In the first round of the proceedings under Section 179 of the said Act, the Commissioner of Income Tax by order dated 5th November, 2007 set aside the order dated 25th January, 2007 of the Income Tax Officer. However whist setting aside the order, the Commissioner of Income Tax directed the Income Tax officer that before any order under Section 179 of the said Act is passed against the petitioner, the Assessing Officer must give a specific finding to the effect that efforts made to recover the tax dues from the said company had failed and that the petitioner should be heard before any order is passed under Section 179 of the Income Tax Act.
If you happen to see few people roaming regularly on streets at 3 or 4 in the morning in the months of September dressed in formals don’t think it’s a new dress code of dacoits to fool you. Those might be poor CA students returning home after a tough day (read night as well) at work. Yes this malnourished breed is known officially as Article assistants. They can be easily identified specially during the months of September; you can identify them with the ‘I-dont-care look’ they wear always during the year. That’s coz they have already many things to bother about.
Where the capital asset became the property of the assessee by succession, inheritance or devaluation, the cost of acquisition of asset shall be deemed to be the cost for which the previous owner of the property acquired it, as increased by the cost of any improvement of the assets incurred or borne by the previous owner or the assessee, as the case may be. In the case before us, the assessee became owner of property by inheritance.
Agility Logistics (P.) Ltd. V/s. DCIT (ITAT Mumbai) Mere addition on account of transfer pricing adjustment cannot automatically lead to levy of penalty u/s. 271(1)(c)
The assessment order is silent on the provisions of section 43B(f) and has blindly allowed unpaid portion of leave encashment as an allowable deduction. There has been no proper inquiry conducted by the Assessing Officer. There is no discussion in the assessment order whether unpaid portion of the leave encashment is an allowable deduction. In the instant case, there is no discussion at all in the assessment order why the unpaid leave encashment is allowed as deduction. Prima facie, it is felt that the Assessing Officer has not noted the relevant statutory provisions viz., section 43B(f). It is a settled law that non-consideration of mandatory provisions of law in an order will lead the same to be erroneous and prejudicial to the interest of the revenue.
Section 14A states that for the purpose of computing total income under Chapter IV, no deduction shall be allowed in respect of expenditure incurred in relation to the income which does not form part of the total income under this Act. It does not state that income which is entitled to deduction under Chapter VIA has to be excluded for the purpose of the said Section.
1. A common simplified registration format for Central Excise and Service Tax is being placed for public comments, together with further liberalization in registration requirements, particularly centralized registrations. The proposed changes are attached as Annexure C. 2. Likewise a new simplified one page common return with Central Excise: to be called Excise & Service Tax Return (EST for short) is being introduced. The format of the return is given as Annexure D. It is also being proposed that the cycles for the payment service tax and filing of return should coincide.
it is noticed that the assessment is an ex-parte assessment and also before the ld. CIT(A) there has been no representation. We are of the view that the assessee may be granted one more opportunity to substantiate its case before the ld. AO. It is also noticed that the ld. AR has specifically agreed that there would be no default on the part of assessee in de-novo setting aside assessment. In this situation the issue is restored to the file of AO for denovo assessment after granting the assessee adequate opportunity to substantiate its case.
There may be situations where the clients of banks may like to reduce the notional exposure of the hedging derivative contract. In such cases, banks may partially or fully terminate the contract before maturity, at their discretion, thereby reducing the notional exposure of the contract. This reduction in notional exposure would not be treated as re-structuring of the derivative contract provided all other parameters of the original contract remain unchanged.
3. At present, minimum Median Quarter Sigma Order Size (MQSOS) requirement for a stock to be eligible for introduction in derivatives segment is 5 Lakh. It has been decided to revise this minimum MQSOS requirement to 10 Lakh. Thus, in Para ‘3.1.2.b’ of the master circular, for the letters and figures Rs. 5 Lakh (Rupees Five Lakh), the following letters and figures shall be substituted, namely 10 Lakh.
