Cars in the Name of Directors ; Depreciation allowable in the hands of Company : Ahmedabad ITAT

Assessee entitled to deduction for depreciation & interest on loan in respect of cars registered in director’s name; Cars utilized for business purpose & formed part of assessee’s block of assets; Term ‘own’, ‘ownership’ and ‘owned’ to be assigned such meaning as to enable assessee to secure benefit intended to be given by Legislature; SC […]

Every audit objection can’t lead to invocation of extended period, and levy penalty

ST : Every shortcoming noticed during Audit cannot be held as due to mala fide intention on part of assessee so as to invoke extended period of limitation and levy penalty Source:

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:

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, […]