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Nov 3, 2012

HC Cannot set aside reopening of assessment without giving the reason

SAT held Ranbaxy Director Guilty of insider trading

Posted: 02 Nov 2012 07:14 AM PDT

It is highly improbable to believe the statement of Mrs. Bala Kaul that she bought shares of the target company because of its intrinsic value and strong fundamentals. If that was so, it is not clear, what made her sell these shares on April 10, 2008, when Solrex was still in the process of...

No Penalty For failure to comply with section 269SS if Reasonable cause exist

Posted: 02 Nov 2012 07:02 AM PDT

The Tribunal has not rested its decision on the only circumstance that it is the business of the assessee to collect deposits and, therefore, it was entitled to collect them in cash even if it involves violation of Section 269SS; that is not the substratum of the decision.

HC Cannot set aside reopening of assessment without giving the reason

Posted: 02 Nov 2012 06:52 AM PDT

On going through the impugned Order of the High Court, we find that no reasons have been given by the High Court for setting aside the re-opening of assessment. In the circumstances, the impugned Order of the High Court dated 23rd December, 2011, in Writ Petition No. 1807 of 2011, is set aside and...

Non-compete fee paid for business purpose is revenue expenditure

Posted: 02 Nov 2012 06:47 AM PDT

It is not denied by the Revenue that U. Mohanrao was the Chairman and Managing Director of some of the companies which got merged with the assessee company. The said U. Mohanrao had access to all information starting from manufacturing process, knowhow to the clientele and the products, including...

Extended limitation period u/s. 73 is not invocable if existence of bona fide belief is proved

Posted: 02 Nov 2012 06:36 AM PDT

In the show-cause notice it was conveyed that the assessee had not registered itself with a view to evading duty and that therefore larger period of limitation would be invoked. It may be that such issue of allegation was not in so many words denied by the assessee.

Income Tax E-filing website to remain closed from 3rd to 8th November, 2012

Posted: 02 Nov 2012 05:58 AM PDT

The current e-filing website is being revamped to a new e-filing website with additional services. The current web services will remain closed with effect from 3rd November to 8th November, 2012. The web services will resume from 9th November, 2012. the press release is given below.

Disallowance U/s. 40(a)(ia) cannot be made for non submission of Form No.15-I

Posted: 01 Nov 2012 09:29 PM PDT

In our view, therefore, once the conditions of further proviso of section 194C(3) are satisfied, the liability of the payee to deduct tax at source would cease. The requirement of such payee to furnish details to the income tax authority in the prescribed form within prescribed time would arise...

Rejection of application u/s 80G(5) cannot be passed without giving the institution

Posted: 01 Nov 2012 09:15 PM PDT

As per proviso attached to the sub-rule (5) of Rule 11AA of the Rules, it is a statutory requirement that no order of rejection of application u/s 80G(5) of the Act shall be passed without giving the institution, trust or fund an opportunity of being heard.

In absence of illegality in procedure adopted, appeal is allowed – SC

Posted: 01 Nov 2012 09:13 PM PDT

We have found that the procedure laid down under Section 29 of SFC Act has been followed by the Corporations. The independent valuer submitted his report on 17.09.2010 and the off-set price of the unit was fixed after getting it valued by an independent valuer. It was based upon the valuation...

AO can made addition for Non Submission of Confirmation from Creditors

Posted: 01 Nov 2012 09:01 PM PDT

It is evident from the order of the CIT(A) that the assessee was unable to produce confirmations and reconciliations at the time of assessment proceedings and since the details was produced before the CIT(A), the CIT(A), called for the remand report.

DIT(E) cannot reject approval u/s 80-G without giving proper opportunity to the Assessee

Posted: 01 Nov 2012 08:11 PM PDT

As is apparent from the aforesaid objects, society has been created for providing medical relief to the needy and poor. The ld. AR contended before us that 1st proviso to amended provisions of section 2(15) of the Act inserted by Finance Act, 2008 w.e.f., 01.04.2009 was not applicable in their...

Payment made to NR deputing technicians to render technical services is Fees for Technical Services if the NR is accountable for services

Posted: 01 Nov 2012 12:24 PM PDT

In the case before us also, technical services were rendered by Toyo through the medium of the said technicians. It is not the assessee's case that the technicians were not answerable to Toyo. Nor is it the assessee's case that there was a separate agreement between the technicians and itself and...

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