Updates
Assessee can seek cross-examination of witnesses whose statements have been relied on to confirm charge of evasion against him; and any denial thereto may amount to violation of principles of natural justice and entire adjudication proceedings would be liable to be set aside : Gujarat HC
Assessee can seek cross-examination of witnesses whose statements have been relied on to confirm charge of evasion against him; and any denial thereto may amount to violation of principles of natural justice and entire adjudication proceedings would be liable to be set aside : Gujarat HC Gujarat Cypromet Ltd
Read MoreAssessment can legitimately be reopened on basis of material which comes to Assessing Officer after original assessment or during course of assessment proceedings for next assessment year : Bombay HC
Assessment can legitimately be reopened on basis of material which comes to Assessing Officer after original assessment or during course of assessment proceedings for next assessment year : Bombay HC Rabo India Finance Ltd.
Read MoreUnexplained investment on sales affected outside books of account has to be worked out on proportionate basis : P&H HC
Unexplained investment on sales affected outside books of account has to be worked out on proportionate basis : P&H HC Jay Kay Feeds (P.) Ltd
Read MoreEmployees can’t claim VRS benefit as matter of right: Supreme Court
“A voluntary retirement scheme introduced by a company, does not entitle an employee as a matter of right to the benefits of the scheme,” a bench headed by Chief Justice Altamas Kabirsaid. The Bench also held “Whether an employee should be allowed to retire in terms of the scheme (VRS) is a decision which can…
Read MoreICAI defers applicability of SA 700 to Tax Audit Reports by 1 Year
Considering the fact that all tax audit reports are now mandatorily required to be filed online and that the format of tax audit report is prescribed by the Central Government, the Council in its 325th meeting held from 1st June to 3rd June, 2013 decided to defer the applicability of SA-700 (Revised) on the tax…
Read MoreCBDT issues strict instructions to Higher Officers to deal efficiently and speedily the online rectification applications u/s 154
The CBDT has issued strict guidelines to its Higher officers that they deal speedily and efficiently the rectification applications u/s 154. This appears to have been done to comply with directions of Hon’ble Delhi HC. To view instructions Online Rectification disposal system – Sec 154 Processing of brought forward ITRs Processing of unserved Intimations 143(1)
Read MoreDelhi HC grants approval u/s 10(23C) to ICAI
Exemption u/s 10(23C)(iv) allowed to Institute of Chartered Accountants of India in absence of profit motive in its activities; Existence of ‘profit motive’ would be a vital indicator in determining whether an organisation is carrying on business or not; ICAI’s activities of conducting coaching and campus placements integral to main activity of promoting accountancy courses;…
Read MoreChennai ITAT Allows 100% depreciation on salt pans including expenses on stone bunds
Allows 100% depreciation on salt pans including expenses on stone bunds; Assessee engaged in business of manufacturing and trading in industrial and edible salt; Stone bunds are a part and parcel of salt pans and cannot be treated differently; Rejects Revenue’s contention that 100% depreciation available only on salt pans, reservoirs and condensers, etc. made…
Read MoreUpholds AO’s inherent power to suo-moto rectify mistakes in assessment orders. But strikes down rectification order u/s 154 which in fact was a reassessment order.
Upholds AO’s inherent power to suo-moto rectify mistakes in assessment orders; Interprets Section 21 of the General Clauses Act; However, strikes down rectification order u/s 154 which in fact was a reassessment order; Confirms ITAT ruling : Uttarakhand HC in Karjat Trade Place Pvt. Ltd. karjat trade place
Read MoreNotices of demand under section 156 cannot reduce normal period of recovery from 30 days on apprehension that assessee would be exploring legal options to delay and obstruct recovery and put in tax avoidance scheme
Section 156, read with section 220, of the Income-tax Act, 1961 – Notice of Demand [Time limit] – Assessment years 2007-08 to 2012-13 – Petitioner-assessee received notices of demand under section 156 – Revenue reduced time for payment from normal period of 30 days to a period of 5 days in some notices on apprehension…
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