Who is liable to pay Profession Tax?Every person engaged actively or otherwise in any profession, trade, callings or employment and falling under one or the other of the classes mentioned in the second column of Schedule I appended to Profession Tax Act, is liable to pay Profession Tax.
The stand of the revenue with regard to semi-finished condition of the flat is devoid of merit in as much as what is sought to be constructed and sold by the assessee is a residential unit and what is sought to be purchased by the individual buyer is the ownership of a residential unit,
Learned counsel for the appellant has further placed reliance on the judgment in G. Sagar Suri & Anr. v. State of U.P. & Ors., (2000) 2 SCC 636, wherein during the pendency of the proceedings under Section 138 N.I. Act, prosecution under Sections 406/420 IPC had been launched. This Court quashed the criminal proceedings under Sections 406/420 IPC, observing that it would amount to abuse of process of law. In fact, the issue as to whether the ingredients of both the offences were same, had neither been raised nor decided.
What is meant by the term change of opinion? (ii) Whether assessment proceedings can be validly reopened under Section 147 of the Act, even within four year, if an assessee has furnished full and true particulars at the time of original assessment with reference to income alleged to have escaped assessment and whether and when in such cases reopening is valid or invalid on the ground of change of opinion?
The issue involved in the present appeal has now been decided by the Hon’ble Calcutta High Court in the case of CIT v. Virgin Creation in GA No.3200/2011 dated 23-11-2011 against the Revenue. However, it is noteworthy that the Special Bench of ITAT Mumbai in the case of Bharati Shipyard Ltd. v. DCIT in ITA No.2404/Mum/2009 in order dated 12-09-2011 has taken a view that the amendment is prospective in nature and would apply accordingly. Respectfully following the decision of Hon’ble Calcutta High Court in the case of Virgin Creators (supra) the order of Ld. CIT(A) is not sustainable. Hence, this ground of assessee’s appeal is allowed. The Assessing Officer is directed to delete the disallowance of Rs.3,69,568/- as made u/s. 40(a)(ia) of the Act.
Notification No. S.O. 904(E)-Income Tax In pursuance of Section 5 of the Public Provident Fund Act, 1968 (23 of 1968), the Central Government hereby notifies that the subscriptions made to the fund on or after the 1st day of April, 2012 and the balances at the credit of the subscriber shall bear interest at the rate of 8.8 per cent per annum
Notification No. GSR 323(E)-Income Tax In exercise of the powers conferred by section 15 of the Government Savings Banks Act, 1873 (5 of 1873), the Central Government hereby makes the following rules further to amend the Post Office Time Deposit Rules, 1981, namely:- 1. (1) These rules may be called the Post Office Time Deposit (Amendment) Rules, 2012.
Notification No. GSR 322(E)-Income Tax In exercise of the powers conferred by section 15 of the Government Savings Banks Act, 1873 (5 of 1873), the Central Government hereby makes the following rules further to amend the Post Office (Monthly Income Account) Rules, 1987, namely:- 1. (1) These rules may be called the Post Office (Monthly Income Account) Amendment Rules, 2012.
Notification No. GSR 321(E)-Income Tax In exercise of the powers conferred by section 15 of the Government Savings Banks Act, 1873 (5 of 1873), the Central Government hereby makes the following rules further to amend the Senior Citizens Savings Scheme Rules, 2004, namely:— 1. (1) These rules may be called the Senior Citizens Savings Scheme (Amendment) Rules, 2012.
Notification No. GSR 320(E)-Income Tax In exercise of the powers conferred by section 15 of the Government Savings Bank Act, 1873 (5 of 1873), the Central Government hereby makes the following rules further to amend the Post Office Recurring Deposit Rules, 1981, namely:- 1. (1) These rules may be called the Post Office Recurring Deposit (Amendment) Rules, 2012.
