumbai, (18/09/2006)

TRADE CIRCULAR Dt.21.03.2009 No.VAT/MMB-1006/ 152/Adm-6 Mumbai, Trade Cir. No. 9 T of 2009 Sub: Filing of revised return as advised by the Auditor in Audit Report. Ref: Trade circular No. 26T of 2006 dated 18.9.2006. Gentlemen/Sir/ Madam, Certain queries have been received from the trade and associations, as also from departmental authori...

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