| Assessee can not claim waiver from Interest u/s 234B, even if delay in payment is unintentional Posted: 25 Apr 2010 08:26 PM PDT 
We have given our due consideration to the aforesaid submissions of the counsel on the either side. The important fact which is to be borne in mind in the present case is that no advance tax was paid by the assessee at all in the assessment year in... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Expenditure for construction of hospital building for general public is expenditure incurred for charitable purposes Posted: 25 Apr 2010 08:17 PM PDT 
Having heard learned counsel for the parties,we have gone through the impugned orders and given our anxious consideration to the rival submissions.Section 2 (15)of the Act defines charitable purpose and Section 11 (1)of the Act provides exemption to... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Section 194C(1) is applicable to job work assigned by an event manager to others Posted: 25 Apr 2010 08:14 PM PDT 
We have perused the records and considered the rival contentions carefully. The dispute is regarding rate of deduction of tax at source in respect of job work assigned by the assessee to others as an event manager. There is no dispute that the... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Word `capital asset' in section 2(14) does not necessarily mean that property, which assessee holds, must be his own Posted: 25 Apr 2010 08:12 PM PDT 
We have heard the learned representatives of the parties and perused the record. The crux of the matter under consideration whether under the facts and circumstances of the case under consideration there is transfer of asset and same is liable to... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Housing Projects: Provisions of sub-section (10) not governed by provisions of sub-section (2) of section 80-IB Posted: 25 Apr 2010 08:09 PM PDT 
It is first contended on behalf of the assessee that the view taken by the CIT that section 80IB(2) also applies to assessee's claiming deduction under sub-section (10) of the section in respect of housing projects is erroneous and untenable as has... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Assessing Officer cannot impose penalty u/s. 271(1)(c) on the basis of routine and general presumptions Posted: 25 Apr 2010 08:06 PM PDT 
Now coming to the merits of the case, we noticed that the AO levied penalty u/s 271(l)(c) on the ground that the assessee has filed inaccurate particulars of income. What is inaccurate particulars of income within the meaning of provisions of... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Penalty can not be imposed u/s. 272A(2)(c) for delay in filing of quarterly returns of TDS Posted: 25 Apr 2010 08:04 PM PDT 
We have heard the rival submissions and carefully perused the record. Admittedly tax was deducted at source and payment was made/deposited within the time provided under the Act and the returns under Form 26Q as well as 24Q were filed with a... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| TDS in deductible u/s. 194H on Commission paid on sale of pre-paid and post-paid SIM card Posted: 25 Apr 2010 08:02 PM PDT 
Essence of post-paid and pre-paid services rendered by the Cellular company is the same and the relationship between the Cellular company and the customers is also the same, therefore, if post-paid scheme is subject to section 194H, it is quite... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Reference in Article 13(3)(c) of Indo-Canada DTAA is to "any copyright" and it is not a reference to "any right" for purpose of terming a payment as `royalty' Posted: 25 Apr 2010 07:31 PM PDT 
This appeal preferred by the revenue is directed against the Income Tax Appellate Tribunal .s order dated 28.07.2006 passed in ITA No. 491/Del/2000 and relates to the assessment year 1998-1999. [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| An assessee does not have to develop entire port to qualify for deduction u/s 80-IA of the Income Tax Act, 1961 Posted: 25 Apr 2010 07:24 PM PDT 
The object of Section 80IA was to provide an impetus to the growth of infrastructure in the nation. A sound infrastructure is a sine qua non for economic development. Absence of infrastructure poses significant barriers to growth and development. A... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Reasons recorded by AO for reopening an assessment are the only reasons which can be considered when formation of belief is impugned Posted: 25 Apr 2010 07:21 PM PDT 
The principal challenge in these proceedings is to the notices issued by the first respondent under section 148 of the Income Tax Act, 1961 proposing to assess the income of the petitioner for assessment years 2005-06 and 2006-07 on the ground that... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Loss of one industrial undertaking cannot be set off against the profit of another such industrial undertaking for purpose of computing deduction u/s 80-I Posted: 25 Apr 2010 07:17 PM PDT 
Where the gross total income of an assessee includes any profits and gains derived from an industrial undertaking or a ship or the business of a hotel or the business of repairs to ocean-going vessels or other powered craft to which this section... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Make phone banking more secure or face penalty: RBI Posted: 25 Apr 2010 09:46 AM PDT 
