The assessee in this case is a company which moved its applications before the Tribunal being S.A. Nos. 196 to 198/Mum./2009 seeking extension of stay of outstanding demand already granted beyond the period of 365 days. The outstanding demand sought to be stayed was on account of penalties imposed by the Assessing Officer under section...
194I:No TDS on Rent to Co-owners if Below Limit
September 5, 2012 by Leave a Comment
The building owned by various co-owners was leased in favour of assessee-bank on monthly rent including all taxes. Subsequently, the bank , on written requests from co-owners,started paying rent to all the co-owners as per their respective shares by separate cheques. Since the rent paid to each co-owner was less than Rs. 1.20 lakhs in [...]
Section 172 : Tugging of Ship of Non Resident Not Covered
August 30, 2012 by Leave a Comment
The assessee company was dealt with as an agent of ‘M’ an effective tug under section 163 by the Assessing Officer. After that, assessment under section 143 (3), read with section 5 (2) (b) came to be made at an overall income of Rs.9,80,392. One ship called ‘K’ which was in the port of Navlakhi [...]
Can Official Liquidator be given notice to file income tax return ?
August 29, 2010 by
Filing of return under Income tax is compulsory for two classes of persons-company and firm. This is provided in proviso to section 139 of the I T Act. What happens when a company goes into liquidation? Darshan Khakhar of Ahmedabad asks “Does an official liquidator appointed by court bear any responsibility of tax? Is it a...
Whether power u/s.263 can be utilized by CIT to revise intimation u/s.143(1) ?
August 29, 2010 by
A recent decision of Punjab & Haryana High Court in the case of CIT vs Kartar Singh & Co. (P) Ltd. 300 ITR 440 has taken into account almost all the conflicting decision of various High Court as referred above and also the decision of the Apex Court in the case of Rajesh Jhaveri Stock Brokers (P) Ltd. and held that CIT has no power of revision under section 263 in case of summary and acknowledgement are sent to the Assessee after filing of return.
Monthly Subscription
Annual
Semi Annual Subscription
Quiz for CA/ICMA/CS Students