Reopening U/s. 147 on mere Audit Opinion is not valid

Reopening U/s. 147 on mere Audit Opinion is not valid Posted: 07 Aug 2012 07:53 PM PDT Whether an assessment has escaped assessment or not must be determined by the Assessing Officer himself. The Assessing Officer cannot blindly follow the opinion of an audit authority for the purpose of arriving at a belief that income has escaped assessment. [[ This is a content summary only. Visit my website for full links, other content, and more! ]] TDS not deductible by Individual & HUF if Turnover not exceeded Tax Audit Limit in preceding Financial year Posted: 07 Aug 2012 06:32 PM PDT Sub-section (2) of Section 194C under ordinary circumstances does not cover an individual or Hindu Undivided family for the liability of deducting tax at source on the payments credited or made to the sub-contractor. However, proviso brings such individual or HUF within the fold of sub-section (2)... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Taxability of interest on Income Tax Refund Posted: 07 Aug 2012 06:16 PM PDT Unless there is an exact indication in the Income Tax Act itself, that interest payable on income tax refund amounts fulfill the basic character as income (defined under Section 2(24) of the Income Tax Act) cannot be ignored. It is no doubt true that this amount cannot be treated as interest... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Exemption to CA Final Students from appearing in Foundation Course Examination of CMA exams Posted: 07 Aug 2012 06:04 PM PDT In view of grant of exemption by the Institute of Chartered Accountants of India to the Intermediate qualified candidates of the Institute of Cost Accountants of India from passing their Common Proficiency Test, the Institute of Cost Accountants of India has granted exemption on reciprocal basis to... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Employees' contribution towards PF & ESI – Allowed if paid before due date of filing return Posted: 07 Aug 2012 05:52 PM PDT Deduction of payment of employees' contribution towards provident fund and ESI cannot be disallowed under section 43B, if paid before the due date of filing the return. ACIT Vs. M/s. Shakti Bhog Foods Pvt. Ltd. [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Individual truck owners not booking cargo or not issuing consignment note are, prima facie, not GTA Posted: 07 Aug 2012 12:13 PM PDT Finance Minister in para 149 of the budget speech while introducing the entry for tax on Goods Transport Agency in the budget of 2004. It appears that there was clear intention not to levy service tax on individual truck owners except in cases where the cargo for such trucks are booked by Goods... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] S. 115JA Doubtful debts debited to the P&L Account has to be added for book profit Posted: 07 Aug 2012 12:02 PM PDT While computing book profits the AO added Provision for Doubtful debts of Rs.3,53,35,020/- debited to the profit and loss account to the profits arrived at in the profit and loss account prepared in accordance with the provisions of Sec.115JA(2) of the Act. The question whether provision for... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Complaint filed before expiry of stipulated period of 15 days is not a valid complaint u/s. 142 of Negotiable Instruments Act Posted: 07 Aug 2012 11:59 AM PDT Complaint filed in anticipation of the accrual of the cause of action under clause (c) of the proviso to section 138 would be a premature complaint. The complainant will have no legal justification to file such a complaint for the cause of action to do so would not accrue to him till such time the... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Increase in tax liability would correspondingly reduce the amount refundable & also interest payable on such reduced refund Posted: 07 Aug 2012 11:55 AM PDT he charging of interest is compensatory in nature. If a tax demand raised by the Assessing Officer is varied by an appellate or revisionary authority, it is the appellate and revisional order and not the assessment order, that would hold the field under the doctrine of merger and, hence, fresh... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Steps Taken By Government to Tackle Black Money Posted: 07 Aug 2012 11:43 AM PDT Black money does not limit itself to the geo- political boundaries. It transcends borders and has become a global problem. The countries across the world have started a concerted global effort and as a part of global effort against black money, India has played a proactive role in pointing out... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Online submission of CA Exam form for November 2012 Posted: 07 Aug 2012 11:39 AM PDT ICAI: Online submission of CA Exam form for November 2012: Start Date : 06/08/2012 Last Date for online submission of Form without late fees : 27/08/2012 Last Date for online submission of Form with late fees : 03/09/2012 Registration for Online submission of Exam forms for November 2012 Exam ... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Company Law Settlement Scheme for Companies in Jammu & Kashmir Posted: 07 Aug 2012 11:31 AM PDT General Circular No. 23/2012 In order to give an opportunity to the defaulting companies in the state of Jammu & Kashmir to enable them to make their default good by filing such belated documents and to become a regular compliant in future, the Ministry, in exercise of the powers under Section... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] World Nature Conservation Day – Significance & Corporate Initiative Posted: 07 Aug 2012 04:13 AM PDT A dedicated government policy and its strict implementation will go a long way in securing a better plane for conservation of nature and environment for future generations world- wide. It cannot remain any individual country's responsibility to be concerned for the protection of nature and... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 24X7 Customs clearance WEF September 1st 2012 Posted: 06 Aug 2012 09:31 PM PDT Circular No. 22/2012 - Customs In order to further facilitate importers and exports the Board has decided to begin on a pilot basis 24X7 Customs clearance with effect from September 1st. 2012 (1.9.2012) at identified Air Cargo Complexes and Seaports in respect of following categories of imports... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Notification No. 38/2012-Customs (ADD) – Dated the 6th August, 2012 Posted: 05 Aug 2012 08:28 PM PDT Notification No. 38/2012-Customs (ADD) in exercise of the powers conferred by sub-sections (1) and (5) of Section 9A of the said Act and in pursuance of rule 23 of the said rules, the Central Government hereby makes the following amendment in the notification of the Government of India in the... [[ This is a content summary only. 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