"August, 2011" Archive - Page 30

Submitting inaccurate claim would not amount to giving inaccurate particulars, Penalty can not be imposed U/s. 271(1)(c)

Commissioner of Income Tax Vs Brahmaputra Consortium Ltd. (Delhi High Court)

CIT Vs Brahmaputra Consortium Ltd (Delhi High Court)- When the assessee accepts the excess depreciation claimed inadvertently and the same being disallowed by the AO, penalty u/s 271(1)(c) is not warranted in such a case. ...

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A.O. cannot issue notice U/s. 148 on the basis of scanty and vague information and material which do not indicate escapement of income

 Signature Hotels (P) Ltd. Vs. ITO (Delhi High Court)

Signature Hotels (P) Ltd. Vs ITO (Delhi High Court)- When the reason recorded for initiation of reassessment proceedings and the information received is extremely scanty and vague, and the material based on which the proceedings are initiated does not indicate escapement of income, the AO will have no jurisdiction to issue notice u/s 148....

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Process of lifting water is incidental to manufacture ; Supreme Court decision prevails over Board Circular – SC

Commissioner of Central Excise, Nagpur Vs Gurukripa Resins Private Limited (Supreme Court of India)

Commissioner of Central Excise, Nagpur Vs Gurukripa Resins Private Limited (Supreme Court of India)- Central Excise- manufacture- Rosin and Turpentine- process of lifting water is incidental to manufacture; the operation of lifting of the water from the well to the higher levels, is so integrally connected with the manufacture of "Turpent...

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ICAI to submit its report to CBDT next month with its recommendations on tackling issues related to black money

The Institute of Chartered Accountants of India (ICAI) will submit a report to the Central Board of Direct Taxes (CBDT) next month with its recommendations on tackling issues related to black money. A nine-member committee is looking into India's Double Taxation Avoidance Treaty Agreements (DTAAs) with various countries and a report is ex...

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Posted Under: Income Tax |

Only 6.74 lakh claims for refund of income-tax pending with I-T Department, Tax refunds pull down net direct tax collection by 8 percent

Only 6.74 lakh claims for refund of income-tax are pending with the I-T Department after it launched a special drive to clear the pendencies, Parliament was informed today. Responding to a query in the Lok Sabha, the Finance Minister, Mr Pranab Mukherjee, said while the department does not maintain records on the quantum of income-tax ref...

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Posted Under: Income Tax |

IRDA makes it mandatory for insurers to seek prior approval in case of stake transfer to domestic entities or financial institutions

Circular No. Ref:517/1/F&A/RTS/90/Aug./2011-12 12/08/2011

Insurance regulator IRDA today made it mandatory for insurers to seek prior approval in case of stake transfer to domestic entities or financial institutions and set guidelines for seeking approval. As per a IRDA circular, the regulator will carry out the requisite due diligence of the proposed transferee or shareholder prior to grant of ...

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Reference to Special Bench cannot be withdrawn merely for the reason that HC has admitted identical question of law in another case

DCIT Vs Summit Securities Limited (ITAT Mumbai)

DCIT Vs Summit Securities Limited (ITAT Mumbai Special Bench)- Notwithstanding the fact that the substantial question of law raised in the order of the earlier Bench has been admitted by the Honourable High Court, there are no fetters on the Tribunal in hearing the case in Special Bench and rendering the decision which would prevail upon ...

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Europe…Who is Next

If some one has done mistake in early then it does not make sense that every time it will repeat the mistake. S&P has done the perfect thing that this time it has went ahead and declared the most vulnerable danger awaiting for the world market. In other words what the 12000 Dow Jones and Mr.Obama administration was trying to hide was reve...

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Posted Under: Income Tax |

No more tax-free zones in country – Pranab Mukherjee

Union Finance minister Pranab Mukherjee said there would be no more tax-free zones in the country. Tax-free zone status in Himachal Pradesh and Uttarakhand was being withdrawn gradually following opposition by different states, Mukherjee said. Renewal of tax free zone status of Sikkim, which would expire in 2017, would be reviewed on the ...

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Posted Under: Income Tax |

Banks Cry, Mortgage Rating, Q3 & Q4

With recent fraught of Europe the US banks are very much on the verge of peril. Three US banks are having great numbers of exposure in European debts. Citigroup ,JPMorgan Chase and Bank of America are having have billions of dollars exposed to European banks and debt. U.S. banks are most at risk in Europe because of the gyrations of the o...

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Posted Under: Income Tax |

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