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Archive: 26 June 2011

Posts in 26 June 2011

Live Course on Appeal, Pleading & Drafting under GST by CA Sachin Jain

May 15, 2024 6456 Views 0 comment Print

oin us for an immersive live course led by renowned expert CA Sachin Jain, as we delve into the intricacies of appeal, pleading, and drafting under GST.

Even if assessee makes a wrong claim of deduction but the same was allowed by the AO, assessment can be reopned only if any failure to make full disclosure is attributed to the assessee

June 26, 2011 831 Views 0 comment Print

Titanor Components Ltd Vs ACIT, Panaji -(High Court of Bombay at Goa) – The power conferred by Section 147 does not provide a fresh opportunity to the AO to correct an incorrect assessment made earlier unless the mistake in the assessment so made is the result of a failure of the assessee to fully and truly disclose all material facts necessary for assessment. Indeed, where the assessee has fully disclosed all the material facts, it is not open for the AO to re-open the assessment on the ground that there is a mistake in assessment. Moreover, it is necessary for the AO to first observe whether there is a failure to disclose fully and truly all material facts necessary for assessment and having observed that there is such a failure to proceed under Section 147. It must follow that where the AO does not record such a failure he would not be entitled to proceed under Section 147.

Dy. DIT, Ernakulam Vs Adi Sankara Trust ( ITAT Cochin)

June 26, 2011 2323 Views 0 comment Print

Dy. DIT, Ernakulam Vs Adi Sankara Trust ( ITAT Cochin)- Income Tax – Sections 11, 12A, 32(1) – When assessee, a charitable body, has already claimed deduction for acquisition of capital assets as application of money, the further claim of depreciation on the same assets would amount to double benefits and can not be allowed.

Assessee entitled to benefit of section 11 even if certain grant is received from Government for specific purpose but purpose not stated expressly to set up a corpus fund

June 26, 2011 1520 Views 0 comment Print

CIT v Gujarat Safai Kamdar Vikas Nigam (High Court of Gujarat at Ahmedabad) – It was a scheme envisaged for implementation of certain Government programmes in particular, to uplift the living condition of manual scavengers and other Safai Kamdars involved in similar activities. Though exact words may not have been used that the funds made available are directed to form the corpus of the Corporation and to be used for such purpose, the entire purport of the scheme has to be gathered from the reading of the scheme as a whole. If so done, it leaves no doubt in our mind that the funds were made available to the Corporation for implementing the scheme in a particular manner. The assessee Corporation was not th sole trustee. The Scheduled Caste Development Board was also liable for implementation of the scheme to be supervised by a Committee headed by the Deputy Minister which included other Government officials. To our mind, the Tribunal committed no error in holding that the grant in question fulfills the requirement of section 11(d)(1) read with section 12(1) of the Act. In the result, tax appeal is dismissed.

Mallikarjun Kharge, Assures Transparency in the Management of EPFO Corpus

June 26, 2011 567 Views 0 comment Print

The 194th meeting of the Central Board of Trustees, EPF, which was the eleventh regular meeting of the present Board, was convened here today. The Board deliberated upon a proposal for further extension of the selection process of the new fund managers for a period of two months effective from 01.07.2011. The Board also stipulated that the Employees’ Provident Fund Organisation EPFO would finalize the selection of fund managers before the expiry of the extended period. Till such time the State Bank of India would continue as fund manager of EPFO corpus.

ICSI- Campus Placement at SIRO on 30th June 2011

June 26, 2011 612 Views 0 comment Print

The Institute is organizing a Campus Placement for the fresher members for job and for students for 15 Months Training on Wednesday, the 30th June 2011 at ICSI-SIRC House, No 9, Wheat Crofts Road, Nungambakkam,Chennai-600034. The following process will be followed: 1. Name of the participating companies will be announced at the Campus.

CBI arrests an absconding accused in a forgery and cheating case

June 26, 2011 519 Views 0 comment Print

The Central Bureau of Investigation has today arrested an absconding accused who was involved in the offence of forgery, cheating & duping innocent public. A case was registered by the CBI U/s 420, 467 and 468 of IPC against accused of Vishakhapatnam and others for cheating different persons by presenting forged documents purportedly issued by Director, CBI; British High Commission & Union Finance Ministry (Government of India) and using these forged documents as genuine, thereby inducing the innocent persons to part with huge amounts.

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