Order passed without dealing with objections filed by the Assessee is not valid Posted: 10 Mar 2013 08:55 PM PDT The passing of an order dealing with the objections filed by the assessee is not an empty formality. The assessing officer has to apply his mind to the objections raised and has to deal with the objections in the order. This has not been done in the present case. Consequently, order dated...  |
| Capital Gain Exemptions a tool for Tax Evasion? Loopholes in Sec. 54B Posted: 10 Mar 2013 08:01 PM PDT The long term and short term capital gains are taxed under section 50 to 54 in the Income Tax Act, 1961. The amount of such capital gains is generally lump sum and attracts huge tax liability for the assessee and is a important source of revenue for the nation from tax collection.  |
| Difference between Management and Those Charged With Governance (TCWG) Posted: 10 Mar 2013 07:47 PM PDT For Accounting Professionals and Students it is very much of relevance to know the DIFFERENCE BETWEEN MANAGEMENT AND THOSE CHARGED WITH GOVERNANCE (TCWG) in relation to SA-260 (Communication of audit matters to those charged with governance) in Standards on Auditing.  |
| NBFCs to adopt revised Fair Practices Code by March 18, 2013 Posted: 10 Mar 2013 07:41 PM PDT The Reserve Bank of India is entrusted with the responsibility of regulating and supervising the Non-Banking Financial Companies (NBFCs) by virtue of powers vested in the Reserve Bank of India Act, 1934.  |
| Extension of Time for VAT Assessment in Maharashtra for the period 2005-06 and 2008-09 Posted: 10 Mar 2013 07:25 PM PDT Provided also that, in respect of the period commencing on or after the 1st April 2008 and ending on or before the 31st March 2009, an order of assessment under this sub-section may be made on or before the 30th June 2013  |
| Book on New Law of Service Tax in India, March 2013 Posted: 10 Mar 2013 06:59 PM PDT About the Book New Law of Service Tax in India, March 2013 Dr. Sanjiv Agarwal, FCA, FCS In the Finance Bill, 2013, not much of changes have been proposed. The revised budget estimates for the financial year 2012-13 is Rs. 1,32,697 crore (Rs. 1,24,000 crore BE). However, for the 2013-14 fiscal,...  |
| Reopening valid for Failure to disclose all material facts necessary for assessment Posted: 10 Mar 2013 11:38 AM PDT Since this was a case of proposed reopening of assessment after four years from the end of the relevant assessment year it was incumbent upon the assessing officer to demonstrate that there was failure on the part of the assessee to fully and truly disclose all material facts necessary for its...  |
