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The grievance of the revenue is that proviso appended to section 43B of the Act permitting allowing of deduction of PF, ESI etc., subsequent to the close of the accounting period but before the return is filed, should not have been followed but disallowance must be upheld. It has not been disputed before us that the proviso has been inserted by the Finance Act, 1987 effective from 1.4.1988. In view of this, the appeals preferred by the revenue have been dismissed.
It has been held in the aforesaid judgements that it is not open to a person making payments to a non-resident to take a unilateral decision that the payments made by him are not sums chargeable to tax. To take that view, concurrence of the Assessing Officer as provided in section 195(2) is sine qua non. For reaching the aforesaid conclusion, the judgement of the Supreme Court in Transmission Corporation of A.P. Ltd. Vs. CIT [1999] 239 ITR 587 (S.C.) has also been invoked.
A writ, direction or order may be issued by the High Court under Article 226 to a person or authority amenable to the Court’s jurisdiction either by residence or location within the State, even if the petitioner and other parties are from other States. This power can be exercised, under Article 226(2) of the Constitution, though the person or authority is outside the territories in relation to which the High Court has jurisdiction, provided the cause of action arises, wholly or in part, within such territories.
Small-and medium-sized companies (SMCs) may soon have a `SARAL’ format for disclosing their financial statements. For ensuring better compliance by all categories of companies with disclosure norms prescribed under the company law, the Ministry for Corporate Affairs (MCA) had asked the Institute of Chartered Accountants of India (ICAI) to suggest a simpler format of financial statements especially for SMCs.
The Securities Transaction Tax (STT) was introduced into the income-tax code by the Finance (No. 2) Act, 2004, taking effect from April 1, 2005. It was expected to give a major boost to both the income-tax department in terms of revenue and the equity market. When STT was paid on share transactions, no liability for long-term capital gains tax arose. Short-term capital gains were taxed at 10 per cent if STT was paid. This was the position till March 31, 2008.
9. We have carefully considered the rival submissions and perused the record. Marginal heading of section 54 of the Act, which is relevant in this context, refers to “profit on sale of property used for residence”. Main section speaks of transfer of a capital asset- being building or lands appurtenant thereto and being a residential house – the income of which is chargeable under the head income from house property
DGBA.GAD.No. 10577 / 42.01.038 /2007-08 – We further advise that It has been decided inconsultation with the Controller General of Accounts, Ministry of Finance, Government of India that the cut-off time of 8.00 p.m. fixed for e-payment transactions would be applicable for all Government transactions including EASIEST and OLTAS. The other instructions contained in para 1 of our circular would remain unchanged.
INCOME TAX NOTIFICATION NO-45/2008, DT: March 24, 2008 Method for determining amount of expenditure in relation to income not includible in total income. 8D(1) Where the Assessing Officer, having regard to the accounts of the assessee of a previous year, is not satisfied with-(a) the correctness of the claim of expenditure made by the assessee; or (b) the claim made by the assessee that no expenditure has been incurred, in relation to income which does not form part of the total income under the Act for such previous year, he shall determine the amount of expenditure in relation to such income in accordance with the provisions of sub-rule (2).
NOTIFICATION NO. S.O. 752(E), DATED 28-3-2008 In the Income-tax Rules, 1962, (a) in rule 12, – (i) in sub-rule (1), for the words, figures and letters on the 1st day of April, 2007 or any subsequent assessment year, the words, figures and letters on the 1st day of April, 2008 shall be substituted; (ii) in sub-rule (5), for the words, figures and letters on the 1st day of April, 2006, the words, figures and letters on the 1st day of April, 2007 shall be substituted; (b) in Appendix-II, for Form ITR-1, Form ITR-2, Form ITR-3, Form ITR-4, Form ITR-5, Form ITR-6, Form ITR-7, and Form ITR-8, the following forms shall be substituted, namely:- The return of income has to be filed by using the applicable form without any annexure (except for Form ITR-7) so as to facilitate electronic filing.
Merely because income is attached to any immovable property cannot be the sole factor for assessment of such income as income from property. What has to be seen is what was the primary object of the assessee while exploiting the property.
