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Archive: 18 July 2009

Posts in 18 July 2009

Postmortem of Union Budget 2024: A Comprehensive Webinar

July 18, 2024 5160 Views 3 comments Print

Join our webinar on July 24-25 for an in-depth analysis of Union Budget 2024. Learn about tax proposals, sector impacts, and investment insights. Register now!

Live Course on 360 degree Analysis of Input Tax Credit from a Litigation Perspective

July 18, 2024 4416 Views 0 comment Print

Join CA Sachin Jain for a live course on Input Tax Credit from a litigation perspective. Gain practical insights and master ITC complexities. Register now!

SEBI decision on Transparency in payment of commission to Mutual Fund distributors

July 18, 2009 568 Views 0 comment Print

An unlisted company making an IPO shall list the securities on at least one stock exchange having nationwide trading terminals. This would provide a liquid trading platform to investors in securities of the company.

Analysis of union budget 2009 provisions related to income disclosed during survey and penalty under section 271(1)(c) of the Income Tax Act, 1961

July 18, 2009 598 Views 0 comment Print

BUDGET 2009 has proposed to substitute existing explanation 5A below section 271(1)(c ) with new explanation 5A with retrospective effect from 01/06/2007. This new section provides that if in the course of search an assessee is found to be the owner of any money, bullion, jewllery or other valuable articles or thing; and the assessee […]

Public Sector Units understating liabilities, overstating assets: CAG

July 18, 2009 585 Views 0 comment Print

Even as the government termed the forgery of about Rs 10,000 crore in private technology services provider Satyam Computer Services as ‘an aberration’ on Thursday, a report by the Comptroller Auditor General of India points to significant irregularities in the accounts of its own companies, including NTPC, Bharat Heavy Electricals Ltd (Bhel), Mahanagar Telephone Nigam Ltd (MTNL) and […]

ICSI extended last date for payment of fee to 31st August, 2009

July 18, 2009 754 Views 0 comment Print

The Annual Membership fee and Certificate of Practice fee for the year 2009-10 became due for payment w.e.f. 1st April, 2009.  The last date for payment of fee was 30th June, 2009 which has now been extended upto 31st August, 2009.  The membership and certificate of practice fee is as follows:- Annual Fee for Associate :- 1,125/- […]

In last three year 37 cases referred to SFI and investigation completed in only 9 cases

July 18, 2009 381 Views 0 comment Print

In all, 37 cases were referred to the Serious Fraud Investigation Office (SFIO) during the last three years i.e. during the years 2006-07, 2007-08 and 2008-09. Out of these 37 cases, investigations in respect of 9 cases have been completed. Number of people in respect of other six companies will be known only after launching prosecutions. In respect of the […]

New unit must have separate and independent identity if set up by a company which is already running an industrial unit to claim benefit u/s. section 80-1B(2)(i)

July 18, 2009 986 Views 0 comment Print

7.4 The reconstruction of a business or an industrial undertaking must necessarily involve the concept that the original business or undertaking is not to cease functioning, and its identity is not to be lost or abandoned. The concept essentially rests on changes but the changes must be constructive and not destructive. There must be something positive about the whole matter as opposed to negative

Income cannot be assessed as "income from house property just because income is attached to immovable property

July 18, 2009 1247 Views 0 comment Print

5.8 The question whether income from property should invariably be taxed under the head “income from house property” is to be decided after taking into consideration the cumulative effect of all factors prevailing in a given case. The Courts have formulated different tests to determine the head under which such income can be taxed. Merely because income is attached to immovable property

Rectification of order passed by tribunal under section 254(2) of IT Act, 1961

July 18, 2009 630 Views 0 comment Print

4. We have carefully considered the arguments on both the sides. We have also perused the order sought to be rectified. The Tribunal while deciding the appeal formulated the questions arising in the appeal. These are No.l to 5 as recorded in para 17 of the order. As regards first question the Tribunal held that the assessee has business connection in India. However, after considering clause (a) of Explanation 1 to section 9(1 )(i) of the Act

Mere enquiry about any loan/gift does not tantamount to detection of concealment of income

July 18, 2009 342 Views 0 comment Print

15. Though a search and seizure operation was conducted on 31.05.2003, but no indiscrirninating material was found therein. It seems that consequent upon the search in response to a notice under section 153A the assessee opted that the original return be taken as a return under the aforesaid provision. Thereafter, a questionnaire was issued requiring the assessee to inter-alia file the details of loans and gifts

No denial of Local authority status for non-election of members of assessee-Mandi Parishad

July 18, 2009 5900 Views 0 comment Print

15. We have heard both the parties at length and carefully gone through the materials available on record. In the instant case, the controversy to be resolved is whether assessee was a Local Authority for the year under consideration and as such was eligible for exemption of income u/s. 10(20) of the Act or not. Section 10 of the Act deals with the income which are not to be included in computing total income of previous year

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