10. The core of controversy in this appeal is against the deductibility or otherwise of an interest of Rs. 6,50,236 allowed to the partners which was claimed as deduction. The case of the Assessing Officer is that no deduction on account of interest to partners can be allowed. The learned D. R. submitted that the rental income of Rs. 16.70 lakhs was rightly held to be taxable under the head `Income from other sources’
6.6 There cannot be a straight jacket formula for detection of these defaults of concealment or of furnishing inaccurate particulars of income and indeed concealment of particulars of income and in accurate particulars of income may at times overlap. It depends upon the facts of the each case. In the assessment proceedings the ITO while ascertaining the total income chargeable to tax would be in a position to detect the specific
Any person from or through whom the non-resident is in receipt of any income directly or indirectly can be treated as an agent of the non-resident; the sole requirement of section 163(1)(c) is that only the non-resident should receive income directly or indirectly from or through the person of India.
Empanelment of faculty members for training CA students for the Examination The Board of Studies invites applications from faculty members for associating themselves with training of CA students for the examination. Such training would be organized by the Regional Councils and Branches of the ICAI. Interested persons are requested to submit the particulars in […]
ICAI have introduced the facility for C.A. Final students , C.A. PCE-II Students & CA PCE students appearing in June 2009 examination. For getting the same student need to enter either there Old/New Registration No. or there Bar Code with PIN. Link to Download the same is follows:- Download Admit card online http://icai.nic.in/admit.php All the best […]
The government has turned down a proposal of the Reserve Bank of India (RBI) to allow public sector banks to select auditors independently. Last year, RBI had made the proposal to the finance ministry, which forwarded it to the Ministry of Corporate Affairs (MCA), the nodal body for auditors. The proposal was in line with […]
ICAI Celebrates Africa Day The Institute of Chartered Accountants of India (ICAI) and Indo-African Chambers of Commerce and Industry celebrated Africa Day from 18-19 May, 2009 at Mumbai. Diplomats from various countries from African Continent congregated to formalize strategy for working towards the growth of the Africa. The diplomats applauded the endeavors of India for […]
1. New Users can register their Digital Certificate during registration process 2. During Registration and Forgot Password, Captcha Image needs to be entered by the user for verification. If the image is not clear for the user, they can refresh and get a new image 3. After successful registration of user, User Activation URL sent […]
Bench functioning Notice From 25.05.09 to 29.05.09:- N O T I C E The following benches will not function during the period 25.05.09 to 29.05.09:- “A-1, B-1, E-1, K, L, & SMC “
The notice u/s 143(2) served after the expiry of limitation of time is not valid and the assessment passed in pursuance of an invalid notice is illegal and void. Section 143(2)(ii) clearly stipulates service of notice and not issuance of notice.
