"23 May 2009" Archive

Income from property leased to sister concerns is Income from House Property

Margadarshi Housing Pvt. Ltd. Vs ITO (ITAT Hyderabad)

4. We have considered the rival submissions on either side and also perused the material available on record. The claim of the assessee is that construction of the dwelling units and leasing out the same to sister concerns amounts to exploiting of a commercial asst. In fact, the sister concerns which took the property on lease utilized th...

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A.O. must have some definite evidence to refuse the assessee’s claim or evidence or explanation

ITO Vs Raj Rajeshwari Enterprises (ITAT Mumbai)

6.6 There cannot be a straight jacket formula for detection of these defaults of concealment or of furnishing inaccurate particulars of income and indeed concealment of particulars of income and in accurate particulars of income may at times overlap. It depends upon the facts of the each case. In the assessment proceedings the ITO while a...

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Merely because agreement named as license agreement is not enough to attract section 194-I

J. C. Bansal Vs TRO (ITAT Indore)

20. On examination of the license agreement and schedule attached with the same, we find that entire factory building along with plant & machinery have been given under the agreement by M/s. Ramco Ind. Ltd. to the assessee for taking over the production facilities. The agreement as a whole has to be considered. As per the agreement betwee...

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When a resident can be treated as an agent of a non-resident u/s 163 of IT Act, 1961

Utkal Investments Ltd. Vs ADIT (Int'l Taxation) [ITAT Mumbai 'L' Bench]

Any person from or through whom the non-resident is in receipt of any income directly or indirectly can be treated as an agent of the non-resident; the sole requirement of section 163(1)(c) is that only the non-resident should receive income directly or indirectly from or through the person of India. ...

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Empanelment of faculty members for training CA students

  Empanelment of faculty members for training CA students for the Examination The Board of Studies invites applications from faculty members for associating themselves with training of CA students for the examination. Such training would be organized by the Regional Councils and Branches of the ICAI. Interested persons are requested to s...

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Posted Under: Income Tax |

CA students can download Admit card online

ICAI have introduced the facility for C.A. Final students , C.A. PCE-II Students & CA PCE students  appearing in June 2009 examination. For getting the same student need to enter either there Old/New Registration No. or there Bar Code with PIN. Link to Download the same is follows:- Download Admit card online http://icai.nic.in/admi...

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Posted Under: Income Tax |

Govt ask RBI to continue appointing auditors for PSU Banks

The government has turned down a proposal of the Reserve Bank of India (RBI) to allow public sector banks to select auditors independently. Last year, RBI had made the proposal to the finance ministry, which forwarded it to the Ministry of Corporate Affairs (MCA), the nodal body for auditors. The proposal was in line with […]...

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Posted Under: Income Tax |

ICAI enter in MoU with University of Djbouti, Africa

ICAI Celebrates Africa Day The Institute of Chartered Accountants of India (ICAI) and Indo-African Chambers of Commerce and Industry celebrated Africa Day from 18-19 May, 2009 at Mumbai. Diplomats from various countries from African Continent congregated to formalize strategy for working towards the growth of the Africa. The diplomats app...

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Posted Under: Income Tax |

Income Tax E-filing – New Changes for A.Y. 2009-10

1. New Users can register their Digital Certificate during registration process 2. During Registration and Forgot Password, Captcha Image needs to be entered by the user for verification. If the image is not clear for the user, they can refresh and get a new image 3. After successful registration of user, User Activation URL sent [&hellip...

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Posted Under: Income Tax |

ITAT Mumbai benches non function from 25.05.09 to 29.05.09

Bench functioning Notice From 25.05.09 to 29.05.09:- N O T I C E The following benches will not function during the period 25.05.09 to 29.05.09:- "A-1, B-1, E-1, K, L, & SMC "...

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Posted Under: Income Tax |

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