Author: administrator

Non-compliance of summons issued u/s 131 by investing companies is no ground to make addition under section 68 of the Income Tax Act In a recent judgment ITAT Ranchi has held that mere non-compliance of summons issued u/s 131 of the Act and non production of the directors …

Assessee not obliged to demonstrate actual utilization of donation u/s 35(1)(ii) for scientific research made to an eligible institution In a recent judgment, ITAT Mumbai has held that Assessing Officer’s premise that the assessee must demonstrate actual utilization of the donation for scientific research betrays a fundamental misapprehension …

Phrase “genuineness of activities” has been interpreted liberally by various judicial forums including the ITAT and High Courts – ITAT In a recent judgment, ITAT Jodhpur has held that the phrase “genuineness of activities” has been interpreted liberally by various judicial forums including the ITAT and High Courts, …

If assessing officer rejects a reply, he had to offer an opportunity of personal hearing to the assessee– Allahabad High Court In a recent judgment, Allahabad High Court has held that in terms of section 144B of the Income Tax Act, once a reply had been filed, it …

Business decisions such as withdrawal and redeposit of cash fall within the domain of commercial expediency and AO cannot substitute his own business judgment In A Recent judgment, ITAT Agra has held that business decisions such as withdrawal and redeposit of cash, timing of payments to creditors, or …

High Court has awarded interest @ 12% p.a. on excessive excise duty refunded after twelve years after petitioners was compelled to deposit it. In a recent judgment, Rajasthan High Court has awarded interest @ 12% p.a. on the excise duty refunded after twelve years to compensate for the …

NSDL latest e-TDS TCS RPU Version 5.8 from FY 2007-08 NSDL has revised the e-TDS TCS RPU utility for preparing of TDS/TCS returns. e-TDS/TCS RPU version 5.8 for Statement(s) from FY 2007-08 onwards has been released. Also e-TDS/TCS File validation utility (FVU) versions 2.189 for FY 2007-08 to FY 2009-10 …

Assessee duty bound to deduct TDS u/s 194I and 194J of the Act on the provisions for rent and professional fees made in the accounts In a recent judgment, ITAT Surat has held that, the assessee duty bound to deduct TDS under section 194I and 194J of the …

Notification issued acquires the force of law only upon its publication in the Official Gazette – Supreme Court In a recent judgment, Hon’ble Supreme Court has held that a Notification issued acquires the force of law only upon its publication in the Official Gazette. The expression ‘date of …

Case remitted to verify claim of RTO liaisoner that the cash deposited in his account was of vehicle owners and not his income In a recent judgment, ITAT Bangalore has remitted the case of a RTO liaisoner/middleman to verify if the cash deposited in his bank account were …