Connect us       New User?     Subscribe Now
Confirm your Email ID for Updates
18-09-2010 - Recent Updates as on 18.09.2010
Saturday, September 18, 2010

1.    The Commissioner of Income Tax. Vs. M/s Arya Cycle Works [HIGH COURT OF PUNJAB AND HARYANA] 

The substantial question of law raised is “Whether on the facts and in the circumstances of the case the Hon’ble ITAT was right in law in cancelling the assessment by holding that the service of notice u/s 148 in which no assessment year has been mentioned, on Authorised Representative of the assessee is not legal and valid inspite of that fact that the assessee filed the return in  response to the notice on the very same date and during  reassessment proceedings or even before CIT(A), no objections were raised regarding validity of notice or its service?” 

(Click here for details) 

  

2.    M/s Sunrise Stock Services (P) Ltd. Vs. Commissioner of Income Tax (Appeals)-II, Ludhiana and another [HIGH COURT OF PUNJAB AND HARYANA]  

The substantial questions of law raised inter se is” Whether in facts and circumstances of the case, the action of the  authorities below in rejecting the claim of the assessee without their being  any material evidence to rebut the claim of the assessee/appellant is  legally sustainable in the eyes of law? 

(Click here for details) 

  

3.    Commissioner of Income Tax-I Vs. M/s Rajan Knit Fab (P) Ltd. [HIGH COURT OF PUNJAB AND HARYANA] 

The substantial question of law raised in the appeal is “Whether on the facts and in law, the Hon’ble Income Tax Appellate  Tribunal was justified in holding that the recording of satisfaction u/s  158BD by the Assessing Officer of the person searched and   consequent issue and service of notice u/s 158BD on 07.01.2006   was belated and beyond the period prescribed by law whereas  actually section 158BD read with section 158 BE does not specify  that satisfaction has to be recorded by the Assessing Officer before  completion of assessment u/s 158BC of the Income Tax Act, 1961.” 

(Click here for details)    

 

What's New 

a.  Circular No. 35/2010-Customs  (Click for detail)

b.  Notification No. 84/2010 - CUSTOMS (N.T.)  (Click for detail)

c.  Penalty Only in Case of False Intention: SC to Taxman  (Click for detail) 

d.  Delay in filing of return should not be a reason to deny assessee’s claim of exemption under section 10B(1) of Income-tax Act  (Click for detail) 

e.   Levy of service tax on goods transport service is authorized by statute, its collection from recipients of service is also authorized by statute even for past period, by way of retrospective amendment  (Click for detail)

f.     Income of a trust from assets transferred by assessee-settlor to trustees for benefit of minor grand children would not be includible in hands of settlor/transferor under provisions of section 64(1)(vi) of Income-tax Act for assessment years 1979-80 to 1983-84  (Click for detail)

g.  Advance tax payments by SAIL, Bharti, Tata Motors dip in Q2  (Click for detail)

 

"There are big ships and small ships.  But the best ship of all is friendship"

  

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,
kapilnkgoelandco@gmail.com

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

« Back
 
Online Poll
Connect Us       New User?     Subscribe Now