1.     M/s Trivium Power Engineers P.Ltd. Vs. The ITO [ITAT DELHI] 

The assessee is in appeal against the order dated 11.12.2009 passed by the ld. CIT(A) confirming the penalty amounting to Rs. 2,01,628/- levied by the A.O. u/s 271(1)(c ) of the Income Tax Act, 1961 for the A.Y. 2006- 07. Held that the learned CIT(A) has rightly confirmed the AO’s order in levying penalty u/s 271(1)(c) of the Act. We, therefore, affirm the CIT(A)’s order. 

(Click here for judgment) 

   

2.    Commissioner of Income Tax, Dehradun & another Vs. M/s Sachin Hotels (P) Ltd. [HIGH COURT OF UTTARAKHAND] 

The present Income Tax Appeal has been filed by the Revenue under Section 260A of the Income-tax Act, 1961 (from hereinafter referred to as the “Act”) with a substantial question of law formulated as follows :- “Whether the Hon’ble ITAT, New Delhi has erred in law in holding that action U/S 148 cannot be taken on the basis of DVO’s report, as the ratio of judgment of the Hon’ble Madras High Courts in the case of CIT Vs. Rajendran reported in 288 ITR 312 (Mad) does not apply to the facts of the case?” Held this Court also finds no anomaly in the order of the Tribunal. 

(Click here for judgment) 

  

3.    Subhash Verma. Vs. The Commissioner of Income Tax. [HIGH COURT OF PUNJAB AND HARYANA] 

Whether the Tribunal misdirected itself in law as well as on facts in sustaining the addition of Rs.6 lakhs on account of household expenses, in the absence of any incriminating material having been  found during the course of search conducted at the premises of the appellant, that too contrary to the material on record? 

(Click here for judgment)

    

What's New 

a.  Notification No.85/2010 - Customs (N.T.)  (Click for detail)

b.  Notification No. 98 /2010 - Customs  (Click for detail)

c.  Notification No. 32/2010 - Central Excise  (Click for detail)

d.  Income-tax: Term ‘debenture’ includes bond of a company or a corporation for purpose of sec.11  (Click for detail)

e.  Income-tax : Once tax is deducted at source, amount becomes money due to Central Govt. and either deductor or dedctuee cannot appropriate amount so deducted on any ground  (Click for detail)

f.   Income-tax : Balances written back to profit and loss account are assessable as business income and not as income from other sources  (Click 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