1. CIT vs M/s Ask Brothers LTD: Karnataka High Court: 

Held applying SC ruling in lovely exports 216 CTR 195 and Stellar Investments 251 ITR 263, that once identity stands establised, even if certain persons did not admit for share application subscription, no addition is possible in hands of company assessee.

(Click here for judgment)

   

2. CIT vs V.V.Industrial Processors Pvt Ltd. :

Upheld "However, in respect of the share application money to the extent of Rs 81,40,000/- received from other parties, the Commissioner of Income Tax (Appeals) deleted the said addition because of the fact that the assessee had filed confirmation letters from them and that notices issued to them had been served and the parties had also replied to the same confirming the making of the payments towards share application money. The Commissioner of Income Tax (Appeals), therefore, found that the onus, which was on the assessee, stood discharged. The identity of the subscribers was established and they had also confirmed having made the payments. In view of the foregoing, the Commissioner of Income Tax (Appeals) deleted the addition to the extent of Rs?81,40,000/-. These findings of fact were confirmed by the Income Tax Appellate Tribunal by virtue of the impugned order. No substantial question of law arises for our consideration.

The appeal is dismissed."

(Click here for judgment)

   

  

   

What's New 

a.  Budget 2010- Provisions regarding issuance of Certificate for TDS/TCS by the deductor/collector (Section 203 & Section 206C  (Click for detail)

b.  Amendment to Finance Bill, 2010  (Click for detail)

c.  I-T refunds will be slow  (Click for detail)

d.  Once initial burden in terms of section 68 of IT Act, 1961 is discharged by assessee, onus shifts to Department to prove that amount credited in books of accounts represents undisclosed income of assessee (Click for detail)

e.  How Saral is the Saral-II form  (Click for detail)    

d.  Before invoking provisions of section 153A it would be necessary to comply with provisions contained under section 132(1)  (Click for detail)

(Click here) for Team Voice of CA Chapters detail. 

  

"Plans are only good intentions unless they immediately degenerate into hard work"

Thanks for your valuable time

"Voice of CA"

CA. Sanjay Kumar Agarwal, Founder - Voice of CA

Member  Central Council - ICAI  (Former Chairman - NIRC)

Mob : 9811080342, agarwal.s.ca@gmail.com

CA. Kapil Goel, Moderator-Direct Taxes, Mob:9910272806, cakapilgoel@gmail.com

CA. Sidharth Jain, Co-Moderator, sidhjasso@yahoo.com

CA. Mukesh K Bansal, Co-Moderator-FEMA, Mob:9540022533, mukbansal80@gmail.com