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IT – Assessment order passed u/s 158BC without notice suffers from jurisdictional error and not valid in law

  20 Sep 2007   0 comment
As no notice issued by the Assessing Officer u/s 143(2) in the present case as admitted by the AO himself in the remand report submitted to the learned CIT(A) as clearly mentioned by the learned CIT(A) in paragraph No. 17 on page 12 of his impugned order, the assessment order passed by him u/s 158BC suffered from a jurisdictional error an...
Posted Under: Income Tax |

Order passed by an adjudicating body does not become effective until it is communicated to the person affected thereby

  20 Sep 2007   0 comment
If an order passed by the authority is not communicated to the assessee or the concerned person, it raises serious issues. These have been considered by Courts time and again. The principles of natural justice are, by now, fully evolved and expounded by a catena of decisions. The importance of the rule of natural justice is not only to se...
Posted Under: Income Tax |

TDS- Why we Should Not Forget to Deduct?

  20 Sep 2007   0 comment
Now , even individuals or HUF have been made responsible for deducting tax at source if their sales turnover exceeds Rs 40 lakhs or gross receipts from profession exceeds Rs 10 lacs. Not deducting tax at source from payments made will make them suffer very heavily. The punishment for not deducting tax at source, was enhanced by Finance Ac...
Posted Under: Income Tax |

TDS credit- Not Easy to receive

  18 Sep 2007   0 comment
The Income-tax Department is required to give credit for TDS based on the annual information in NSDL site. The assessee can register his PAN and view the status of TDS, advance tax and self-assessment tax (annual tax statement AS 26). Credit for TDS is given to deductees based on the returns submitted by the deductor. In the event of the ...
Posted Under: Income Tax |

Losses not deductible under Sec 80HHC – SC

  18 Sep 2007   0 comment
The Supreme Court has said that an Assessee cannot claim deduction under section 80-HHC of the I-T Act for losses suffered on transactions. The apex court ruled that the meaning of profits under the provision of the Act would not include losses. Even if there are losses, they have to be ignored for the beneficiary purpose of such deductio...
Posted Under: Income Tax |

Income Tax Scrutiny Norms for A.Y. 2007-08

  14 Sep 2007   0 comment
The CBDT has given norms for current fiscal for selection of cases meant for scrutiny. For corporates: All banks and public Sector undertakings are liable for scrutiny. Also, all NSE-500 companies and BSE-A group companies listed in Bombay Stock Exchange as on March 31, 2007, are covered. Companies in Delhi , Mumbai, Chennai, Kolkata, Pun...
Posted Under: Income Tax |

TDS credit – firm vs partners – If dividend income is assessed in hands of assessee-shareholder ?

  07 Sep 2007   0 comment
In the present case, the dividend income is admittedly taxed in the hands of the assessee/ shareholder. Once the dividend income is assessed in the hands of the assessee / share-holder, the proviso to Section 199 of the Act would have no application and consequently denying the credit of TDS to the assessee / shareholder does not arise at...
Posted Under: Income Tax |

J & K exemption – education cess also to be refunded : Tribunal

  07 Sep 2007   0 comment
It is evident that when the exempted amount of duty was required to be refunded for operationalising the exemption, Education Cess, which was in the nature of piggy back duty on the excise duties under the said three Acts, was also required to be refunded, because it was not at all leviable, in view of the entitlement to exemption worked ...
Posted Under: Income Tax |

ITAT has power to extend stay, even after 2007 amendment – Identical cases in Central Excise followed : Bombay HC

  07 Sep 2007   0 comment
Does the third proviso to Section 254 (2A) of Income Tax Act, have the effect of denuding the Tribunal of its incidental power to grant interim reliefs? Finance Act 2007 substituted sub-section (2A) to Section 254 of the Income Tax Act, 1961 with effect from 1st June, 2007....
Posted Under: Income Tax |

Assessee entitled to deduction u/s 80HHC on income from transfer of DEPB from AY 1998-99 and onwards – ITAT

  07 Sep 2007   0 comment
The Assessee is not entitled to deduction u/s 80IB on profit from DEPB Scheme and the cross objection filed by the Assessee was dismissed. In regard to Duty Draw Back Scheme, it has held by the division bench of the ITAT, Delhi that the receipt was in lieu of expenses earlier incurred by payment of excise and customs duty. Therefore, the ...
Posted Under: Income Tax |

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