Section 271(1)(c) – CA’s Opinion Does Not Make Claim Bona Fide

Section 271(1)(c) – CA's Opinion Does Not Make Claim Bona Fide Posted: 19 Jan 2012 07:39 PM PST Chadha Sugars Pvt. Ltd vs. ACIT (ITAT Delhi) - The facts are that the assessee claimed an expenditure of Rs. 7,80,500/-, being the fees paid to Registrar of Companies for raising authorized capital. It is the admitted position of law that the... [[ This is a content summary only. Visit www.taxguru.in for full article.]] No penalty can be levied if there is a reasonable cause for not quoting of PAN numbers in e-TDS return Posted: 19 Jan 2012 07:25 PM PST ITO, TDS-II Vs The Thane Janata Sahakari Bank Ltd. (ITAT) - The short controversy is that the assessee did not quote PAN number in TDS ereturn while uploading the e-returns. In our opinion, it is a reasonable cause. What we find that as admittedly... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Creation and Taxation of Private Trusts Posted: 19 Jan 2012 07:00 PM PST A trust is said to be an instrument of safeguarding the interests of beneficiaries especially when the beneficiaries are minor and not capable of protecting their interest. Any person who is a major and is competent to enter into a contract can be a... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Suresh Kalmadi gets bail Posted: 19 Jan 2012 06:58 PM PST Suresh Kalmadi on Thursday walked out of Tihar Jail after being lodged there for nearly nine months with the Delhi High Court granting bail to him in a 2010 Games-related graft case. 67-year-old Kalmadi, who was arrested on April 25 last year, left... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Procedure for verification of answer books of November/December 2011 CA Examinations- Final, PCE, IPCE/ATE/Units and CPT Posted: 19 Jan 2012 06:21 PM PST Candidates who are desirous of applying for verification of the marks obtained by them in the November 2011/December 2011 exams are requested to note and follow the procedure detailed below The application for verification of marks must be in the... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Procedure for providing inspection/certified copies of evaluated answer-books to CA students Posted: 19 Jan 2012 06:13 PM PST Inspection/certified copies of evaluated answer books provides information for their academic guidance but does not provide any remedy in case of any discrepancies that may be noticed in the process. The remedy lies in the existing process of... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Right to appointment of an Arbitrator does not get automatically forfeited after expiry of 30 days as prescribed under Section 11(4) & 11(5) of the Act – SC Posted: 19 Jan 2012 05:50 PM PST Denel (Proprietary Limited) Vs. GOI, Ministry of Defence (SC) - Exercising its powers under Section 11 (6) of the Arbitration and Conciliation Act, 1996 reiterated that right to appointment of an Arbitrator does not get automatically forfeited... [[ This is a content summary only. Visit www.taxguru.in for full article.]] In case of default by the employer by an exempted establishment, in making its contribution to the Provident Fund Section 14B of the Act will be applicable – SC Posted: 19 Jan 2012 05:39 PM PST RPFC Vs. The Hooghly Mills Co. Ltd. & Ors.(SC) - .The question which falls for consideration before this Court in this case is whether the employer of an establishment which is an 'exempted establishment' under the Employees' Provident Funds ... [[ This is a content summary only. Visit www.taxguru.in for full article.]] New President and Vice President of ICSI for 2012 Posted: 19 Jan 2012 04:40 PM PST The Institute of Company Secretaries of India (ICSI) has got its new President and Vice President for the year 2012. In an election held in New Delhi today Mr. Nesar Ahmad has been elected as PRESIDENT while Mr. S. N. Ananthasubramanian has been... [[ This is a content summary only. Visit www.taxguru.in for full article.]] ICWAI gets its Name Changed to ICAI and its Members to use ACMA and FCMA Posted: 19 Jan 2012 04:38 PM PST The Institute of Cost and Works Accountants of India (ICWAI) will be henceforth be known as The Institute of Cost Accountants of India (ICAI). The change is a sequel to the passing of of ICWAI Amendment Act 2011, to enable their members to use the... [[ This is a content summary only. Visit www.taxguru.in for full article.]] CBI files chargesheet against lady I-T Additional Commissioner Posted: 19 Jan 2012 11:11 AM PST In April 2010, CBI arrested Subrato Banerjee and his wife an Additional Commissioner of Income Tax (I-T) Sumitra Banerjee for accepting Rs 1.5 crore from a Thane builder.Central Bureau of Investigation today filed chargesheet against a former... [[ This is a content summary only. Visit www.taxguru.in for full article.]] SC may pronounce its judgement on Vodafone today Posted: 19 Jan 2012 11:02 AM PST The Supreme Court will on Friday pronounce its judgement on Vodafone International Holdings' appeal challenging the income tax demand of Rs 11,000 crore on the overseas deal between Vodafone and Hutchison. Vodafone had moved the apex court... [[ This is a content summary only. Visit www.taxguru.in for full article.]] FM holds Pre Budget institutions with Representatives of Banks and Financial institutions Posted: 19 Jan 2012 10:41 AM PST The Union Finance Minister Shri Pranab Mukherjee said that the growth rate would be around 7.2 percent during the current year. He said that due to current uncertainty in global economy as euro zone crisis is still unresolved and volatility in... