Order passed without fair hearing is violative of natural justice

Order passed without fair hearing is violative of natural justice Posted: 23 Jul 2012 08:29 PM PDT In the first round of the proceedings under Section 179 of the said Act, the Commissioner of Income Tax by order dated 5th November, 2007 set aside the order dated 25th January, 2007 of the Income Tax Officer. However whist setting aside the order, the Commissioner of Income Tax directed the Income... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Wake Me When 'September' Ends Posted: 23 Jul 2012 08:29 PM PDT If you happen to see few people roaming regularly on streets at 3 or 4 in the morning in the months of September dressed in formals don't think it's a new dress code of dacoits to fool you. Those might be poor CA students returning home after a tough day (read night as well) at work. Yes this... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Indexation in respect of inherited property & Availability of S.54 Benefit on Property Purchased in Joint name Posted: 23 Jul 2012 08:28 PM PDT Where the capital asset became the property of the assessee by succession, inheritance or devaluation, the cost of acquisition of asset shall be deemed to be the cost for which the previous owner of the property acquired it, as increased by the cost of any improvement of the assets incurred or... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Mere addition on account of transfer pricing adjustment cannot automatically lead to levy of penalty u/s. 271(1)(c) Posted: 23 Jul 2012 08:27 PM PDT Under the provisions of Explanation 7 to section 271(1)(c), any amount added or disallowed on account of international transactions is deemed to represent income in respect of which particulars are concealed or inaccurate particulars have been furnished unless the assessee proves to the... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] If no suppression of income detected during search then no estimation of undisclosed income u/s. 145 can be made Posted: 23 Jul 2012 08:22 PM PDT However, it is to be made clear that if no material was found during the search which could show suppression of income, no estimation of undisclosed income of block period by resorting to section 145 could be made. In other words, where there is a material, such an estimation of income can be made.... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Unpaid leave encashment cannnot be allowed as deduction, revision by CIT justified Posted: 23 Jul 2012 08:00 PM PDT The assessment order is silent on the provisions of section 43B(f) and has blindly allowed unpaid portion of leave encashment as an allowable deduction. There has been no proper inquiry conducted by the Assessing Officer. There is no discussion in the assessment order whether unpaid portion of the... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Section 14A can't be invoked in respect to income, for which deduction under Chapter VI-A is claimed Posted: 23 Jul 2012 07:36 PM PDT Section 14A states that for the purpose of computing total income under Chapter IV, no deduction shall be allowed in respect of expenditure incurred in relation to the income which does not form part of the total income under this Act. It does not state that income which is entitled to deduction... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Frequency of Filing of Service Tax Return Posted: 23 Jul 2012 10:03 AM PDT 1. A common simplified registration format for Central Excise and Service Tax is being placed for public comments, together with further liberalization in registration requirements, particularly centralized registrations. The proposed changes are attached as Annexure C. 2. Likewise a new simplified... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Importance of Inspection of Bank Documents Posted: 23 Jul 2012 09:44 AM PDT The Law of evidence plays a pivotal role in the effective functioning of the judicial system. The existence of substantive rights can only be established by relevant and admissible evidence. Relevancy of facts is the key to determine the outcome of the judicial process which is based on fair trial... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Ex-parte assessment -ITAT Set aside the order for denovo assessment Posted: 22 Jul 2012 10:24 PM PDT it is noticed that the assessment is an ex-parte assessment and also before the ld. CIT(A) there has been no representation. We are of the view that the assessee may be granted one more opportunity to substantiate its case before the ld. AO. It is also noticed that the ld. AR has specifically... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] RBI permit banks to allow customers to pay crystallized MTM of derivative contracts in installment Posted: 22 Jul 2012 09:15 PM PDT There may be situations where the clients of banks may like to reduce the notional exposure of the hedging derivative contract. In such cases, banks may partially or fully terminate the contract before maturity, at their discretion, thereby reducing the notional exposure of the contract. This... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] SEBI Revises Eligibility Criteria for Stocks in Derivatives Segment Posted: 22 Jul 2012 09:09 PM PDT 3. At present, minimum Median Quarter Sigma Order Size (MQSOS) requirement for a stock to be eligible for introduction in derivatives segment is 5 Lakh. It has been decided to revise this minimum MQSOS requirement to 10 Lakh. Thus, in Para '3.1.2.b' of the master circular, for the letters and... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Notification for Mah. Act No. VIII of 2012-Date of effect on which Section 7(1), section 23 and section 26(2) of Amd. Act shall come into force Posted: 22 Jul 2012 08:43 PM PDT No.VAT.1512/CR-65/Taxation - In exercise of the powers conferred by clause (b) of sub-section (2) of section 1 of the Maharashtra Tax Laws (Levy, Amendment and Validation) Act, 2012 (Mah. VIII of 2012), the Government of Maharashtra hereby appoints the 1st August 2012 to be the date on which the... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Seeks to amend Notification No. 83/2004 – Customs (NT) – Jurisdiction of Customs officers Posted: 22 Jul 2012 07:12 PM PDT NOTIFICATION NO 64/2012 - Customs, (N T), Dated: July 23, 2012 Central Board of Excise and Customs, hereby makes the following amendment in the notification of the Government of India in the Ministry of Finance (Department of Revenue) No. 83/2004-Customs (N.T.), dated the 30 th June, 2004,... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Notification No. 63/2012 – Customs, (N T), Dated: July 23, 2012 Posted: 22 Jul 2012 07:09 PM PDT NOTIFICATION NO 63/2012 - Customs, (N T), Dated: July 23, 2012 Appointment of Common Adjudicating Authority in respect of the Additional /Joint Commissioner of Customs (Import), Air Cargo Complex, Sahar Mumbai; and the Additional/Joint Commissioner of Customs, Custom House, Opp. Ild High Court,... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Notification No. 62/2012 – Customs, (N T), Dated: July 23, 2012 Posted: 22 Jul 2012 07:02 PM PDT NOTIFICATION NO 62/2012 - Customs, (N T), Dated: July 23, 2012 Appointment of Common Adjudicating Authority in respect of the Joint /Additional Commissioner of Customs, Inland Container Depot, Tughlakabad, New Delhi, the Assistant / Deputy Commissioner of Customs, ICD, Patparganj, New Delhi; and... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] The Non-Banking Financial Company –Factors (Reserve Bank) Directions, 2012 Posted: 22 Jul 2012 06:49 PM PDT The Central Government has notified the Factoring Regulation Act, 2011 on January 22, 2012. The Act aims to regulate Factors and assignment of receivables in favour of Factors, as also delineate the rights and obligations of parties to assignment of receivables. Under the Act, factoring companies... 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