If assessee has not furnished the correct particulars of his income, penalty u/s 271(1)(c) can be levied on the ground that there was mensrea involved Posted: 16 Oct 2011 04:50 AM PDT Shri Pankaj Rathi Vs CIT (Calcutta High Court) - It is obvious that it must be shown that the conditions under Section 271 (1)(c) must exist before the penalty is imposed. There can be no dispute that everything would depend upon the Return filed... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| Assessee is entitled to deduction for society charges for the property given on rent Posted: 16 Oct 2011 04:31 AM PDT Saif Ali Khan Vs ACIT (ITAT Mumbai) -With regard to the deduction of Society charges, we find that it has also been disallowed by the AO on the ground that since a flat amount of 30% of annual value is allowed, no other deduction is allowable.... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| Revisional power under Section 263 of the Act cannot be exercised even if there is inadequate enquiry on the part of AO Posted: 16 Oct 2011 03:55 AM PDT Vodafone Essar South Ltd Vs CIT (ITAT Delhi) - The taxpayer claimed certain expenses which were allowed by the AO after considering the taxpayer's submissions. The CIT initiated proceedings under Section 263 of the Act on the basis that due to lack... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| Scrap not generated out of manufacturing activities carried out by assessee-Whether tax deductible under section 206C Posted: 16 Oct 2011 03:26 AM PDT Navine Fluorine International Ltd. v. ACIT (ITAT Ahemdabad) – The assessee was engaged in the manufacture of fluorine and other refrigerant gases. During the survey operation under section 133A it was noticed that the assessee had received... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| Loss of investment not allowable as business loss and for claiming an amount as bad debt conditions specified in section 36(2)(i) are required to be fulfilled Posted: 16 Oct 2011 03:19 AM PDT JCIT Vs M/s Videocon Industries (ITAT Mumbai) - It is seen on perusal of the assessment records of assessment year 1999-2000 that the loss on sale of shares on SMS Pharmaceuticals has been declared as long term capital loss. This shows that the... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| AO based on the report of the Inspector without giving an opportunity to the assessee to explain the alleged information, is not correct Posted: 16 Oct 2011 12:25 AM PDT S K Bothra & Sons, HUF Vs ITO (Calcutta High Court) - When the assessee has discharged the initial burden to prove the loan transaction, the addition made by the AO based on the report of the Inspector without giving an opportunity to the... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| Disallowance on the ground that the assessee has diverted interest bearing funds into tax-free income can not be made where the assessee owes ample interest free funds on the date of investment Posted: 16 Oct 2011 12:13 AM PDT Weikfield Products Co.(I)Pvt. Ltd. v. DCIT (ITAT Pune) Relevant Extract from the Case law 4. At the outset of hearing, the Ld. A.R. pointed out that the issue raised in the grounds of the appeal is fully covered by the decision of Pune Bench of the... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| Interest under section 234C not leviable where the cheques were deposited in time but encashed after due dates Posted: 15 Oct 2011 11:46 PM PDT DCIT Vs M/s Toyoto Boshoku Automotive (I) Pvt Ltd. (ITAT Bangalore) By virtue of Board Circular No.261 dt.8.8.79 and the decision of the Supreme Court in the case of UCO Bank in 238 ITR 889, we find that it is a settled law that the date of... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| Retraction of statement cannot be made even without any strong supporting evidence and mere mention of ill health not sufficient to disprove the contents of nine month old statement Posted: 15 Oct 2011 09:55 PM PDT Shri Kantilal C.Shah Vs. The Asst.CIT Circle-3 – ITAT Ahemdabad IT(SS)A No.21/AHD/2009 Block Period: 1-4-1985 to 31-3-1995 & 1-4-1995 to 12-12-1995 O R D E R PER SHRI MUKUL Kr. SHRAWAT, JUDICIAL MEMBER : This is an appeal at the behest of... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| Govt committed to make RTI more effective – PM Posted: 15 Oct 2011 09:50 PM PDT The Prime Minister has asserted that the government is committed to making Right to Information more effective instrument for ensuring transparency and accountability in administration. Elaborating the need to strike a balance between request for... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| RBI raises per transaction limit to 3,000 USD for exporters, Paypal transaction limit too increased Posted: 15 Oct 2011 09:47 PM PDT The Reserve Bank of India (RBI) enhanced the limit for retaining foreign currency abroad to 3,000 USD per transaction for exporters against the existing 500 USD vide circular no. A.P. (DIR Series) Circular No.35, Dated- October 14, 2011. RBI in a... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| CBDT to focus on high profit-making segments of the economy to achieve tax collection target Posted: 15 Oct 2011 09:24 PM PDT Faced with an increased and "difficult" direct taxes target of Rs 5.85 lakh crore this fiscal, the taxmen will focus on high profit-making segments of the economy, a top official said today. "These are difficult targets to... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| States to impose VAT on textiles and sugar next year onwards Posted: 15 Oct 2011 09:17 PM PDT Consumers will have to pay more for sugar and textiles as States on Friday decided to impose four-five per cent value added tax (VAT) on sugar and textiles from the beginning of next fiscal. A move that will shore up their state governments revenue,... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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