Arms length pricing discovery has just been made more easier for TPOs as their power have been enhanced by Finance Bill 2011-12. The Bill has increased the power of transfer pricing officer by amendment and insertion of clauses and sub clause of Section 92CA of the I T Act. Here are the proposed power enhancement [...]
Can you make fresh claim for deduction otherwise than by filing a revised return?
May 21, 2010 by
The answer is in negative by Supreme Court in Goetze (India ) Ltd. vs. CIT [2006] 284 ITR 323 (SC) which held that if assessee did not claim the deduction or exemption in return, the claim can not be made to A.O without filing revised return. The decision of the Apex Court was as under The question raised...
Reassessment Notice to ICICI Prudential Quashed By Mumbai high Court
April 27, 2010 by
Rs.98.70 crores. 4 5) Section 44 of the <b>Income</b> <b>Tax</b> <b>Act</b>, 1961 provides that notwithstanding anything contained to the contrary ... First schedule to the <b>Act</b>, <b>income</b> of life insurance business assessable under the <b>Income</b> <b>Tax</b>
Govt to add 9000 MW wind power capacity by 2012
April 21, 2010 by 3 Comments
India will add about 9000 MW of wind power generation capacity during XIth Five Year Plan ending March 31, 2012, lower than previously targeted 11,000 MW.
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Ignore sun at own peril
April 21, 2010 by Leave a Comment
At the root of the ongoing power crisis in the state is the lack of availability of good quality coal. The situation will only get worse and solar energy could be the saviour. But how prepared is Bengal to use it as a resource?
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Quiz for CA/ICMA/CS Students