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Rates of depreciation under the Companies Act as mentioned in Schedule XIV Posted: 19 Jan 2012 01:04 AM PST Section 205 of the Companies Act, 1956, prescribes the methods of charging depreciation. We are producing below the Rates of depreciation under the Companies Act as mentioned in Schedule XIV [[ This is a content summary only. Visit www.taxguru.in for full article.]] Apply online for re-sending of CPC-Intimation u/s 143(1)/154 and income Tax Refund Posted: 18 Jan 2012 08:07 PM PST The process of request for re-sending of CC-Intimation u/s 143(1)/154 and refund is now available in 'Services' option. 1. The option is available once you login into you account on https://incometaxindiaefiling.gov.in/portal/index.do 2. After... [[ This is a content summary only. Visit www.taxguru.in for full article.]] ICAI recommends uniform accounting system for educational institutions Posted: 18 Jan 2012 04:17 PM PST presently, the accounting and financial reporting practices of educational institutions in India are oriented towards meeting the needs of the governing bodies running them and educational institutions follow not only diverse accounting practices... [[ This is a content summary only. Visit www.taxguru.in for full article.]] I T dept slaps Rs 1,067-crore demand notice on telecom giant Bharti Airtel for non-payment of TDS Posted: 18 Jan 2012 04:14 PM PST The Income Tax Department has slapped a Rs 1,067-crore demand notice on telecom giant Bharti Airtel for non-payment of TDS dues in the last four financial years in connection with its overseas operations, even as the company said it was fully... [[ This is a content summary only. Visit www.taxguru.in for full article.]] ID proof compulsory for passengers traveling in AC first Class Train Coach from 15th February 2012 Posted: 18 Jan 2012 03:23 PM PST Faced with increasing incidents of misuse of tickets, Railways have made it mandatory for all passengers travelling in AC classes to carry an identity proof with them. So far, carrying ID proof was required only for passengers travelling with... [[ This is a content summary only. Visit www.taxguru.in for full article.]] RBI to issue Rs 100 notes which will have the rupee symbol Posted: 18 Jan 2012 02:27 PM PST The Reserve Bank will shortly issue Rs 100 notes which will have the rupee symbol. The design of the notes to be issued is similar in all respects to the existing Rs 100 in Mahatma Gandhi Series-2005 issued earlier, except for the rupee symbol. [[ This is a content summary only. Visit www.taxguru.in for full article.]] Laxman Das appointed CBDT Member (Revenue) Posted: 18 Jan 2012 01:59 PM PST Senior IRS officer Laxman Das has been appointed as the new Member (Revenue) in the Central Board of Direct Taxes (CBDT). Mr Das is a 1974-batch Indian Revenue Service (IRS) officer and has held senior positions like that of Chief Commissioner... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Corporate Affairs Minister calls for Making Country's Growth more Inclusive Posted: 18 Jan 2012 01:35 PM PST Union Corporate Affairs Minister Dr. M.Veerappa Moily has called for making country's growth more inclusive – a growth that benefits all regions and all sections of our society, particularly the poor and the under-privileged. Dr. Moily was... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Publication of Latest Acts in the Gazette of India Posted: 17 Jan 2012 09:52 PM PST The following Bills, after having received the assent of the President on 12th January, 2012, have been published as Acts in the Gazette of India, Extraordinary, Part-II, Section-1, dated the 13th January, 2012: 1. Constitution (Ninety Seventh... [[ This is a content summary only. Visit www.taxguru.in for full article.]] States Seek Growth-Centric Budget in Pre-Budget Consultations with union Finance Minister Posted: 17 Jan 2012 09:48 PM PST The Union Finance Minister, Shri Pranab Mukherjee has emphasized that in a federal country like ours, States and Centre complement each other in managing the fiscal policy and the economy. He said that coordination between Centre and States is... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Govt to address slippages in economic parameters in Budget – FM Posted: 17 Jan 2012 09:42 PM PST Following is the text of the address delivered by the Union Minister of Finance Shri Pranab Mukherjee on the occasion of 84th Annual General Meeting of Federation of Indian Chambers of Commerce and Industry (FICCI) here today: [[ This is a content summary only. Visit www.taxguru.in for full article.]] RBI – Crisis Preparedness in Interconnected Markets – Prevention is Better than Cure Posted: 16 Jan 2012 10:33 PM PST Over the last five years, a word became very popular around the world. It dominated discourses amongst policy makers. It consumed innumerable hours of prime time on television. It spanned across meetings in offices, dinner table conversations, and... [[ This is a content summary only. Visit www.taxguru.in for full article.]]