"16 July 2011" Archive

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

Commissioner of Income Tax Vs Gujarat Urban Development Opment Co. Ltd. (Gujarat High Court at Ahmedabad)

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....

Read More

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

CIT Vs Harsh Talwar (Delhi High Court)

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 b...

Read More

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

Indglonal Investment & Finance Ltd. Vs Income-tax Officer (Delhi High Court)

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 theref...

Read More

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

Bharti Cellular Ltd. Vs Assistant Commissioner of Income-tax (Calcutta High Court)

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 ...

Read More

If assessee show that there was reasonable cause for taking money in cash, and amount did not also represent unaccounted money either of assessee or of persons from whom they were taken, normally it is sufficient to hold that penalty under section 271D is not justified

Andhra Bombay Carriers Vs Additional Commissioner of Income-tax (ITAT Hyderabad)

Andhra Bombay Carriers v. Additional Commissioner of Income-tax (ITAT Hyderabad)- Whether when assessee is able to lead evidence to show that not only was there reasonable cause for taking money in cash, but amount did not also represent unaccounted money either of assessee or of persons from whom they were taken, normally that should be ...

Read More

Technical proprietary information and pre-qualification rights obtained by assessee cannot be treated as goodwill and assessee is entitled to depreciation on these two items of intangible assets

Assistant Commissioner of Income-tax v. Best & Crompton Engg. Projects Ltd. (ITAT Chennai)

The above four appeals filed by the Revenue, for assessment years 2002-03 to 2005-06, are directed against the common order dated 27-5-2008 passed by the ld. CIT(A)-VIII, Chennai. In all these appeals almost identical issues are involved, therefore, for the sake of convenience and brevity, we are deciding them by a common order....

Read More

Central Board of Trustees of EPFO Appoints 4 Fund Managers

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 effect...

Read More
Posted Under: Income Tax |

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

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 '...

Read More
Posted Under: Income Tax | ,

Non-Receipt of ICAI Journal-Helpline

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 journa...

Read More
Posted Under: Income Tax |

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

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 ha...

Read More
Posted Under: Income Tax |

Search Posts by Date

September 2021