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The scrutiny of returns had been a regular measure to check tax evasion since long. The collection of information for the purpose of making enquiries in the course of such scrutiny assessments is as much important as the assessment proceedings itself. There are various provisions in the Income-tax Act, 1961 for the purpose of collecting information directly from the assessees as also from the others for the purposes of making such enquiries at various stages of assessment proceedings. The findings of such enquiries are utilized for the purposes of completing the assessment proceedings in the case of a particular assessee.
After the judgment of the Supreme Court in the case of ACIT vs. Rajesh Jhaveri Stock Brokers (P) Ltd. delivered on 23-5-2007 and reported at (2007) 291 ITR 500 (SC), a large number of actions are being initiated u/s. 147/148 of the Income-tax Act, 1961 (‘the Act’ for short) and often high-pitched Income tax assessments are being made at several places.
Tax Planning :- Tax planning as a concept had at a point of time suffered degradation and for a while seemed to be a euphemism for tax evasion. This was the fall-out of some observations in McDowell’s case, [154 ITR 148 (SC)] especially in the separate opinion of Justice Chinnappa Reddy. But the libel did not stay too long. Sabyasachi Mukherjee, Justice of the Supreme Court salvaged its respectability by observing tax avoidance by genuine transactions is not evil.
It is common knowledge that public information officers often do not furnish the information sought by the applicant under Right to Information Act (RTI). Is an appeal to the appellate authority of the Information Commission the only remedy? Or would failure to furnish information without valid reason constitute a deficiency in service for which compensation can be sought by filing a consumer complaint? This issue has been decided by the National Commission in a trendsetting judgment.
In a path-breaking judgment, the Bombay high court has held that even a single dissenting member of a cooperative housing society cannot be thrown out by a builder based on a mere development agreement with the society and a majority of the flat owners in it for redevelopment of the building.
The Ministry of Corporate Affairs is going to observe an ‘India Corporate Week’ from tomorrow. The theme for ‘India Corporate Week’, 2009, is ‘Corporate Sector and Inclusive Growth’, under which the Ministry expects the corporate sector to reaffirm its commitment to the concept of ‘Inclusive Growth’.
In case any foreign commission is paid at the time of exports or subsequently then MEP shall be higher than US $ 900 per ton, to the extent of foreign commission paid / payable and MEP of US $ 900 per ton shall be maintained, exclusive of the foreign commission.
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For the first time the state government has candidly admitted that there is corruption at commercial tax department VAT checkposts. Industries minister Saurabh Dalal in an interaction with Gujarat Sales Tax Bar Association (GSTBA) has appealed to traders to come forward to lodge complaints against errant officers.
A senior revenue department official told , There are three issues on which a political call is required. These are: the exempt-exempt- tax regime for retirement savings, the 2 per cent minimum alternate tax on gross tax assets of companies and the proposal to tax charitable organisations at 15 per cent. Hectic lobbying by interest groups is still on for dilution or an altogether elimination of these proposals from the final draft.
