LEGAL & FINANCIAL UPDATES FROM TAX GURU 23.03.2009

The provision for a liability is amenable to a deduction if there is a reasonable element of certainty that it shall be incurred and can be estimated: Delhi HC Posted: 22 Mar 2009 04:01 AM PDT CASE LAW DETAILS Decided by: HIGH COURT OF DELHI In The case of: CIT v Insilco Limited APPeal No. : ITA NO. 873/2008 & 1156/2008 Decided on: FEBRUARY 27, 2009 SUMMARY OF CASE LAW The... This is just a content summary for Full details on above topic visit my website www.taxguru.in. The levy under section 234B is compensatory in nature and is not in the nature of penalty: HC Delhi Posted: 22 Mar 2009 03:48 AM PDT CASE LAW DETAILS Decided by: HIGH COURT OF DELHI In The case of: CIT v Anand Prakash Appeal No. : ITA No. 116/2007 Decided on: February 27, 2009 RELEVENT PARAGRAPH 11. We have examined the... This is just a content summary for Full details on above topic visit my website www.taxguru.in. In case of gift from NRI not related to Assessee ,onus is on the Assessee to substantiate the claim of genuine gifts: ITAT, Mumbai Posted: 22 Mar 2009 03:40 AM PDT CASE LAW DETAILS Decided by: ITAT, `B-1′ BENCH, MUMBAI In The case of: ITO v Mukesh Bhanubhai Shah Appeal No. : ITA No. 4175/Mum/2007 Decided on: February 26, 2007 SUMMARY OF CASE... This is just a content summary for Full details on above topic visit my website www.taxguru.in. Depreciation @ 60% is allowed on Computer peripherals and accessories: ITAT New Delhi Posted: 22 Mar 2009 03:27 AM PDT CASE LAW DETAILS Decided by: ITAT, DELHI BENCH `B': NEW DELHI In The case of: ACIT v Container Corporation of India Ltd. Appeal No. : ITA Nos. 2851 & 3680/Del/2007 Decided on: February 27,... This is just a content summary for Full details on above topic visit my website www.taxguru.in. All types of wells and tube-wells would be included in the term building : ITAT Ahmedabad Posted: 22 Mar 2009 03:14 AM PDT CASE LAW DETAILS Decided by: ITAT, `C' BENCH, AHMEDABAD In The case of: ACIT v. Niko Resources Ltd. Appeal No. : ITA NOS. 661 & 789/AHD/2005 Decided on: FEBRUARY 29, 2008 SUMMARY OF... This is just a content summary for Full details on above topic visit my website www.taxguru.in. Time limit prescribed for issuance of notice under section 143(2)(i) or 143(2)(ii) of IT Act : ITAT Mumbai Posted: 22 Mar 2009 03:07 AM PDT CASE LAW DETAILS Decided by: ITAT, `D' BENCH, MUMBAI ITO v In The case of: Bholanath R.Shukla Appeal No. : ITA No. 6995/Mum./2004 Decided on: May 26, 2008 SUMMARY OF CASE LAW The... This is just a content summary for Full details on above topic visit my website www.taxguru.in. Condition precedent for claiming exemption under section 54 of IT Act: ITAT, Hyderabad Posted: 22 Mar 2009 03:01 AM PDT CASE LAW DETAILS Decided by: ITAT, HYDERABAD `B' BENCH HYDERABAD In The case of: ITO v Rohini Reddy Appeal No. : ITA No. 595/Hyderabad/ 2006 Decided on: April 4, 2008 SUMMARY OF CASE... This is just a content summary for Full details on above topic visit my website www.taxguru.in. Income Tax Department raid at Buldhana credit society reveal shady deals Posted: 22 Mar 2009 02:53 AM PDT NAGPUR: Buldhana Urban Co-operative Credit Society, the country's largest, has come under the taxman's scanner for suspected money-laundering. A team of Income Tax officials has conducted... This is just a content summary for Full details on above topic visit my website www..taxguru.in. IT department can now track down fraudulent electronic transactions Posted: 22 Mar 2009 12:04 AM PDT Tax evasion in Mumbai may now become more difficult as taxpayers will have to deal with a cyber-savvy income-tax department. The IT department has recently adopted a technology to track down... This is just a content summary for Full details on above topic visit my website www.taxguru.in. Swiss bank revealed Indian have more money then rest of the world Posted: 21 Mar 2009 11:48 PM PDT This is so shocking…. ….If black money deposits was an Olympics event…. India would have won a gold medal hands down. The second best Russia has 4 times lesser deposit. U.S. is not... This is just a content summary for Full details on above topic visit my website www.taxguru.in. ICAI wants more time for auditors to complete statutory Audit of PSU Banks Posted: 21 Mar 2009 11:41 PM PDT Do auditors - facing flak for endorsing falsified accounts in the Satyam scandal - have enough time to do their work properly? The Institute of Chartered Accountants of India (ICAI), trying to save... This is just a content summary for Full details on above topic visit my website www.taxguru.in. MVAT circular on filing of revised return as advised by the Auditor in Audit Report Posted: 21 Mar 2009 11:35 PM PDT TRADE CIRCULAR Dt.21.03.2009 No.VAT/MMB-1006/ 152/Adm-6 Mumbai, Trade Cir. No. 9 T of 2009 Sub: Filing of revised return as advised by the Auditor in Audit Report. Ref: Trade circular No. 26T of... This is just a content summary for Full details on above topic visit my website www.taxguru.in. American Kids can't afford mediocrity when competing with Indian kids: Obama Posted: 21 Mar 2009 09:24 PM PDT "We can't afford our kids to be mediocre at a time when they're competing against kids in China and kids in India," US President Barack Obama has said. Interacting with local... This is just a content summary for Full details on above topic visit my website www.taxguru.in. Good News: ICWAI members can practise in US Posted: 21 Mar 2009 09:10 PM PDT In what could provide a big thrust to the cost accounting profession in the country, the Institute of Cost and Works Accounts of India, the apex body to regulate the profession of cost and management... This is just a content summary for Full details on above topic visit my website www.taxguru.in. ICAI - Important Announcement for Statutory Bank Branch Auditors: 2008-09 Posted: 21 Mar 2009 09:03 PM PDT We invite members' attention to announcement, "Complaint regarding Bank Branch Audit Allotment 2008-09" hosted on the website on 16th March, 2009 requesting members to inform us in case they have not... This is just a content summary for Full details on above topic visit my website www.taxguru.in. ICAI announced General Amnesty for Restoration of Names from Register of Members Posted: 21 Mar 2009 08:57 PM PDT A General Amnesty Scheme for retrospective restoration of Membership effective from the date of removal due to non-payment of Membership fee was launched by the Council and announcement to this... This is just a content summary for Full details on above topic visit my website www.taxguru.in.

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