Banks will have to soon put in place an additional authentication cover for their credit and debit card customers transacting over phone, or get penalised. Taking forward its efforts to tackle identity frauds in non-branch banking transactions, the... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| SEBi circular on Execution of Power of Attorney by the Client in favour of the Stock Broker and Depository Participant Posted: 25 Apr 2010 09:37 AM PDT 
A Power of Attorney is executed by the client in favour of the stock broker /stock broker and depository participant to authorize the broker to operate the client's demat account and bank account to facilitate the delivery of shares and pay – in/... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| SEBI circular on Reduction in time between issue closure and listing Posted: 25 Apr 2010 09:25 AM PDT 
Presently, it takes on an average around 22 days to list the securities after an issue closes. This exposes investors as well as issuers to market risk as well as leading to infrastructural stress and costs. One of the reasons identified for this... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| CAG reported 3 per cent decline in number of Assessee in 2008-09 Posted: 25 Apr 2010 08:55 AM PDT 
Official auditor CAG on Friday pulled up the Income Tax department for not being able to retain the existing tax base in 2008-09, particularly among corporate taxpayers. "The number of assessees declined by 3 per cent compared to an increase by 7.6... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| EAC opinion on Capitalisation of expenditures in respect of projects under construction Posted: 25 Apr 2010 08:43 AM PDT 
A government company is engaged in the construction and operation of thermal power plants in the country. The company has also diversified into hydro power generation, coal mining and oil & gas exploration, etc. The company is registered under... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Service tax format of declaration and covering letter for issue of User ID and TPIN at aces.gov.in site for existing Assessee's Posted: 25 Apr 2010 07:48 AM PDT 
EXISTING USER: Directly contact your service tax range office. Kindly submit a requisition letter to your range officer along with your company name, Reg. No & your updated communication email id. After submitting requisition, you will get the... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| ICAI recommended amendments in Chartered Accountants Act, 1949 to facilitate action against CA firms in addition to individual CAs Posted: 25 Apr 2010 07:22 AM PDT 
The government on Thursday said the accounting regulator ICAI has suggested that action can be taken against both erring audit firms and chartered accountants. The ICAI "has recommended to the government for amendments in the Chartered Accountants... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| It department opined reward of 10% of tax to informers is maximum ceiling Posted: 25 Apr 2010 07:12 AM PDT 
The director-general of Income Tax moved the Supreme Court alleging that the reward paid to an informer for furnishing information about black money of any taxpayer cannot be claimed as a matter of right. [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| ROC keeping watch on companies showing unusual financial trends Posted: 25 Apr 2010 06:48 AM PDT 
The government today said it has asked the Registrar of Companies (RoC) to look into accounts of some companies on the basis of alerts put out by an early warning system, which has been installed to check corporate frauds. [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| ICSI plan to introduce courses in competition law, corporate restructuring and insolvency Posted: 25 Apr 2010 06:45 AM PDT 
The Institute of Company Secretaries of India (ICSI) plans to introduce post membership qualification courses in competition law as well as corporate restructuring and insolvency in the next six months. Addressing reporters here, Anil Murarka, vice... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| ICAI Recommendation Regarding Penal Punishment for Audit Firms for Misconduct Posted: 25 Apr 2010 06:34 AM PDT 
The Institute of Chartered Accountants of India (ICAI) has submitted the first part of its Report, after consideration by its Council, wherein the former has recommended to the Government for amendments in the Chartered Accountants Act, 1949, Rules... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Joint initiative by India and Japan for the implementation of IFRS Posted: 25 Apr 2010 06:31 AM PDT 
The Institute of Chartered Accountants of India (ICAI), nodal agency for IFRS Implementation in India , coordinated with the Ministry of Corporate Affairs for the joint initiative taken by the Core Committee for Implementation of IFRS chaired by... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Bad Debts: Debtor's A/c need not be written off: Supreme Court Posted: 25 Apr 2010 06:24 AM PDT 
The assessee made a provision for bad debts by debiting the P & L A/c and crediting the Provision for Bad debts A/c. Thereafter, the provision account was debited and the loans and advances a/c was credited. The AO denied the claim for bad... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
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