Clearing difference has been determined on the basis of statement of purchase and sales of shares of security made on assessee’s behalf by the broker. CIT(A) decided this issue after examining the ledger accounts maintained by the assessee and contract notes issued by the broker.
It is the endeavour of DGFT to provide various trade related information in electronic format. At present this information is available on the website of the DGFT (http://www.dgft.gov.in). As part of trade facilitation, DGFT has now developed a mobile application which has been released for the Android platform. Mobile app has the following features:
Assessee is not liable to penalty u/s 271(1)(c) of the I.T. Act since the same was not based on any incriminating material found during the course of search. The addition was based on the basis of loan creditors found from the balance sheet already filed prior to the search along with the original return of income.
Sponsorship charges incurred by the assessee company on study of daughter of the Director of the company abroad was not held to be of Personal Nature in view of the fact that study was sponsored by the assessee-company for its business exigency. Moreover she, being a Deputy General Manager of the assessee company, has entered into an agreement with the assessee company to serve the company for at-least five years post completion of studies abroad.
It was held that it is undisputed fact that the ‘Jorhar Unit’ of the assessee did not function at all in the present year and its assets although part of block of assets are identifiable and therefore as per provision of section 38(2) of the Act, depreciation is not allowable because assets of this unit were not used for business purposes in the present year.
CA Amresh Vashisht Our profession did not anticipate much of what has happened after Satyam, which has sufficiently concerned about the growing loss of credibility of the profession. Everyone is talking about the role and responsibility of Auditors. Company law and income tax are the two main resource legislation, which decide the fate of the […]
The ‘Income Tax Practitioner’ is a noble & dignified profession for those who have just passed out an ‘accountancy examination’, or have just acquired a ‘Degree in Commerce or Law’. They could take up this Profession of Practicing in Income Tax Law, basing on one’s own abilities.
Whether CIT (Appeals) erred in directing the Assessing Officer to allow depreciation on fixed assets without appreciating the fact that the capital expenditure incurred on acquiring the assets has already been claimed as application of income u/s. 11 of the I. T. Act 1961 in the current / past years.
ITAT Mumbai held that the ad hoc disallowance made by the AO was not based on any scientific or logical basis. It is a fact that the books of the assessee are audited and no discrepancy was pointed out by the AO about the accounts maintained by him. Cash vouchers were supported by the documentary evidences
According to the provisions of section 12AA of the I.T. Act, the Commissioner, on the receipt of Application for registration of a trust or institution shall (a) call for such documents or information from the trust or institution as he thinks necessary in order to satisfy himself about the genuineness of activities of the trust
