ITO vs. Laxmi Jewel Pvt Ltd (ITAT Mumbai)- As per Instruction No. 3 of 2011 dated 09.02.2011 appeal before appellate Tribunal can be filed where the tax effect exceeds the monitory limit of 3,00,000/-. However, considering the similar situation where tax limits were modified by the CBDT Instruction No. 5 of 2008 the Hon’ble jurisdictional High Court in the case of CIT vs. Madhukar K. Inamdar (HUF) (supra) held that the circular will be applicable to the cases pending before the court either for admission or for final disposal.
CIT Versus Continental Engines Ltd. (Delhi HC) – There is no dispute that the assessee is an approved EOU unit approved by the NEPZ authorities and there is also no dispute that the assessee was having two units described as CEL-I and CEL-II and that the assessee was making exports. Both the CIT(A) and the Tribunal have recorded as a matter of fact that the assessee was involved in manufacturing of an article or thing and that the mere fact that it was getting some works done on job basis from its sister concern would not deprive the assessee of its entity to be an EOU manufacturing unit.
Astra Housing & Investment P. Ltd v CIT (Delhi HC) The crux of the ratio of above decisions is that a mere omission or negligence would not constitute a deliberate act of suppressio veri or suggestio falsi. In order to be covered within the proviso of clause (c) of sub-Section (1) of Section 271, there has to be concealment of particulars of income by the assessee or the assessee must have furnished inaccurate particulars of income. Incorrect claim may not amount to furnishing of inaccurate particulars. Everything depends upon the return filed by the assessee, because that is the only document where the assessee can furnish particulars of his income. When such particulars are furnished inaccurately, the liability would arise.
The Ministry of Corporate Affairs has clarified that – (i) It is not mandatory for companies to provide its directors, the facility to attend meetings through video conferencing. (ii) In respect of shareholders meetings to be held during financial year 2011-12, video conferencing facility for shareholders is optional. Thereafter, it is mandatory for all listed companies.
Recently, hon’ble Supreme Court in Gangadhara Palo Vs The Revenue Divisional Officer & Another {(2011) 4 SCC 602; Decided on 08.03.2011} has held that there can be no review of a judgment, if appeal has already been decided. The Court observed the principles as follows.
) Income Tax department conducted raids at 14 premises and surveys at six places belonging to private doctors here for suspected tax evasion, officials said today. The raids launched yesterday were being carried out till late last night and are likely to end today, they said.
IT: Gold and Silver rates as on April 1, 2011 (Mumbai) : Standard Gold Rs. 20,775; Pure Gold Rs. 20,875; Silver Spot Rs. 56,900 : (Indian Express April 1, 2011). SBI lending rates are as follows—
Speak Asia is not registered in India so we cannot do any investigation against it. MCA does not have any database of the company,” Corporate Affairs Secretary D K Mittal told reporters on the sidelines of an AIMA event here. Singapore-based Speak Asia, promoted by Hariender Kaur, was incorporated last year. So far, it only has operations in India and claims to have 19 lakh members or panelists in the country.
Textile traders in Orissa yesterday closed their outlets protesting the State Government’s imposition of value added tax (VAT) on textile products. The All Orissa Textile Merchants’ Association (AOTMA) said it has decided to keep shops closed today as well and stage rallies in different districts. While the neighbouring States such as West Bengal, Jharkhand, Andhra Pradesh and Chhattisgarh have not imposed VAT on textile products, Orissa is the lone State where such tax is collected on clothes, the association said.
More than five crore people are estimated to pay tax in the current fiscal, of which two crore are likely to pay taxes through the online medium, an online tax service portal today said. These projections are on the basis of the trends seen over the past few years and also after discussing the matter with some government officials,” Taxsum.com Chairman Sanjay Kapadiaa told reporters here.
