"02 October 2009" Archive

Section 117(1) and (2) of the Income-tax Act, 1961 – Appointment of income-tax authorities – Notified officer

Notification No. 117/2009 - Income Tax

Notification No. 117 /2009 - Income Tax In exercise of the powers conferred by sub-sections (1) and (2) of section 117 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby appoints the officer specified in column (2) of the Schedule below to be the Income tax authority as specified in column (3) having his h...

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ICAI likely to restrict the number of entities an audit firm can register

The Institute of Chartered Accountants of India (ICAI) is likely to restrict to two the number of entities an audit firm can register. The move follows denials by PWC of any connection with the tainted entity that conducted the audit on Satyam Computers, whose promoter confessed to fraud in January this year. ...

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Posted Under: Income Tax |

CEO of ICWAI been fined for failure to give timely information under RTI

The Central Information Commission has slapped the maximum fine of Rs 25,000 provided under the RTI Act on the CEO of a cost accounting body for failure to give timely information in a case. The CIC slapped the fine on the Institute of Cost and Works Accountants of India’s (ICWAI) CEO, Sudhir Mukund Galande, while dismissing [&hell...

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Posted Under: Income Tax |

Proviso to s. 2(15) does not apply to incidental services rendered without profit motive

Himachal Pradesh Environment vs. CIT (ITAT Chandigarh)

The assessee, a statutory Board, was set up for prevention of pollution of streams and wells in the State and other allied activities. It derived income from various testing charges etc. The CIT granted registration u/s 12AA of the Act on the basis that the activities of the assessee constituted a “charitable purpose” u/s 2 (15) and t...

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