| Saturday, September 25, 2010 |
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An Earnest Request of VOICE OF CA to CENTRAL BOARD OF DIRECT TAXES to issue appropriate instructions for extension of due date of filing of returns and due date of tax audit reports in case of all assesses whose last date of filing of Return of Income shall be expiring on 30.09.2010
Recent Updates : 1. THE COMMISSIONER OF INCOME TAX-III Vs. SAROJ METAL WORK PVT. LTD [ HIGH COURT OF DELHI ] The respondent-assessee at the relevant time was a manufacturer of LPG cylinders. In pursuance to the order passed by the Commissioner of Income Tax under Section 263 of Act, 1961, a fresh assessment order under Section 143(3) of Act, 1961 was passed by the Assessing Officer on 18th February, 2005. By the said order, Assessing Officer made an addition of Rs. 1,80,48,856/- on account of inflation of purchases. However, on a remand order passed by the ITAT, Assessing Officer calculated the excess consumption of steel at Rs. 1,07,67,750/-. But Commissioner of Income Tax (Appeals) partly allowed assessee’s appeal and held the value of excess consumption at Rs. 95,03,697/-. On an appeal being filed, ITAT allowed the assessee’s appeal and deleted the disallowance of Rs.95,03,697/-. Held ITAT is right in its decision.
2. COMMISSIONER OF INCOME TAX-XIII Vs. PRAYAG HOSPITAL & RESEARCH [ HIGH COURT OF DELHI ] The learned counsel for Revenue submitted that ITAT had erred in law and on merits in deleting the addition of Rs. 1,32,72,500/- on account of bogus share capital under Section 68 of Act, 1961. She contended that the assessee-company had failed to prove the identity, genuineness and creditworthiness of the share applicants. Held In our considered view, reliance placed by the Tribunal on the said decision in the obtaining factual matrix is totally justified.
3. The Commissioner of Income-tax Vs. Surinder Mohan Jalota [HIGH COURT OF PUNJAB AND HARYANA] The question of law raised in the appeal is “Whether on the facts and in the circumstances, the Appellate Tribunal was right in law in deleting the addition made on account of receipt of Excise Duty Refund when the provisions of section 41(1) read with section 43B of the Income-tax Act, 1961 are applicable in the case of the assessee?” The question of law referred to above, is answered in favour of the revenue and against the assessee.
What's New b. Under section 163(2) of Income-tax Act it is incumbent upon AO to give an opportunity of hearing to person whom he wants to treat as an agent (Click for detail)c. MCA’s notice regarding renewal of Certified Filing Centres (CFC) (Click for detail) d. Amounts received by retiring employees of RBI would be eligible for exemption under section 10(10C) of Income-tax Act, 1961 (Click for detail)e. If payment is made as ex-gratia or voluntary by an employer out of his own sweet will and not conditioned by any legal duty or legal obligation, whether on sympathetic reasons or otherwise, such payment is not to be treated as ‘profits in lieu of salary’ under sub-clause (i) of section 17(3) of Income-tax Act (Click for detail)
"The world suffers a lot. Not because of the violence of bad people, But because of the silence of good people! - Napoleon"
Thanks for your valuable time "Voice of CA"
CA. Sanjay Kumar Agarwal, Founder - Voice of CA
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