Recently, the Punjab and Haryana High Court has rendered a very significant judgement, regarding disallowance under section 14A of the Income-Tax Act, 1961 (the Act), r.w.r.8D of the Income-Tax Rules 1962 (the Rules), in the case of CIT Vs Deepak Mittal [2014] 361 ITR 131 (P&H) : [2013] 219 Taxman 314 (P&H). This judgement is really a landmark judgement, in regard to the disallowance under section 14A of the Act,
Financial position of the assessee is very sound as agreed even by its ld. Counsel and any further recovery of the outstanding demand on account of penalty is not going to cause any genuine hardship to the assessee. At the same time, government also needs liquid funds to manage its day to day affairs. Having regard to all these facts & circumstances, we are of the view that the stay of outstanding demand for both the years can justifiably be granted subject to a further payment of Rs.50,00,000/-by the assessee against the penalty imposed for each of the two years under consideration.
Ld. Counsel of the assessee submitted that the assessee has not been given proper opportunity of being heard. He submitted that the assessment order was passed on 28.12.2007. He submitted that the query in this regard came from the Assessing Officer on 20.12.2007.
The Ministry of Corporate Affairs had placed Ind-AS which are converged with IFRSs on its website. Thereafter, certain new standards/amendments to the IAS/ IFRS have been issued by the IASB. With a view to keep pace with the new IFRS/ revisions in IAS/IFRS, the ICAI has issued exposure drafts of Ind-AS on the following topics […]
In exercise of the powers conferred by Section 5 of the Foreign Trade (Development and Regulation) Act, 1992 read with Para 1.3 of the Foreign Trade Policy, 2009-2014, the Central Government hereby makes the following amendments in the Foreign Trade Policy (FTP) 2009-14 with immediate effect.
The short issue in this appeal is whether or not penalty under section 44AB will also be attracted in the case in which the professional income of the assessee received from partnership firm of Chartered Accountants is taxable under the head “income from business or profession
Every year, the officers of the Customs & Central Excise Department are considered for grant of Presidential Award of Appreciation Certificate for ‘exceptionally meritorious service rendered at the risk of life’ and for Presidential Award of Appreciation Certificate for ‘specially distinguished record of service’ on their achieving and maintaining excellence in the discharge of their duties. These awards are announced on the eve of Republic Day.
As you are aware, RBI has been following a policy of phasing out of certain series of banknotes from time to time. It has now been decided that all old series of banknotes issued prior to 2005 will be completely withdrawn from circulation.
Banknotes issued prior to 2005 to be withdrawn: RBI Advisory The Reserve Bank of India has today advised that after March 31, 2014, it will completely withdraw from circulation all banknotes issued prior to 2005. From April 1, 2014, the public will be required to approach banks for exchanging these notes. Banks will provide exchange […]
The brief Summary of Leave for article clerk of CA students (Regulation 59) is given below for reference. CA students should be aware that during the period of CA examination (including the intervening holidays) are entitled to be present and should not be marked Leave.
