"20 February 2012" Archive

No Penalty U/s. 271AAA Even If Tax On Undisclosed Income Unpaid

DCIT Vs. Pioneer Marbles & Interiors Pvt. Ltd. (ITAT Kolkata)

DCIT Vs. Pioneer Marbles & Interiors Pvt. Ltd. (ITAT Kolkata)- Under the scheme of Section 271 AAA, there is a complete paradigm shift so far as penalty in respect of unaccounted income unearthed as a result of search operation carried out on or after 1st June 2007 is concerned. Unlike in the case of penalty under section 271(1)(c), Secti...

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Banks eligible to claim both deduction for bad debts and provision for bad and doubtful debts

Catholic Syrian Bank Ltd. Vs. Commissioner of Income Tax (Supreme Court of India)

Catholic Syrian Bank Ltd vs. CIT (Supreme Court) -Under Section 36(1) (vii) of the ITA 1961, the tax payer carrying on business is entitled to a deduction, in the computation of taxable profits, of the amount of any debt which is established to have become a bad debt during the previous year, subject to certain conditions. However, a mere...

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Status of Admission to Company Secretaries (CS) Executive Programme

The Institute of Company Secretaries of India in a press release has notified that Admission to Company Secretaries (CS) Executive Programme is on. Graduates seeking admission till 29th February, 2012 will be eligible for Examination in December, 2012. B.A / B.Sc / B.Com Graduates of any discipline (excluding Fine Arts) can pursue the CS ...

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Posted Under: Income Tax |

Applicability of Provisions of Section 194C to the payments to Calcutta Dock Labour Board (CDLB)

Deputy Commissioner of Income Tax Vs. Kamal Mukherjee & Co (Shipping) Pvt. Ltd. (ITAT Kolkata)

Assessee has made payments to the CDLB for supply of these workers. As long as the assessee has made payments to the CDLB for supply of labour, even when this labour may be treated as employed by the assessee for all practical purposes, the provisions of Section 194 C are clearly attracted. In such a situation, i.e. when labour hired by t...

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ICWAI to hold first convocation and annual award function at Kolkata

The first convocation and annual award function of The Institute of cost Accountants of India will be held on First March 2012 at 11.30 A .M. at Science City Auditorium , Kolkata....

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Posted Under: Income Tax |

Date of filing of the return is relevant date to consider the applicability of the proviso to section 245R(2) of the Act

In re Red Hat India Private Limited (AAR Delhi)

In Re- Red Hat India Private Limited- Date of filing of the return is the relevant date to consider the applicability of the proviso to section 245R(2) of the Act, and that the filing of the return of income generates questions including the ones raised before this Authority, the jurisdiction to give a ruling in the present application ha...

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ICAI Requests Members to Share Hardship Being Faced with Regard to TDS Returns

it has been brought to the notice of Direct Taxes Committee that demand notices are being served on the Deductors on account of various possible reasons. The said matter was placed by ICAI before the Central Direct Taxes Advisory Committee in its meeting which was chaired by Hon’ble Finance Minister Shri Pranab Mukherjee....

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Posted Under: Income Tax |

Empanelment with New India Assurance Company Limited for concurrent audit

The company is engaged in General Insurance Business with its operations spreading all over India and abroad. The company is on look-out to appoint a firm of Chartered Accountants as concurrent auditor to carry-out the concurrent audit of investment department of the company. The investment portfolio of the company is Rs. 20,000 crore (ap...

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Posted Under: Income Tax | ,

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