S.agarwal&associates

S.agarwal&associates Tax Consultancy Services provided

30/10/2016

May this Deewali light up New Dreams,,
Fresh Hopes,, Undiscovered Avenues,,
Different Prospectives,, Everything bright & Beautiful,, Fill your day with Pleasant Surprises & Moments!!✨
Wish You n Your Family A very
"SHUBH DEEPAWALI!"
from:- S.Agarwal & Associates

Wish You Happy Navratri
01/10/2016

Wish You Happy Navratri

Happy Agrasen Jayanti
01/10/2016

Happy Agrasen Jayanti

18/06/2014

Deloitte Consulting India Pvt. Ltd vs. ACIT (ITAT Mumbai)

June 16th, 2014

S. 271(1)(c): The giving up of a bogus claim for deduction to eschew inquiry by AO/ TPO is not voluntary & bona fide & attracts levy of penalty

(iv) The assessee’s next plea is of a complete disclosure of material facts, made, adverting to the audit report u/s 92E. We are at loss to fathom even the import of the argument. It is only on failing, and abysmally at that, to demonstrate any business purpose of its relevant international transaction that a TP adjustment, valuing the same at nil, was advised by the TPO and came to be made. The disclosure per the audit report u/s 92E is thus both false and misleading. The argument of complete disclosure, unless the same is true, is of little consequence in law and, in fact, itself false. As such, looked at from any angle there has been both concealment as well as furnishing inaccurate particulars of income in the present case (Mak Data 352 ITR 1 (Del) affirmed in 358 ITR 593 (SC) referred)

18/06/2014

ITO vs. Growel Energy Co. Ltd (ITAT Mumbai)

June 17th, 2014

ITAT issues strictures against AO & CIT & fines them for filing a frivolous appeal

The ITO, the Appellant, as well as the CIT, who has authorised the AO to prefer an appeal, did not apply their mind in the correct perspective and in a very lacklustre and routine manner filed the appeal which, in turn, resulted in wastage of time of the court … At this juncture it may be noticed that the power is vested in the CIT and not with the AO because the Legislature, in its wisdom, thought that a superior/ senior officer can take a more balanced decision so as to avoid filing frivolous appeals in routine manner. However, even the CIT has not given his reasons as to why he has authorised the AO to file an appeal on this issue…. we are of the firm view that the AO has raised a soulless ground which deserves to be dismissed in limine. We could have saved a lot of time had the CIT not given his authorisation on such frivolous issues. On the contrary, it is incumbent upon the Commissioner, as a supervisory authority, to admonish the AO for making an addition without basic understanding of legal position…. this is a peculiar case where even the CIT (Admin) who is supposed to supervise the proper functioning of the AO, under his charge, has allowed him to file appeals without properly examining the assessment order and the order of the CIT(A), which results in unnecessary expenditure to the assessee when appeal is filed by the Revenue and the assessee had to undergo the trauma of engaging counsel and paying substantial fees to defend the case when the Revenue has no case at all … Therefore we award a token cost of Rs. 5,000 upon the CIT who has given the authorisation and cost of Rs. 10,000 upon the AO who has filed this appeal… The said payment should be made to the assessee within one month from the date of receipt of this order. Registry is also directed to mark a copy to the Chairman, CBDT so that in future the Income Tax Commissioners, who are responsible for filing appeal before the Tribunal, would take proper care to scrutinise the issues before authorising the AO to file appeals before the Tribunal

18/06/2014

Admit cards in respect of all candidates admitted to the Common Proficiency Test (CPT) June 2014 examination, with their photographs and signatures on them, are hosted on www.icai.nic.in. Candidates may print their admit cards from the said website. For downloading/printing of the admit cards, candidates will have to enter the following details on the site:

Student registration number or bar code number printed on the examination application form
Personal Identification Number (PIN)
PIN is the four digit number of the candidate’s choice entered by him/her the relevant column in the examination application form.

In terms of the decision of the Examination Committee of the Institute, physical admit cards are being sent by post, only to those who submitted physical examination application forms (i.e. OMR). The practice of sending physical admit cards by post, to those who had submitted their exam application forms online, is discontinued with effect from June 2014 CPT examination onwards.

Physical admit cards sent by post as well as those printed from the website are valid for admission to the examination. However, in case the candidate’s photo and/or signature is/are not appearing on the admit card, they are required to carry their photo id/photo & signature duly attested by a CA/Gazetted Officer/Principal of School/College while appearing in CPT and handover the same to the Invigilator for sending to the Institute.

For any further clarifications, write to/contact at [email protected]

17/06/2014

WEALTH-TAX ACT, 1957

[27 OF 1957]

[AS AMENDED BY THE FINANCE ACT, 2011]



An Act to provide for the levy of wealth-tax

BE it enacted by Parliament in the Eighth Year of the Republic of India as follows :—

CHAPTER I

PRELIMINARY

Short title, extent and commencement.

11. (1) This Act may be called the Wealth-tax Act, 1957.

(2) It extends to the whole of India.

(3) It shall be deemed to have come into force on the 1st day of April, 1957.

17/06/2014

NOTIFICATION
New Delhi, the 30th day of May, 2014
Income-tax
S.O. 1418(E).─ In exercise of the powers conferred by section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely:-
1. (1) These rules may be called the Income-tax (6th Amendment) Rules, 2014.
(2) They shall be deemed to have come into force with effect from the 1st day of April,
2014.
2. In the Income-tax Rules, 1962 (hereinafter referred to as the said rules), in rule 12, in sub-rule(2), in the proviso,-
(a) after the expression “section 10A”, the expression “section 10AA” shall be inserted;
(b) after the expression “section 44AB”, the expression “section 44DA, section 50B” shall be inserted;
(c) for the expression “or section 115JB”, the expression “section 115JB or section 115VW” shall be substituted.
3. In the said rules, in Appendix-II, for FORM ITR-3, FORM ITR-4, FORM ITR-5, FORM ITR-6 and FORM ITR-7

31/01/2014

Government of India
Ministry of Finance
Department of Revenue
Central Board of Direct Taxes

Dated 30th January, 2013

Press Release

The CBDT has decided to keep in abeyance the decision to change the
procedure for PAN allotment till further orders. Accordingly the operation of
circular No. 11 dated 16.01.2014 issued to PAN service providers has been
directed to be put on hold till further orders. In the meantime the old procedure of
PAN application and allotment shall continue.

So Again old procedure of PAN allotment continue

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