"21 December 2014" Archive

CAG Reports non-adherence to Income Tax provisions by CAs

We found cases (a) where the CAs failed to report full and correct information in 367 cases leading to short levy of taxes of Rs. 2,813.11 crore and (b) where the AOs failed to utilize the information available in 102 reports/certificates submitted to them leading to short levy of taxes of Rs. 1,310.05 crore....

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Posted Under: Income Tax | ,

Receipt from the sale of carbon credit certificates:- Whether Capital receipt or revenue receipt?

Carbon Credit is not an offshoot of business but an offshoot of environmental concerns. No asset is generated in the course of business but it is generated due to environmental concerns. We agree with this factual analysis as the assessee is carrying on the business of power generation....

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Posted Under: Income Tax |

Harassment of Assessee Intolerable- Warns the Courts

It is usually seen that the Revenue Officers disbelieve the version of the assessees, discard their valid explanations, reject their un-rebuttable evidence, treat the supporting material as fabricated and frame assessments as per their whims and fancies. The action of the erring officers is defended by their higher ups as purported to hav...

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Posted Under: Income Tax | ,

ITAT hauled up AO and DRP for ‘Blatantly frivolous & unsustainable’ additions

Bharti Airtel Limited Vs ADIT (ITAT Delhi)

Learned counsel for the assessee submitted that it is a case of frivolous double addition on deliberate misconception of the facts. He took us through the year-end financial statements of the assessee and its computation of income to demonstrate that the impugned addition...

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Strong suspicions/ coincidences & grave doubts cannot substitute legal proof

State of Kerala Vs Mathew (M.M) & ANR. (Supreme Court of India)

In the instant case, there is absolutely no legal evidence on the record to prove the secret books of account, the seizure of which was effected by or under the order of the Inspecting Assistant Commissioner were recovered from a place which formed part of the business premises of the respondents or. was in their exclusive possession and ...

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Seizure of goods cannot be made on mere presumption

M/S Seema Enterprises Vs The Commissioner, Commercial Tax,U.P.,Lucknow (Allahabad High Court)

It is settled principle of law that seizure can not be made merely on presumption. There must be a material to show that the Section 52 Rule 58 or the procedure prescribed in the circular issued by the Commissioner has been violated....

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FEMA Provisions and Opportunities for CAs

Dikshit Kapoor Introduction The Foreign Exchange Management (1999) or in short FEMA has been introduced as a replacement for earlier Foreign   Exchange Regulation Act (FERA), 1973. FEMA came into force with effect from 1st June, 2001. This Act Extends to Whole of India and Branches, offices & agencies   outside   India owned or ...

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Posted Under: Income Tax |

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