| Generate Audit Report in 3CD form with Tally.ERP 9 – Auditors' Edition 
Tally.ERP 9 – Auditors' Edition provides you, as a CA, the facility to print Form 3CD with the required Annexure, to file Tax Audit returns under section 44AB. Using Tally.ERP 9 – Auditors' Edition, you can now directly print Form 3CD. You can... |
| Cost Inflation Index for Financial Year 2009-10 and Assessment year 2010-11 notified 
NOTIFICATION NO : 67/2009, Dated: September 9, 2009 In exercise of the powers conferred by clause (v) of the Explanation to section 48 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby makes the following amendment in the... |
| Evidence gathered during a 1992 I-T raid at premises of Bhupen and Milan Dalal goes missing 
The accused, Bhupen Dalal (l) and his son Milan. As per standard procedure, the cupboard had been kept in one of their offices by Income Tax officials. Seventeen years since they started their investigations against Big Bull Harshad Mehta's... |
| Kerala rolled out e-payment facility for VAT dealers 
Having achieved 100 per cent e-filing of returns, the State Government has taken the next logical step of introducing 'e-payment' to all its registered VAT dealers. e-payment has been made mandatory for all TIN dealers from September 1. It was... |
| RBI circular on Collection of Account Payee Cheques – Prohibition on Crediting Proceeds to Third Party Account 
RBI/2009-10/ 148 —RPCD.CO.RF.BC. No.18 /07.38.03/2009- 10 Dated: September 7, 2009 All State Co-operative Banks (StCBs) and District Central Co-operative Banks (DCCBs) Dear Sir, Collection of Account Payee Cheques – Prohibition on... |
| Recognition can not be denied U/s. 80G (5) only on the ground that the particulars of donors are not provided by Institution or fund 
SUMMARY OF CASE LAW There is no provision either in the Act or in the Rules made thereunder to refuse recognition under section 80G(5) or continuation thereof only on the ground that the particulars of donors are not provided by Institution or... |
| Agricultural land which is gifted cannot be taxed as income from other sources 
SUMMARY OF CASE LAW If agricultural land cannot be considered as "any sum of money"; provisions of section 56(2)(v) cannot be applied. CASE LAW DETAILS Decided by: ITAT, JAIPUR BENCH `A' JAIPUR,In The case of: ITO v Komal... |
| Payment made in cash for purchase from local producers either directly or through their agents and disallowance of expense u/s. 40A(3) 
SUMMARY OF CASE LAW Where the assessee purchased raw hides/skins for the purposes of manufacturing leather and leather products from local producers either directly or through their agents, the payment made in cash for such purchase would be covered... |
| Revision under section 263 of IT Act, 1961 is not reassessment 
SUMMARY OF CASE LAW In the revision proceedings, the CIT cannot travel beyond the reasons given by him for revision in the show cause notice. CASE LAW DETAILS Decided by: ITAT, `G' BENCH, MUMBAI,In The case of: Geometric Software Solutions... |
| Issue decided on merit cannot be construed as decided on the basis of mistake apparent from the record 
SUMMARY OF CASE LAW The issue decided on merit after appreciation of the facts of the case cannot be construed as suffering from patent, self-evident, glaring and mistake apparent from the record as contemplated under section 254(2). CASE LAW... |
| Eligibility of deduction under section 80P on Profit to society from storing of trading goods 
SUMMARY OF CASE LAW Where the assessee-society was storing the controlled commodities in its godowns as part of its own trading stock, it was not entitled to claim deduction for the margin of profit between issue price and sale price of the... |
AZS Media Group launched world's first Islamic search engine 
Across the world Muslims will be able to surf the Web without accidentally encountering explicit material, after a Dutch company launched the world's first Islamic search engine Monday. The search engine, ImHalal.com, or "I am Halal," works by... |
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