With a view to reduce the pendency of appeals in the Tribunal, High Court and Supreme Court and also to redress difficulties of small assessees in meeting cost of litigation, CBDT has been issuing various instructions to revenue officials prescribing the monetary limit for filing appeals before the above forums. Impugned Instruction No. 1979 dated 27-3-2000 was issued in suppression of all earlier instructions stipulating such limit of tax effect....
income tax authorities
The assessee had been carrying on the business of State-organised lottery through its organising agents .The income-tax authorities found that the assessee did not deduct tax at source in respect of prize money accruing on unsold/unclaimed lottery tickets lying with lottery agent and issued notices demanding huge payments. The petitioner challenged the legality and validity of the orders under a WRIT that unclaimed and/or undisbursed prize money was not a
The power of summon u/s 131 of the I T Act is great power vested with income tax authorities. These powers are equivalent to powers vested in judge of a court under the Code of Civil Procedure, 1908 (5 of 1908), when trying a suit. The section u/s 131 of the I.T.Act is as und
Central Board of Direct Taxes have directed its field offices to remain open on 31st July 2010 despite the fact that the day is Saturday , a holiday for central govt offices. Readers must also note that as far as law is concerned , if the last date i.e 31st july 2010 is falling on Saturday, one can file return on 2/08/2010 legally. Please read Last Date falls on Holidays? Next date is the last date. for understanding the law.
bollywood actor Booby Deol’s father-in-law- Sri Dev Ahuja. Ahuja who is the promoter of Centurion Bank and managing director of Twentieth Century finance, is reported to be surveyed by Income Tax authorities on Tuesday ,11/05/2010. Tanya, who is married to Bobby, resides at actor Dharmendra’s residence in Juhu-Vile Parle Scheme. It is reported in media that the survey was carried out on information that Sri Ahuja allegedly having disproportionate wealth running