In the present case, the evidence in the form of confirmatory letters, deed of gifts etc. were found during the course of search. The authorities on examination of the confirmatory letters and surrounding circumstances reached a prima facie view that the gifts were not genuine. A notice dated 27.06.1996 under Section 158BC of the Act was accordingly issued.
Instances of alleged corruption for settlement of refund claims and complaints come to notice from time to time. Whenever any such instance or complaints comes to notice, the same is verified and if it is found to be correct, the concerned officers/officials have to face penal consequences depending on the facts and circumstances of the case.
Government has put the facility for CAs to upload 3CA, 3CB, 3CD etc. If Govt. makes upload of the same compulsory from AY 2013-14 by making appropriate rules under I T Rules, 1962, then we will be able to track – how many reports are filed with the department in our name?
Software is not exempted from Service Tax because it does not appear in the List of Negative Services. Service Tax shall be levied or not is decided on case to case basis depending upon the location of service recipients. If the service recipient is located outside India, Service Tax is not leviable.
There is no dispute that the assessee is maintaining two separate portfolios i.e. investment portfolio and trading portfolio. The A.O. has admitted the said position consistently in the past. It is pointed out that the shares in question which are subject matter of short term capital gain and long term capital gain are part of the investment port folios and were not part of the trading portfolio.
The scheme frame by the CBDT clearly says that where the return was filed electronically with digital signature the acknowledgment generated electronically shall be evidence for filing of the return. Wherever, the return was filed electronically without digital signature, on successful transmission, the computer shall generate acknowledgement in form ITR-V.
The question, whether the above difference between the fair market price and the concessional price should or should not be added to the total income of the assessee(s) Society, needs to be re-looked by Commissioner of Income Tax (Appeals) [for short, ‘CIT(A)’]. Apart from the afore-stated question, CIT(A) would take into account, whether the above-mentioned practice of selling sugar at concessional rate has become the practice or custom in the Co-operative Sugar Industry?;
As regards the judgment relied upon by the learned SDR in the case of Bajaj Travels Ltd. (supra) I find that the issue involved in the: case was the issue therein the show cause notices were issued prior to 10.05.2008, i.e. on 17.10.2005 invoking the provisions of sections 76 and 78 of the Finance Act, 1994 for imposition of penalty.
We all know that the Govt. has launched a new website of Income Tax E-filing. Have you seen Form 26AS of well-known persons like Ambanis, Tatas, Deols etc? Earlier it was not possible for all to see this, but now on new I T E-filing website it is possible for all CAs.
The question of concealment of income and whether the revised return was filed voluntarily or not is a question of fact to be examined and decided upon the facts and circumstances of the each case and, therefore, it was not permissible to the Tribunal to merely rely on earlier orders where this issue was considered and penalties were cancelled.
