"13 December 2010" Archive

Members of Professional Institutes arrested by law enforcing agencies for criminal offences- Directions of Govt

No.12/23/2010-PI 13/12/2010

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...

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Levy of interest us 234A, us 234B and us 234C – How much mandatory?

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...

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Posted Under: Company Law |

Penalty u/s 271(1)(c) not leviable – when no provision in statute for penalizing alleged offence

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...

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Posted Under: Company Law |

Accrual of income must be factual and not merely contractual

Commissioner of Income Tax Vs Ersus M/s Vasisth Chay Vyapar Ltd. (Delhi High Court)

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....

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S.192 TDS on Salary Provisions for A.Y. 2011-12

Circular No. 08/2010-Income Tax 13/12/2010

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 explain...

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Mere Short period of holding shares does not imply that intention was only to trade in security

Shri Vinod K. Nevatia Vs The Asst. Commissioner of Income Tax (ITAT Mumbai)

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...

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