UPDATES FROM TAX GURU 22.06.2009

UPDATES FROM TAX GURU  Mere reference of assessee's name in the statement under section 132(4) is not sufficient to invoke the proceedings under section 158BD SUMMARY OF CASE LAW The factum of falsity cannot be assumed or inferred but has to be proved on the basis of material or evidence; no adverse inference can be drawn merely because the appeal... Dharamendra Textile's case cannot be said to hold that section 11AC would apply to every case of non-payment or short payment of duty SUMMARY OF CASE LAW Penalty under section 11AC is punishment for an act of deliberate deception by the assessee with the intent to evade duty by adopting any of the means mentioned in the section;...   Satyam Computers renamed as Mahindra Satyam Two months after taking over scam-tainted Satyam Computer Services, Tech Mahindra Sunday renamed the IT major as "Mahindra Satyam". The logo will be adopted from the Mahindra Group. 'This strategic... A resident can be treated as agent of non- resident if he receives income directly or indirectly from or through the person of India SUMMARY OF CASE LAW Any person from or through whom the non-resident is in receipt of any income directly or indirectly can be treated as an agent of the non-resident; the sole requirement of... To invoke section 153A of IT Act, 1961 it is necessary to comply with the provisions of section 132(1) SUMMARY OF CASE LAW Before invoking the provision of section 153A it would be necessary to comply with the provisions contained under section 132(1); the mere issue of warrant of authorization...   Provision for warranty under section 37 of IT Act, 1961 is allowable if in past defects were there in products: SC SUMMARY OF CASE LAW If the historical trend indicates that large number of sophisticated goods were being manufactured in the past and in the past if the facts established show that defects existed...   How to surrender Multiple PAN, Request for New PAN Card if old is lost and for changes or correction in PAN data Request for New PAN Card or/and Changes or Correction in PAN data You can submit the application in the form "Request for New PAN Card or/and Changes or Correction in PAN data" in the following...

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