Chandrasekhar
26 January 2011 at 21:57
Whether the CIT can initiate and levy penalty u/s.271(1)(c) of the Act at the time of concluding the revisionary proceedings u/s.263 of the Act. Whether such action is valid or it is only the assessing officer should levy such penalty? What is the implication of the judgement of the Reliance Petro Products decision of the Supreme Court in this regard?
Anonymous
26 January 2011 at 21:53
If any religious and objectionable objects are deleted by the assessee trust, whether it can be allowed to do so, despite disapproval of the CIT. I understand that even the CIT is not empowered to approve for the deletion of objects of the trust deed. It is only the Civil Court which can entertain such claim under section 92 of C.P.C. Whether 'deletion' of objects would partake the character of 'alteration'? What is the implication of Shakthi Charities decision and Jagadamba Charities decision in such a situation? Whether the assessee can claim for fresh recognition of 80G of the I.T.Act after deletion of objectinable clauses on its own? Please throw some light.
Gaurang
25 January 2011 at 16:27
we have transfered the equity share to Individual (non relative)of pvt. ltd. company in the month of oct'10, now query is that how to value the share as per IT act becuse in 2009 budget there is amend the section 56 i.e value of share on the basis of book value. so we have to vlue this share on the book value and any other way?
Anonymous
22 January 2011 at 19:28
As such agriculture income is not totally varifiable,hence to plug revenue leakage a lumpsum addition of Rs. 300000/- is made u/s 68 treating this amount as unexplained cash credits.
Now A O has issued S C Notice u/s 274 r.w.s 271(1)(c).
Kindly Guide and quote case laws so that we can reply.
Thanks
Jatinder Chugh
22 January 2011 at 19:12
I am a regd dealer under PVAT Act and have bought cement from exempted unit and also from dealer who is taxable at first stage and issued me a retail invoice. Now my questions are 1) Can i claim notional ITC @ 4% on purchases from exempted unit. 2) Can i claim ITC on purchase made from the dealer 3) I am issuing retail invoice to persons other than taxable person. 4) Can i claim notional ITC on Total purchases made in a quarter or it would be proportionate to the sales made in that quarter. 5)What would be better for me to claim notional ITC or reduce purchase value of goods sold and pay vat on value addition only.
Ketan Modi
22 January 2011 at 16:27
Recently I had come across an ad-hoc exemption notification exempting certain assessees from Service Tax liabilities after issuance of SCN. I have in my possession file notings wherein professional tax officers at the rank of Chairman and Member of CBEC had opined that giving retrospective benefit to assessees after issuance of Show Cause is not possible legally. However, Finance Minister, who had himself endorsed this view when the file was presented before him, prevailed upon the CBEC and Revenue Department to introduce the ad-hoc exemption notification thus illegally writing off nearly Rs.225 crore. The provision under which the ad-hoc exemption notification is issued is categorical that it should be in public interest and the reasons must be specified in the notification so issued. FM had prevailed upon the CBEC to issue the notification in public interest without specifying the reasons. Thus it is an illegal order and deserves to be set aside. That is the reasons why I am desirous of challenging it. Just two or three assessees are benefiting from this order and others involved in identical activities have already placed on record that it is discrimination they are subjected to. Hope this gives experts an idea why such illegal acts should be challenged I wish to challange this notification issued before the High Court. Are there any SC/HC orders describing exemption notification with retrospective effect as illegal?
Ketan Modi
ponmanikandan
22 January 2011 at 12:28
1) i am a student of llb, i want to know who is eligible to appear before Various TRIBUNALS like Income tax, sales tax, Securities...?
2)an advocate want to do deal with above matters, does he need any extra qualifications...?
Anonymous
21 January 2011 at 19:13
An income tax officer lodged a complaint u/s.420 IPC with the PSI against an assessee for filing two returns of income for the same assessment year at two different IT offices and obtaining refunds fraudulently mentioning "The prior approval of the Chief Commissioner of Income Tax has been obtained" Is he correct to lodge the complaint to the PSI? Or that the same should have been filed to the court? A certified copy of the Sanction order was applied for with due legal fees, it being a public document,not supplied. Should the sanction order be enclosed to the complaint petition or that it may be obtained at time of framing the charge. Is sanction order at all necessary to lodge a complaint under the IPC offenses? Can an IT officer be a complainant for offenses not falling under the IT Act?Does the above said offense fall out of the IT Act that it has to seek the help of IPC..Kindly advise
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u/s 80ddb
Dear Sir,
Plz. help me .....
An assesse wants deduction u/s 80DDB of f/y 2009-2010 in F/Y 2010-2011(A/y 2011-12) .....
Bcz. he dont take deduction in a/y 2010-2011
Can he claim this .. plz guide me
Thanx & Regards
Ram Prakash Gautam