Tax Audit judiciary-2

CA / CMAs only can conduct Audit under Service Tax not the Dept. Officers : HC

M/S A.C.L. Education Centre (P) Ltd. Vs Union of India (Allahabad High Court)

In case of private assessee, the Commissioner will refer the matter to an officer to collect the material or Chartered Accountant for the purpose of audit. Thus, for the purpose of audit, the material can be collected either by the officer authorized by the Commissioner or by the Auditor himself. But, audit will be performed only by the C...

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Tax Audit Provision applies to Income From Partnership Firm

Sagar Dutta Vs D.C.I.T. (ITAT Kolkata)

The brief facts of the case are that the AO observed from the return of income filed by the assesee that the assessee’ s income included income from salary from Price Water House of which he was a partner. Since income by way of salary or remuneration from a firm was to be assessed...

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CBDT to provide details of No. of Tax Audit & Auditors to RTI Applicant

CBDT has provided Tax Audit Data to ICAI based on the returns e-filed during the financial year 2010-11. This has been published in one of the leading Private Website for CAs on 16th day of November 2011. ...

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In Speculation trading there is no ‘sale’ or ‘turnover’ effected within the meaning of S. 44AB

Banwari Sitaram Pasari HUF Vs Asstt. CIT Cir. 3(1) (ITAT Pune)

Assessee was engaged in the speculation transaction of sale and purchase of units without taking delivery and the account was settled by crediting the difference. The Tribunal after considering section 18 of the Sale of Goods Act, 1930 observed that no property in the said units passed on to the assessee inasmuch as the assessee never acq...

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Requirement of furnishing tax audit report under section 44AB was introduced only with effect from 1-7-1995 for purpose of section 271B

S.V. Pathak & Co. Vs NC Tiwari (Bombay High Court)

The petitioner filed his return of income for assessment years 1990-91 to 1993-94 together with audit reports under Section 44AB, on 19 November 1993, 23 July 1993 and 30 December 1993. The position as it emerges from the record of this proceeding is that the petitioner had obtained the tax audit reports under Section 44AB before the spec...

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Income cannot be reassessed on a mere change of opinion

Kelvinator of India Ltd. (Supreme Court of India)

In a recent ruling Supreme Court (SC) [2010-TIOL-06- SC-IT-L13] in the case of Kelvinator of India Ltd. (Taxpayer) held that income cannot be reassessed on a mere change of opinion, as that would imply conferring arbitrary powers on the Tax Authority. It is only when there is a 'tangible material' to believe that income has escaped assess...

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Service Tax Will be Included in Turnover for the Calculation of Presumptive Profit

DDIT (Int'l Taxation) Vs Technip Offshore Contracting BV (ITAT Delhi)

5.6 In the present case, it is not in dispute that the assessee company has realized service tax on account of providing services and facilities in connection with the exploration or extraction of minerals oils in India. The service tax so realized is a part of receipts received by the assessee from ONGC. The service tax realized by the a...

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Defination of terms used in Section 44AB

Bajrang Oil Mills v. Income-tax Officer (Rajasthan High Court)

This appeal is arising out of the order of the Tribunal dt. 27th April, 2001 sustaining the penalty levied against the assessee-appellant under Section 271B for failure on the part of the assessee to get its accounts audited and obtain the report of such audit before the date prescribed under Section 44AB....

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September 2020