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: A search and seizure was conducted by the revenue (respondents) in the premises of the appellants (KCC software Ltd), pursuant to warrants of authorization dated 3.8.2005. On 4.8.2005 certain assets including jewellery, cash and fixed deposit receipts were seized. On that very day, appellants received a letter from the HDFC Bank at B-28, Community Centre, Janakpuri, New Delhi that operation of five bank accounts of appellant No.1 had been restrained by order issued under Section 132 (3) of the Income Tax Act, 1961 (in short the Act). The Income Tax Department on 4.10.2005 issued two fresh warrants of authorization under Section 132 of the Act in respect of the bank accounts. On 5.10.2005 the bank accounts of the appellants were searched and seized through withdrawal of cash by demand drafts.
ADDITIONAL Commissioners of Income Tax as assessing officers? Not a rare sight, indeed! It is a common practice in the Income Tax Department. And the reasons could be anything from dearth of staff, burdensome workload to the sensitive nature of cases. But whatever could be the reasons, their jurisdiction has come under the radar of questioning! The spinal question is : Do they have legitimate jurisdiction to do such assessments? If yes, where is the CBDT order and the procedure laid down for allowing such delegation of such powers?
WITH India getting rapidly integrated to the global economy, making payments either for services or reibursement to a non-resident company or individual has become common for the India Inc. But what has not become common is the practice of deducting tax at source (TDS) under Sec 195. And this case is illustrated best in the latest decision of the ITAT which has held that it is obligatory for the payer to a non-resident company to deduct TDS u/s 195 without going into any other aspect with regard to nature and taxability of the payment and rejected assessee i.e. payer’s contention that reimbursements made by it were not in the nature of income in the hands of payee. As to the consequences of such non-deduction of TDS, it held that provisions of Sec 40(a)(i) are attracted as per which, any claim of such amount will not be allowed as deduction during computation of income of payer and can be claimed only on deduction and deposition of such tax which though is subject to subsequent assessment by the A.O.
Commissioner of Income Central vs Suresh N. Gupta On 17.1.2001 a search under Section 132 of the 1961 Act was carried out at the premises of the respondent-assessee , an individual. The search unearthed an unexplained investment of Rs. 65,000/- being the value of household valuables and Rs. 97,427/- on account of unexplained marriage expenses (undisclosed income). Accordingly, in the block assessment, the A.O. determined the assessee’s undisclosed income at Rs. 1,62,427/-. He computed tax thereon at 60% in terms of Section 113 of the 1961 Act amounting to Rs. 97,456/- on which surcharge was levied at 17%, i.e., Rs. 16,504/-. The levy of surcharge was challenged by the assessee in appeal before the CIT(A). The said appeal was allowed. The decision of CIT(A) has been confirmed by the Tribunal and the High Court. Hence, this civil appeal.
CIT vs Dharmendra Sharma – This decision was taken in appeal before the Supreme Court and by an order dt. 7th March, 2007 [reported as CIT vs. Vinay Cement Ltd. (2007) 213 CTR (SC) 268—Ed.], the Supreme Court observed that it was concerned with the law as it stood prior to the amendment of s. 43B of the Act. The assessee was entitled to claim the benefit provided under s. 43B of the Act for that period particularly in view of the fact that he had contributed to provident fund before filing the return. Accordingly, the SLP filed by the Revenue against the decision of Gauhati High Court was dismissed.
In the present case, admittedly the Assessment Year being 1988-89 and the search having taken place on 03.07.1987 the return of income was not due before 31.07.1988. Therefore, whether the income represented by the value of the asset was shown in the return of income or not became irrelevant once a declaration had been made about such income having not been disclosed
Notification No.21-Income Tax In exercise of the powers conferred by clause (xii) of sub-section (1) of section 36 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies for the purposes of the said clause, the Oil Industry Development Board established under section 3 of the Oil Industry (Development) Act, 1974 (47 of 1974) for the development of oil industry, subject to the following
Notification No. 20-Income Tax In exercise of the powers conferred by sub-section (2D) of section 142 of the Income-tax Act, 1961(43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income -tax Rules, 1962, namely:- 1. (1) These rules may be called the Income-tax (Third Amendment) Rules, 2008.
Notification No. 19-Income Tax Whereas the annexed Agreement between the Government of the Republic of India and the Government of Iceland for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income signed in India on the 23rd day of November, 2007 shall come into force on the 21st day of December, 2007, being the date of receipt of the later of the notifications
Notification No. 18-Income Tax It is hereby notified for general information that the organization Indian Institute of Technology, Kanpur has been approved by the Central Government for the purpose of clause (ii) of sub-section (1) of section 35 of the Income-tax Act, 1961 (said Act), read with Rules 5C and 5E of the Income-tax Rules, 1962 (said Rules), with effect from 1-4-2007 in the category of ‘University’
