Manharbhai Muljibhai Kakadia Vs UoI (Gujrat HC at Ahemdabad) Whether the assessee is entitled to waiver of interest u/s 234B & 234C relying on the circular dated 23.05.2006 in which waiver is given on account of non-adjustment of seized cash by the department against the tax liability though at the time of making of application of waiver such circular was superseded by circular dated 26.06.2006 in which no such waiver was permitted. – Assessee’s appeal dismissed.
It is noticed that the respondent issued a notice to the petitioner under section 271FA on February 23, 2010, requiring him to attend his office on March 11, 2010, and show cause as to why the penalty under section 271FA should not have been imposed upon him for failure to file the annual information returns within the prescribed time.
It appears that the signatories of e-form 20B of above companies including certifying practicing professionals have not verified the figures of number of shareholders from the records of the company. It can also be inferred that by putting figure of only 1 (one shareholder) in a listed company, the practicing professionals have not discharged their duties prudently and are liable for professional misconduct. The signatory Directors and company secretaries of these companies are also liable for furnishing wrong information in the Form.
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.
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.
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
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
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.
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.
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