LEGAL & FINANCIAL UPDATES 26.05.2009

UPDATES FROM TAX GURU Penalty can not be imposed for non deduction of TDS if assessee was prohibited by reasonable cause Penalty for concealment can not be imposed automatically for disallowance of deduction Space leasing Income with services and facilities will be business income Section 164 attracted when the shares of beneficiaries are unknown ICAI president advocates more power for chartered accountants ICAI will update accounting norms for oil and gas industry Government Notified provisions of competition act, 2002 Penalty can not be imposed for non deduction of TDS if assessee was prohibited by reasonable cause Posted: 25 May 2009 10:44 AM PDT SUMMARY OF CASE LAW Where the assessee was prohibited by reasonable cause for not deducting the TDS, the penalty imposed under section 271C was liable to be quashed. CASE LAW DETAILS Decided by:... Penalty for concealment can not be imposed automatically for disallowance of deduction Posted: 25 May 2009 10:36 AM PDT SUMMARY OF CASE LAW When the assessee has filed all particulars of income, the correct assessment and calculation of total income has to be done by the Assessing Officer; if on such process the AO... Space leasing Income with services and facilities will be business income Posted: 25 May 2009 10:30 AM PDT SUMMARY OF CASE LAW Where the assessee was giving space with services and facilities, which were varied and wide, such activities together would definitely constitute an organized structure for... Section 164 attracted when the shares of beneficiaries are unknown Posted: 25 May 2009 10:17 AM PDT SUMMARY OF CASE LAW Section 164 gets attracted only when the shares of the beneficiaries are unknown, which is manifest from the marginal heading of that section itself; so long as the trust deed... ICAI president advocates more power for chartered accountants Posted: 25 May 2009 10:03 AM PDT Uttam Prakash Agarwal, president of Institute of Chartered Accountants of India (ICAI), has been in focus lately, handling queries on the role of auditors in the Satyam Computer fiasco. Agarwal, who... ICAI will update accounting norms for oil and gas industry Posted: 25 May 2009 09:53 AM PDT The Institute of Chartered Accountants of India (ICAI) will soon update the accounting norms for oil and gas industry to keep pace with the technological developments in the sector. "We issued... Government Notified provisions of competition act, 2002 Posted: 25 May 2009 09:41 AM PDT The Central Government has notified from on 20th May, 2009, the provisions of the Competition Act, 2002 relating to anti-competitive agreements (section 3) and abuse of dominant position (section 4)... With Regards,  Sandeep Kanoi  Website: http://www.taxguru. in/  Get LEGAL & FINANCIAL UPDATES FROM TAX GURU delivered by email

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