Financial statements can’t be relied upon to grant stay when there is charge of suppression

ST : Where there is prima facie finding of suppression of provision of services and receipts therefrom, balance sheets cannot be said to reflect true and correct financial position; hence, requirement of pre-deposit cannot be waived based on balance sheets Source:

Judgement: I. C. D. S. Ltd vs CIT (Supreme Court)

):- S. 32 requires that the asset must be “owned, wholly or partly, by the assessee and used for the purposes of the business”. The Department’s argument that the assessee is not the “owner” of the vehicles is not acceptable because thelease agreement specifically provided that the assessee was the exclusive owner of the vehicle […]

Judgements: Satya Nand Munjal vs CGT (Supreme Court)

The fundamental question is whether there was in fact a gift of 14,000 bonus shares made by the assessee to the transferee. The answer to this question lies in s. 4(1)(c) of the Gift-tax Act which provides that “where there is a release, discharge, surrender, forfeiture or abandonment of any debt, contract or other actionable […]

IT department allowed to claim Rs 1,090cr from IBM India

The Karnataka High Court on Tuesday paved the way for the income tax department to collect Rs 1,090 crore from IBM India as tax dues for assessment year 2008-09. On January 7, the Income Tax Appellate Tribunal had stayed the demand to pay the full amount subject to IBM paying Rs 50 crore. The high […]

Income tax department to quiz PAN holders not filing returns

In a stern warning to those not paying taxes, theincome tax department on Monday said it is sending letters to 35,170 PAN (permanent account number) holders in the first phase for not filing returns and will take appropriate follow up action. There are over 12 lakh PAN holders who had not filed income tax returns, […]

Income Tax Rate Chart for FY 2012-2013

Checkout latest Income Tax Rate Chart for financial year 2012 – 2013 for men, women, senior citizens. A. Normal Rates of tax B. Rates of tax for a woman, resident in India and below sixty years of age at any time during the financial year C. Rates of tax for an individual, resident in India […]