"20 October 2009" Archive

Burden to prove identity, creditworthiness and genuineness of cash credits under section 68 of IT Act

Kalyan Memorial & Charitable Trust Vs ACIT (ITAT Agra)

According to section 68 where any sum is found credited in the books of assessee maintained for any previous year, and the assessee offers no explanation about the nature and source thereof or the explanation offered by him is not, in the opinion of the Assessing Officer, satisfactory, the sum so credited may be charged to Income-tax as ...

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No penalty under Expl. 7 to s. 271 (1) (c) for bona fide transfer pricing adjustments

DCIT vs. Vertex Customer Services (ITAT Delhi)

Expl. 7 to s. 271 (1) (c) provides that in the case of an assessee who has entered into an international transaction, any amount added or disallowed in computing the total income u/s 92C (4) shall for purposes of s. 271 (1) (c) be deemed to represent income in respect of which particulars have been concealed or inaccurate particulars furn...

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Circular on Classification of Textile quilted products like Quilts, Quilted bed spreads, etc for excise duty

Circular No. 903/23/2009-Central Excise 20/10/2009

Reference has been received from Trade seeking clarification regarding classification of Quilts and Quilted bed spreads. These are ready to use products. The process of manufacture of these products is that between two layers of fabrics, a layer of cotton/synthetic fabric, etc is placed and thereafter, it is stitched and converted into ma...

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MP Government likely to challenge GST in Supreme Court

The Madhya Pradesh government is gearing up to take on Centre over the goods and service tax (GST) issue. If things do not happen its way, the state is likely to challenge the Centre on the issue in the Supreme Court....

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Posted Under: Income Tax |

Taxpayer of 10 more cities will get Income Tax Refund directly in their bank account

The I-T department has decided to extend the Refund Banker Scheme that allows refund of excess tax money to taxpayers to nine more cities, including Ahmedabad and Kochi....

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Posted Under: Income Tax |

CBDT suggested abolition of MAT and continuance of tax benefit on savings in new Direct Tax Code

The Central Board of Direct Taxes (CBDT), the government's apex tax policy and collection body, has suggested that the new direct taxes code abolish Minimum Alternate Tax (MAT) and continue to offer individuals tax exemptions on savings under the existing EEE (exempt-exempt- exempt) method....

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Posted Under: Income Tax |

If the Assessing Officer has made the assessment by making such inquiries as he deemed fit, the order cannot be termed as erroneous

SICAL Logistics Ltd. Vs. Additional CIT (ITAT Chennai)

I have duly considered the rival contentions and the material en record. The perception of the CIT that the profit is low prompted him to issue show cause notice to the assessee. Profit before taxation of the company as a whole for the year under consideration...

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Circular on value for payment of excise duty if goods are manufactured on job work basis

Circular No. 902/22/2009-CX 20/10/2009

It has been brought to the notice of the Board that some manufacturers of Motor Vehicles are getting complete Motor Vehicles manufactured by sending the Chassis of the Motor Vehicles to independent body builders for building the body as per the design/specification of the manufacturer. The practice followed is that the Chassis is transfer...

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