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Coming to the general proposition regarding condonation of delay, the learned counsel relied on a number of cases, which have already been summarized. In the case of Shakuntala Devi (supra), the Hon’ble Supreme Court held that liberal construction should be placed on the words “sufficient cause” provided that no negligence,
Where the assessee had not claimed nor obtained a deduction in respect of a security deposit treating it as a trading liability, section 41 (1) cannot be invoked when such security deposit is refunded to the assessee. In the present case, none of the above probabilities existed and this is a case of amount
There is no presumption that delay is occasioned deliberately, or on account of culpable negligence, or on account of malafides. A litigant does not stand to benefit by resorting to delay. In fact he runs a serious risk. The approach of the authorities should be justice oriented so as to advance cause of justice. If refund is legitimately due to the applicant, mere delay should not defeat the claim for refund.
For claiming any debt as a bad debt, one has to satisfy following two conditions: (1) Debt is written off as bad debt in the Profit and Loss Account by making corresponding entry in the party account. (2) Debt is taken in to account in computing the income of the assessee of the previous year in which debt is written off or in earlier previous year.
The assessee had two divisions, one at Dombivili and the other at Surat. The division at Surat was closed since two/ three years. The assessee claimed depreciation on the assets of the said Surat division which was rejected by the AO and the CIT (A) on the ground that the assets were not “used” and depreciation could not be allowed. On appeal by the assessee, HELD allowing the appeal:
THE Central Vigilance Commission disposed of 416 cases during October 2009 referred to it for advice. The Commission advised initiations of major penalty proceedings against 113 officers. Of these, 32 were from public sector banks, 27 from M/o Railways, 9 from MCD, 6 each from Central Coalfields Ltd. and Hindustan Copper Ltd., 5 from Ministry of Information & Broadcasting, 4 each from Central Board of Excise & Customs and Damodar Valley Corporation and 3 each from NHAI and Govt of NCT of Delhi. The remaining 14 cases pertained to different departments of the Government of India and PSUs.
Income tax department in the past has stumbled up on many strange things, but nothing as strange as a company exclusively providing bogus stock contract notes to evade taxes, a trail that may lead to it knocking on the doors of many auditors. The Mumbai I-T department estimates that around Rs 1,000 crore of taxes may have been evaded by producing these bogus investment losses, and it now knows the beneficiaries too, a senior department official in the know of things said.
Last week, CBDT issued a notification on how each perquisite provided to a salaried employee should be taxed. It is applicable with retrospective effect, from April 1 2009. The guidelines cover every perk: home accommodation to gifts to educational benefits. The most important change, though, is taxation of car facilities.
Income Tax department has claimed Rs 30,000 crore from companies that have violated provisions under the minimum alternate tax. Sources said the claim is not only for the current assessment year of 2009-10, wherein assessments are still going on, but also for previous four-five assessment years, which are under litigation either in courts or at appellate levels.
owner means a person who has got valid title legally conveyed to him after complying with the requirements of law such as the Transfer of Property Act, Registration Act, etc. But, in the context of section 22 of the Income-tax Act, having regard to the ground realities and further having regard to the object.
