NEW DELHI: The high-level Finance Ministry committee on curbing the menace of blackmoney has received more than 3,000 comments from general public suggesting ways to curb the generation of illicit funds. The committee, headed by Chairman of the Central Board of Direct Taxes (CBDT), has received close to 3,300 suggestions through e-mail and the panel […]
Accounting regulator ICAI has barred two Lovelock & Lewes auditors from practice for life and slapped a penalty of Rs 5 lakh each on them for their role in the Rs 14,000-crore Satyam accounting scam. A probe by an ICAI disciplinary committee has found Chartered Accountants Pulavarthi Siva Prasad and Chintapatla Ravindernath from Lovelock & Lewes guilty of professional misconduct, the Institute of Chartered Accountants of India (ICAI) said in a statement.
V.Swaminatha Iyer & Co. Vs. DCIT (ITAT Chennai) – On going through the facts of the case and the grounds of appeal placed before us, we find that the assessee is aggrieved on two counts namely disallowance of interest to loan creditors and disallowance of salary paid to lady partners. The issue of interest to loan creditors is specifically reflected only in the statement of facts whereas the issue of salary paid to lady partners is reflected only in the grounds of appeal. We are also constrained to state that the amount of interest agitated by the assessee as interest to loan creditors at Rs. 49,534/- is not confirmed as the correct amount at the time of hearing. As a lot of such missing links are here, we remit back the file to assessing authority for de novo consideration after hearing the assessee. The issues agitated may be re-examined by the assessing authority specially taking into consideration the fact that loan credits are brought down from earlier assessment year on which the assessee has been claiming interest in a consistent manner.
RRB Consultants And Engineers Pvt Ltd. Vs. DCIT ( Delhi HC) – In the present case, the assessee has not failed or omitted to disclose material facts either deliberately or intentionally. On the other hand, full and true information and details were furnished and given during the course of the original assessment proceedings. The relevant and germane facts were truly and fully disclosed. As per the case of the Revenue, the Assessing Officer made an error of judgment and did not form a proper legal opinion.
B.S. Verma Vs. Municipal Corporation Of Delhi (Delhi High Court) – At the hearing of the appeal, learned counsel for the respondent highlighted the relevance of the learned Single Judge noting the conduct of the appellant to resile from what was recorded by the learned Single Judge in the order dated 22.2.2010 when the writ petition was finally heard. Learned counsel highlighted that in the context of the building consisting of a ground floor, a first floor, a second floor and a third floor on a plot of land ad-measuring 182.55 sq.yd. it would be difficult to believe that a family consisting of the appellant, his wife, a married son having a wife and children (number whereof appellant refused to furnish) and an unmarried daughter would be occupying four floors and when this was sought to be quizzed from the appellant he resiled even from the statement that he, his wife, his married son along with the family and his unmarried daughter were occupying the building.
DCIT Vs. The United Western Bank Ltd. (ITAT Pune) – Section 234D of the Act provides for charging of interest on excess refund granted to the assessee. Section 234D has been inserted by the Finance Act, 2003 with effect from 1.6.2003. Consequently, it is made out by the assessee that the same is applicable only from the assessment year 2004-05 onwards and not in the earlier assessment years and, therefore, no interest under section 234D could be levied for the instant assessment year. The assessment year before us is 1996-97, which is prior to the assessment year 2004-05.
Sri Suman Bose Vs ITO (ITAT Kolkata) In respect to accrued interest, it is not clear whether the interest is received by assessee on accrual basis or on receipt basis. If the interest received on accrual basis the addition qua this year interest can be made in this year and not of entire interest. In case, interest is received on receipt basis the amount of Rs.24,000/- – Rs.12,600/- can be added in this year. This fact can be verified by the Assessing Officer after providing reasonable opportunity of being heard to the assessee.
