Follow Us :

Archive: 16 July 2011

Posts in 16 July 2011

Free YouTube Live on The global landscape –  from market’s to trade

May 24, 2024 1173 Views 0 comment Print

Join us for an insightful and dynamic YouTube Live session on “The global landscape –  from market’s to trade.” with renowned financial analyst Ankit Baid, MBA Finance. The presentation explores shifting of the global economic landscape, focusing on the decline of US dominance and the rise of China. It examines the potential decrease in global […]

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

May 15, 2024 7698 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.

If the company has undertaken certain activities as mentioned in its original objects, then it is sufficient to conclude that the business has commenced and that the expenditure incurred by the assessee is allowable

July 16, 2011 333 Views 0 comment Print

CIT Versus Gujarat Urban Development Co. Ltd. (HC of Gujrat at Ahemdabad) – The tribunal however, was of the opinion that the assessee company had undertaken activities in earlier year in accordance with its main objects contained in memorandum of Articles of Association of the company.

Mere non-filing of an appeal against the additions made by the AO and voluntary surrender of any amount to buy peace of mind alone cannot constitute sufficient grounds for the imposition of a concealment penalty

July 16, 2011 2233 Views 0 comment Print

CIT v Harsh Talwar (High Court of Delhi)- The Assessing Officer has gone on the presumption that the assessee himself agreed to the surrender on his own sweet will and consequently, penalty is leviable. This is not reason justifiable enough for the levy of penalty. The assessee might surrender an amount for taxation for various reasons best known to the assessee. The surrender of an amount to taxation in the course of assessment proceedings, no doubt is a good finding for initiation of penalty proceeding but is not strong enough for the levy of penalty especially when in the course of penalty proceedings the assessee is able to place evidences and explanation and where he is fully entitled to challenge the surrender and prove the surrender itself was not called for.

Merely because assessee has not claimed refund in return form itself, it cannot be said that assessee not entitled to refund

July 16, 2011 11400 Views 2 comments Print

Indglonal Investment & Finance Ltd. v. ITO (Delhi HC)- Whether since in accordance with section 139(9) assessee had annexed statement of total income, computation of tax payable on total income and attachment of original TDS certificate to return of income, it could be held assessee had made a claim for refund – Held, yes – Whether therefore, revenue was to be directed to process claim on merits for refund to assessee – Held, yes

Discount offered by cellular companies to distributors on SIM cards and recharge coupons is in the nature of ‘commission’ on which tax is required to be withheld

July 16, 2011 1021 Views 0 comment Print

Bharti Cellular Ltd. v. ACIT (Calcutta HC) After selling all Sim cards and pre-paid coupons to retailers, franchisees were to make payment of sale proceeds to assessee after deducting a discount – Whether there was principal-agent relationship between assessee and franchisees and, therefore, receipt of discount by franchisee was, in real sense, commission paid to franchisees and same would attract provisions of section 194H – Held, yes

Central Board of Trustees of EPFO Appoints 4 Fund Managers

July 16, 2011 829 Views 0 comment Print

The 195th meeting of the Central Board of Trustees, Employees’ Provident Fund, which was the twelveth regular meeting of the present Board, was convened at a short notice in New Delhi on Thursday. The Board approved the selection and appointment of the four new fund managers for managing the EPF corpus for a period of three years effective from 01.09.2011. The State Bank of India would continue as fund manager of EPF corpus till 31.08.2011.

150 years of Income Tax in India – President and FM's Speech, Download e-Brochure on Journey of Income Tax across three Centuries

July 16, 2011 3379 Views 0 comment Print

The Concluding Ceremony for 150 years of Income Tax in India was celebrated on 15-07-2011 at a solemn function graced by H.E. Smt. Pratibha Devi Singh Patil, President of India at Vigyan Bhawan, New Delhi. The first copy of a book titled ‘A Celebration through Art: 150 Years of Income Tax in India’ comprising of artworks on the theme of ‘Income Tax in Nation Building’, executed by some of India’s top artists and the artistically gifted personnel of the Income Tax Department in the course of celebration of 150 years, was presented to Mahamahim Pratibha Devisingh Patilji, President of India by Shri Pranab Mukherjee, Union Finance Minister after it was released in the presence of Honourable Shri S.S. Palanimanickam, Minister of State for Finance (Revenue), Honourable Shri Namo Narain Meena, Minister of State for Finance (Expenditure), Shri R.S. Gujral, Revenue Secretary, Shri Prakash Chandra, Chairman, CBDT, other Members of the CBDT and a distinguished audience. The preview of the film titled ‘150 years of Income Tax- A Journey Across Three Centuries’ was screened and an informative brochure, ‘A Journey across Three Centuries’, depicting the evolving role of Income Tax since 1860, was also released.

Non-Receipt of ICAI Journal-Helpline

July 16, 2011 13836 Views 27 comments Print

This is for the attention of Members of the Institute who fail to receive “The Chartered Accountant”, Journal dispatched to them either due to un-intimated change of address or postal problems. Please inform your respective region immediately for any change in your address so that ICAI can ensure regular and timely delivery of journals to you.

Government’s Thrust on Upgrading and Induction of New Technology in the Services Rendered by it Department – FM

July 16, 2011 306 Views 0 comment Print

The Union Finance Minister Shri Pranab Mukherjee said that direct tax collections now account for more than 56 per cent of the total revenue collections of Central Government, making the tax system more progressive than it ever was in the history of independent India. The Finance Minister Shri Mukherjee said that direct tax collections have increased and have reached nearly Rupees four lakhs forty six thousand crores (Rs.4,46,000 crore) in 2010-11. He said that the Income Tax Department has matured into an organisation that has consistently mobilised the resources needed for financing the development of the country.

Symbol Encoded in Unicode Standard and National Standard ISCII

July 16, 2011 520 Views 0 comment Print

In order to promote the new symbol of Rupee i.e. the same has been encoded in Unicode Standard and National Standard ISCII. The new symbol has also been placed on the keyboard and by pressing ‘Alt Gr’ + ‘4’ keys together it can be typed. Detailed information is hosted on TDIL Centre ( for the benefit of the users at large.

Anand Sharma to Recommend Duty Draw Back Relief on Cotton Yarn Exports

July 16, 2011 273 Views 0 comment Print

The Union Minister for Commerce & Industry and Textiles, Shri Anand Sharma has said that he will recommend duty draw back on cotton yarn exports to Finance Ministry w.e.f. 1st April 2011. On cotton exports he said ‘comprehensive view will be taken on cotton exports after an inter-ministerial consultation over next few days and a close watch will be maintained on cotton arrival data, maintained by Cotton Advisory Board (CAB), whose meeting is scheduled for August.’ He was speaking after taking stock of the Textiles Industry at a stakeholder’s consultations with Industry here today. It was a comprehensive review of key stakeholders of textiles industry, including the cotton industry, yarn industry and apparel producers.

Search Post by Date
May 2024