"February, 2014" Archive

HC not happy with reopening of case of IRS officer to settle personal vendetta

Shri Pradyot K. Misra Vs Assistant Commissioner of Income-Tax (Delhi High Court)

The petitioner is a retired officer of the Indian Revenue Service and served in various capacities including, inter alia, the position of Chief Commissioner of Income Tax, Director General of Vigilance, Chief Vigilance Officer of the Central Board of Direct Taxes...

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DGFT – Corrigendum in Public Notice number 53 dated 27.02.2014 and amendment in Public Notice number 52 dated 25.02.2014

Public Notice No. 54 (RE 2013)/2009-14 (28/02/2013)

In exercise of powers conferred under paragraph 2.4 of the Foreign Trade Policy 2009-2014, the Director General of Foreign Trade hereby makes the following correction in the Public Notice number 53 dated 27.02.2014 and amendment in Public Notice number 52 dated 25.02.2014....

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Karnataka HC stayed enforcement of notices U/s. 234E by TRACES

Adithya Bizorp Solutions India Pvt. Ltd Vs Union of India (Karnataka High Court at Bangalore)

After Kerala HC Karnataka HC too stay the enforcement of notices U/s. 234E by TRACES. In this case Petitioners have questioned the constitutional validity of the provision of Section 234E of the income Tax Act and a notice to the petitioner levying fee vide annexure A1 to A21 and Annexure - B....

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Return of income processed u/s 143(1) cannot be reassessed u/s 147 on mere change of opinion of AO

Mohan Gupta (Huf) Vs Commissioner of Income Tax (Delhi High Court)

The Hon’ble High Court allowed the appeal placing reliance on the decision in case of CIT v. Kelvinator, (2010) 320 ITR 561 (SC) emphasizing that AO has power to re-open, provided there is tangible material to come to the conclusion that there is escapement of income from assessment. Reasons must have a live link with the formation of t...

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Statement recorded during survey u/s 133A and retracted thereafter have no evidentiary value

Commissioner of Income Tax-III Vs Sunrise Tooling System Pvt. Ltd. (Delhi High Court)

The ITAT in its impugned judgment took note of the statement of D.K. Jain and the retraction of the assessee on 21.02.2008. It was also noticed that the said statement was recorded in the course of survey under Section 133A and consequently did not have any evidentiary value....

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Notification No. 14/2014-Customs (N.T.) Dated 28th February, 2014

Notification No. 14/2014-Customs (N.T.) (28/02/2014)

In exercise of the powers conferred by sub-section (2) of section 14 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise & Customs, being satisfied that it is necessary and expedient so to do, hereby makes the following amendment in the ...

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Deductor Grievance-Due to inordinate delay in filing Form 24G

CA Sandeep Kanoi As you are aware, it is mandatory for Pay and Accounts Office (PAO)/ District Treasury Office (DTO)/ Cheque Drawing and Disbursing Office (CDDO) (herein after called as AOs) to file Form No. 24G on monthly basis with in the prescribed time as per Income-tax Department Notification no. 41/2010 dated May 31, 2010. AOs to ...

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Posted Under: Income Tax |

Lower or nil rate tax deduction certificate- Duty of deductor

Actions to be taken by the deductor on receipt of the certificate: Please validate the PAN of the deductee submitting the certificate. The Certificate should be valid for the PAN, Section and Rate which has been mentioned in the statement filed. Check that the certificate is valid for the relevant Financial Year....

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Posted Under: Income Tax |

TDS Certificates downloaded only from TRACES are valid

Downloading of TDS Certificates from TRACES is mandatory: In this regard, your attention is invited to the CBDT circulars 04/2013 dated 17.04.2013, CBDT Circular No. 03/2011 dated 13-5-2011 and CBDT Circular No. 01/2012 dated 9-4-2012 on the Issuance of certificate for Tax Deducted at Source in Form 16 and Form 16A. It is now mandatory [&...

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Posted Under: Income Tax |

Delha VAT – Dealers to keep records at principal place of business for 7 years

As per the section 48 and Rules 42 & 19 of Delhi VAT Act & Rules, you are also required to maintain and retain prescribed records at the declared principal place of business in Delhi for 7 years....

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Posted Under: Income Tax |
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