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02.12.2010 - Recent Updates as on 02.12.2010
Thursday, December 2, 2010

1.   THE COMMISSIONER OF INCOME TAX, Vs. SHRI K. V. DAMODARAN, ITA. NO. 359 OF 2010, DATED 01/11/2010, KERALA HIGH COURT

Additions as one solely based on the statement of the assessee recorded under Section 132(4) of the I.T. Act which of course has evidentiary value are not justifiable, however if the search had yielded materials pertaining to investments in buildings, or expenditure, and the assessee could not explain, then it is open to the revenue to file an application for rectification before the Tribunal. 

(Please click here for judgment)

   

2.   THE COMMISSINER OF INCOME TAX AND ANOTHER Vs. M/S RAMA PAPER MILLS LTD., ITA NO. 545 OF 2007, DATED 16/11/2010, ALLAHABAD HIGH COURT

That assessee by mistake had claimed the benefit under a wrong section, does not mean that he should not be given correct relief as admissible under the law. 

(Please click here for judgment)

   

What's New 

a.   RBI/2010-11/293 - APDIRCIR-21-10-Prevention of Money Laundering (Amendment) Act, 2009- Cross Border Remittance under MTSS  (Click for detail)

b.   RBI/2010-11/292 - APDIRCIR-20-10-Prevention of Money Laundering (Amendment) Act, 2009- Money Changing Activities  (Click for detail) 

c.   RBI/2010-11/291 - Liquidity Adjustment Facility – Liquidity Easing Measure  (Click for detail) 

d.   CIRCULAR NO 42/2010 - Customs - Classification of PXI Controllers, Input/Output Modules, Signal Converters and Chassis and its parts-regarding  (Click for detail) 

e.   CIRCULAR NO. 938/28/09-CX - Clarification regarding Quantity discounts, bonus quantities, etc. cleared without payment of duty under MRP based assessment  (Click for detail)

f.    Income Tax NOTIFICATION NO. 86/2010 - DTAA between India and the Government of the United Mexican States  (Click for detail)

g.   Corporate Laws : ICAI – It cannot be said that a person acting in violation of section 24 of Chartered Accountants Act can be punished only under CA Act even though his act also amounts to one or more offences(s) defined under the IPC  (Click for detail)

h.   Service Tax : Renting of Immovable Property – Provision for levy of service tax on renting of immovable property cannot be held to be void in absence of encroachment on Entry 49 List II of Constitution of India  (Click for detail) 

i.    Delhi Banks Won't Accept Cheques with Overwriting  (Click for detail) 

  

           
"Give me six hours to chop down a tree and I will spend the first four sharpening the axe............... Abraham Lincoln"
    
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. Sidharth Jain, Co-Moderator
sidhjasso@yahoo.com 
  
CA. Mukesh K Bansal, Co-Moderator-FEMA
Mob:9540022533,
mukbansal80@gmail.com 

  

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