Entitlement of assessee of any deduction cannot depend on existence or absence of such entries in the books of accounts

Entitlement of assessee of any deduction cannot depend on existence or absence of such entries in the books of accounts Posted: 12 Dec 2011 07:44 PM PST As held in the case of Kedarnath Jute Mfg. Co. Ltd. vs. Commissioner of Income-tax (supra) entitlement of assessee of any deduction cannot depend on the treatment accorded to such entries by the assessee. And, existence or absence of entries in the... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] HC upheld application of gross profit ratio against the unaccounted sales for the purpose of making additions on account of undisclosed income Posted: 12 Dec 2011 07:07 PM PST CIT Vs. V R Textiles (Ahmedabad High Court) - On the ground that the entire undisclosed sales could not be treated as profit of the assessee, relying on the judgment of this Court in the case of CIT v. President Industries Limited, [258 ITR 654... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] If assessee have enough interest Free Fund, No interest amount can be disallowed for amount advanced to sister concerns Posted: 12 Dec 2011 06:57 PM PST CIT Vs. Raghuvir Synthetics Ltd. (Ahmedabad High Court) - Factually, it found huge funds were available without any interest liability with the assessee and that there was no evidence to hold that the borrowed money was utilized for the purpose of... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] Notice U/s. 148 is invalid In absence of any live link with the reasons recorded and the belief formed Posted: 12 Dec 2011 06:47 PM PST The Assessing Officer supplied reasons he had recorded for reopening the assessment, which read as under:- "The assessee company filed its return of income on 22.12.2006, declaring total income of Rs.1,00,86,370/-. The assessment u/s.143(3) was... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] Assessment made without Service of notice within the time as stipulated in the proviso to Section 143(2) is void Posted: 12 Dec 2011 06:25 PM PST CIT Vs. Harinder Sachdev (Delhi HC) - A Division Bench of this Court in the case of Commissioner of Income Tax Vs. Lunar Diamonds Ltd. [2006] 281 ITR 1 (Del.) has held that service of notice within the time as stipulated in the proviso to Section... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] List of Suspicious Dealers who has issued false bills without delivery of goods Posted: 12 Dec 2011 06:07 PM PST Maharashtra VAT Department has displayed List of Suspicious Dealers who has issued false bills without delivery of goods. You can download the list from the following link: Download List of Suspicious Dealers who has issued false bills without... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] Vijay Mallya meets CBEC chief to get accounts de-freezed Posted: 12 Dec 2011 05:50 PM PST Debt-ridden Kingfisher Airlines' promoter Vijay Mallya today called on CBEC chairman SK Goel and sought de-freezing of the carrier's bank accounts, a senior Finance Ministry official said. Last week, the Central Board of Excise and Customs (CBEC)... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] Pension Under Provident Fund Schemes Posted: 12 Dec 2011 05:33 PM PST In exercise of powers conferred under Section 6A of the Employees' Provident Funds & Miscellaneous Provisions Act, 1952, the Central Government formulated the Employees' Pension Scheme, 1995. The Scheme provides pensionary benefits to the... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] Public Provident Fund (PPF) Scheme for unorganised sector Posted: 12 Dec 2011 05:30 PM PST Subject to the provisions contained in section 16, the Employees' Provident Funds & Miscellaneous Provisions Act., 1952 applies to scheduled establishments employing 20 or more persons. The establishments which are not coverable statutorily... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] Central Board of Trustees, Employees' Provident Fund recommends Interest Rate on PPF Posted: 12 Dec 2011 06:41 AM PST The Provident Fund handled by the Employees' Provident Fund Organisation is known as Employees' Provident Fund (EPF). Rate of interest on Employees' Provident Fund for every year is recommended by the Central Board of Trustees, Employees' Provident... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] Section 19 of the BR Act, 1949- Investments in subsidiaries and other companies – Guidelines Posted: 12 Dec 2011 06:37 AM PST Please refer to the instructions contained in paragraphs 2 and 3 of our Master Circular DBOD. No. FSD.BC.15 / 24.01.001/ 2011-12 dated July 1, 2011 on Para-Banking Activities which deal with the guidelines for setting up of subsidiaries by banks as... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] Export of 10,000 Tons of non-Basmati rice to Horn of Africa (Kenya, Somalia & Djibouti) Posted: 12 Dec 2011 06:26 AM PST Notification No. 88 (RE – 2010)/2009-2014, Export of 10,000 tons of non-basmati rice to Horn of Africa (Kenya, Somalia & Djibouti) from Central Pool Stock of FCI at economic cost has been permitted. [[ This is a content summary only. Visit www.taxguru.in for full article. ]] Many Interim Applications in a proceeding under section 397/398 of Companies Act, 1956? Posted: 12 Dec 2011 03:00 AM PST It is known that proceedings under section 397/398 of the Companies Act, 1956 are always complicated. There will often be criticism that the jurisdiction of Company Law Board (CLB) under section 397/398 of the Companies Act, 1956 is being misused. [[ This is a content summary only. Visit www.taxguru.in for full article. ]] RTI – Tribunal Member's ACR Can Be Disclosed If In 'Public Interest'- Delhi High Court Posted: 11 Dec 2011 11:04 PM PST R. K. Jain vs. UOI (Delhi High Court)- The matter is remanded back to the CIC for considering the issue whether, in the larger public interest, the information sought by the petitioner could be disclosed. If the CIC comes to a conclusion that larger... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] Whether Tribunal is right in law in rejecting the alternative contentions of claim of deduction u/s. 11 of the Income-Tax Act,1961 as an aspect of Revenue's appeal without adjudicating on the same on the ground of limitation Posted: 11 Dec 2011 09:08 PM PST Udyog Bharati Vs ITO (Ahmedabad High Court)- In the first place it was not necessary for the appellant to file a cross-objection. As already noted, the assessee had raised an alternative contention of exemption under Section 11 of the Act before... [[ This is a content summary only. Visit www.taxguru.in for full article. ]]