M/s Kone Elevator India Pvt Ltd Vs ITO (Madras High Court) – As per the decision of the Hon’ble Supreme Court, once the Assessing Officer has come to the conclusion that the taxable amount has escaped assessment, two conditions were required to be satisfied on the basis of the materials placed before him. Both these conditions were conditions precedent to be satisfied before the Assessing Officer could have jurisdiction to issue notice under section 148 read with section 147(a). But under the substituted section 147 existence of the first condition alone is suffice. In other words if the Assessing Officer has reason to believe that certain income assessable to tax has escaped assessment it confers jurisdiction to reopen the assessment. It is, however, to be noted that both the conditions must be fulfilled if the case falls within the ambit of the proviso to section 147. Hence, we are not able to appreciate the contention of the learned counsel for the appellant that the Assessing Officer has no jurisdiction to reopen the assessment.
ITO v Gujarat Information Technology Fund (ITAT Ahemdabad) Interest income earned on bank deposit is exempt u/s 10(23FB) and there is no decision of SEBI that there is any violation of SEBI (Venture Capital Funds) Regulation 1996 and, therefore, the AO cannot hold that there was such violation. The AO is duty bound to enquire whether the assessee trust is registered under the Registration Act, 1908 and has been granted a certificate of registration by SEBI under SEBI (Venture Capital Funds) Regulations, 1996 and not beyond that.
Explore the verdict in Hidelbergcement India Ltd Vs ACIT (ITAT Mumbai) on reassessment validity and foreign exchange gain dispute. Legal insights here.
Geofin Investment (P) Ltd vs. CIT (Delhi High Court) – Learned counsel for the petitioner Geofin Investment (P) Limited, submits that the tribunal had erred in dismissing the application under Section 254(2) of the Income Tax Act, 1961 (Act, for short) as the tribunal in its order dated 13th October, 2010, had referred to and relied upon decision of another ITAT Bench which had not not been cited at the time of hearing. He submits that the order passed by the tribunal dated 13th October, 2010 under Section 254(1) of the Act, should have been recalled. Hoourable High Court do not find any merit in the said contention. Under Section 254(2), a mistake apparent from the record can be rectified.
Grameen Initiative for Women vs. DIT (E) (ITAT Mumbai)- Hon’ble Bombay High Court – Nagpur Bench has held that there is no requirement under the Act that an institution constituted for advancement of any object of general public utility must be registered as a trust. Therefore, in the present case before us, mere because the assessee association is registered as company under sec. 25 of the Companies Act, that by itself cannot be a ground to refuse registration under sec. 12A/12AA of the Act. Thus, this ground of rejection of registration by the Commissioner of Income-tax, is also rejected. The only reason for which the registration was declined was on the ground that the assessee could not produce the certificate from the Charity Commissioner and that reason, as we have noted above, is not legally sustainable. In view of these discussions, and bearing in mind entirety of the case, we direct the learned Director to grant registration to the assesse appellant. The assesse succeeds in the appeal.
Faced with the challenge of curbing black money in electoral process, the Income Tax (I-T) department has now proposed assessment of the income of political parties under the provisions of charity law instead of the present system of doing so under a special clause. The department’s proposal, prepared after it’s investigation wings across the country helped the Election Commission in conducting polls in West Bengal, Tamil Nadu and Assam, has been sent to the Finance Ministry and the EC for consideration.
The government can do without making tax evasion a criminal offence as the existing income tax laws , which provide for rigorous imprisonment up to seven years for willful default, has not been used effectively to unearth black money , say experts . ,One can be jailed for seven years (rigorous imprisonment ) for willful evasion of tax (above Rs.1 lakh).
The government today said it had extended the popular exports scheme – DEPB – for three more months till September. The DEPB scheme was due to end on June 30. ‘…We have extended Duty Entitlement Pass Book (DEPB) till September,’ Finance Secretary Sunil Mitra said on the sidelines of a seminar organised by Ministry of Finance and OECD.
The Minister of Commerce & Industry, Government of India Mr. Anand Sharma Mr. Anand Sharma urged the member states of SAARC to bring down all the protectionist trade barriers to achieve regional economies of scale at a much greater pace. While emphasizing that the serious attempts being made to reduce the sensitive list under the trade liberalization program of SAFTA, should be encouraged, the Indian minister also said the focus should also be to bring down the tariff levels for those items which still remain within the sensitive list. The Minister was speaking at the Fifth Meeting of the SAFTA Ministerial Council in Male’ today.
. In the Companies Regulations, 1956, 1. In Regulation 2, after clause I the following clause shall be substituted, namely:- (d) ‘ Regional Director’ means the person appointed by the Central Government in the Ministry of Corporate Affairs as a Regional Director for the respective regions as under:-
