Members of the three professional Institutes discharge important economic functions and render services to the public. The confidence of the public in the integrity of the members is vital. Part IV of Schedule I of the Acts governing the three professional Institutes specifically provides, that a member shall be deemed to be guilty of mis-conduct if he ” brings disrepute to the profession or the institute as a result of his action whether or not related to his professional work”. Under this provision, it is not necessary that there should be professional mis-conduct; if by his action, a member brings disrepute to the Institute, it is a sufficient ground for proceeding.
As a general rule, levy of penal interest us 234-A, us234-B and us 234-C for alleged delay in depositing taxes has held to be mandatory by the Supreme Court in the case of CIT vs. Anjum M.H. Ghaswala [2001] 252 ITR 1 {SC}. Unless there is no expre
A penalty is a creature of the Statute. Unless there is a specific provision in the Act providing for levy of penalty, the same cannot be levied. Further, even if there is an overall provision, but the machinery in the provision is not adequate to de
ITAT was right in law and on merits by deleting the additions of income made as interest earned/acquired on the loan advanced to M/s Shaw Wallace by considering the interest as doubtful and unrealizable.
CIRCULAR NO 08/2010,Dated: December 13, 2010. Income-Tax Deduction from Salaries during the Financial Year 2010-2011 under Section 192 of the Income-Tax Act, 1961. The present Circular contains the rates of deduction of income-tax from the payment of income chargeable under the head Salaries during the financial year 2010-2011 and explains certain related provisions of the Income-tax Act. The relevant Acts, Rules, Forms and Notifications are available at the website of the Income Tax Department
Primarily, the intention with which an assessee starts his activity is the most important factor. If shares are purchased from own funds, with a view to keep the funds in equity shares to earn considerable return on account of enhancement in the value of share over a period then merely because the assessee liquidates its investment within six months
