Where any sum is found credited in the books of an assessee maintained for any previous year, and assessee offers no explanation about the nature and source thereof or the explanation offered by him is not, in the opinion of the Assessing Officer, satisfactory, the sum so credited may be charged to income-tax as the income of the assessee of that previous year.”
Ernst & Young is delighted to announce that from 1 April 2011, Jan Peter Balkenende, the former Prime Minister of the Netherlands will join its organisation as a partner. Jan Peter Balkenende will draw on his extensive global experience to provide in
ICSI – Schedule for the year 2011 with regard to various Cut-Off Dates for services pertaining to Students Schedule for the year 2011 with regard to various Cut-Off Dates for services pertaining to Students
All students of Final who are presently pursuing the Company Secretaryship Course under old syllabus are hereby informed that from next examination onwards ( i.e. June 2011 session onwards ) institute’s examination will be conducted under new syllabus only. As such all concerned students may note that w.e.f. 26th February 2011 all students who are presently in Final ( old syllabus ) will be compulsorily switched-over to Professional Program ( i.e. under new syllabus ).
Board of Studies is pleased to announce the 4th Batch of this programme on professional skills development from 7th March 2011 at COE, Hyderabad. This programme offers an unique opportunity and would focus on development of communication skills, lead
If the assessee is not able to give satisfactory explanation as to the “nature and source” of a sum found credited in his books, the sum may be treated as the “undisclosed income” of the assessee. The initial burden is on the assessee to explain the “nature and source” of the credit and to do so, the assessee is required to prove (a) Identity of the shareholder; (b) Genuineness of transaction; and (c) credit worthiness of shareholders; If the assessee has produced documents like PAN Card, bank account details or details from the bankers the onus shifts upon the AO and it is for him to reach the shareholders and the AO cannot burden the assessee merely on the ground that summons issued to the investors were returned back with the endorsement “not traceable”; There is an additional burden on the Department to show that even if share applicants did not have the means to make investment, the investment made by them actually emanated from the coffers of the assessee so as to enable it to be treated as the undisclosed income of the assessee. In the absence of such finding, addition cannot be made u/s 68 in the hands the assessee.
Finance Minister Pranab Mukherjee today said steps have been taken to tame inflation but the government has no magic lamp to bring it down immediately. “You cannot expect that there is any magic wand or like Alladin’s magic lamp that you rub it and
Shri Nandan Nilekani, Chairman, UIDAI and Technology Advisory Group for Unique Projects (TAGUP) handed over the TAGUP Report to the Union Finance Minister, Shri Pranab Mukherjee, here today. Speaking on the occasion, Shri Mukherjee said that this re
Union Finance Minister Shri Pranab Mukherjee met here today the film industry delegation who were accompanying the Minister of Information and Broadcasting Ms. Ambika Soni as part of his pre-Budget consultations. The delegation consisted of about 20
The Central Government, in consultation with the Election Commission, prepared and published the Registration of Electors (Amendment) Rules, 2011 on 3rd February, 2011 so as to enable the Registration Officers to enroll the eligible overseas electors
