1. CIT-I Vs. Backbone Enterprises [ HIGH COURT OF GUJARAT ] - The appellant revenue has proposed the questions : Whether on the facts and circumstances of the case, the Appellate Tribunal is right in law in upholding the order of the Ld. CIT (A) who had deleted the penalty levied u/s. 271(1)(c) by accepting the fact that the wrong claim of deduction u/s. 80IA was a bonafide error? etc. Held there is absence of  question of law.

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2.  Income Tax Officer Vs. Shri Pawan Kumar Gupta [ ITAT DELHI ] - The appeal is for the A/Y 2001-02  against the CIT’s  Action of deleting addition of Rs. 49 lacks made by AO u/s 69A of the Income Tax Act. The order of the CIT is confirmed by the ITAT.

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3. Nehsel Exports Pvt. Ltd Vs. Addl. CIT, New Delhi [ ITAT DELHI ] - The grounds of appeal raised by the Assessee are : That having regard to  the facts and circumstances of the case Ld. AO has erred in law and facts in  intimating the proceedings for imposition of penalty for accepting the share  application money Rs. 50,000/- in cash and Ld. CIT(A) has erred in  confirming the same. Etc. The appeal of the assessee is allowed.

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What's New 

a. SERVICE TAX CIRCULAR NO.127/9/2010 (Click here for detail) 

b. IPOs Retail Cap to Rise (Click here for detail)

c. States Get One More Month to Study GST Bill (Click here for detail)

d. Mah Satyam wins tax case against Upaid (Click here for detail)

e. Finmin offers concessions on new tax plan (Click here for detail)

f. Special Bench of ITAT on taxability of loss in case of forward foreign exchange contracts (Click here for detail)

   

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"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, kapilnkgoelandco@gmail.com
 
CA. Sidharth Jain, Co-Moderator
sidhjasso@yahoo.com 
  
CA. Mukesh K Bansal, Co-Moderator-FEMA
Mob:9540022533, mukbansal80@gmail.com