Archive for the ‘LEGAL DECISIONS’ Category

MCA Circular: Online incorporation of companies within 24 hours

Jul-27th-2011

General Circular No. 49 /2011 No 2/10/2011-CL.V Dated the 23rd July, 2011 All Regional DirectorsAll Registrar of Companies. Sub:Online incorporation of companies within 24 hours Sir, In order to give ease to the corporate world to carry business in India, the Ministry of Corporate Affairs has been simplifying the procedures under the Companies Act, 1956.

SACHIN R. TENDULKAR is an actor/model apart from Cricketer [ITAT (Mum)]

Jul-23rd-2011

Sachin R. Tendulkar vs. Assistant Commissioner of Income-tax, Range 193 IT APPEAL NOS. 428 TO 430 AND 6862 (MUM.) OF 2008   FACTS Facts of the case, in brief, are that the assessee is a leading cricketer and filed his return of income on 31-10-2003 declaring total income of Rs. 18,51,06,510. In the computation statement

Tax Deduction at source not required u/s 195, if payment to Non-Resident is not chargeable to Tax in India. Application to AO u/s 195(2) require, if there is part of payment chargeable to tax in India.

Dec-8th-2010

  GE India Technology Cen. (P.) Ltd vs.Commissioner of Income-tax(SC) QUESTION The short question which arises for determination in this batch of cases is – whether the High Court was right in holding that the moment there is remittance the obligation to deduct Tax At Source (TAS) arises? Whether merely on account of such remittance

No Concealment if addition made on estimated basis

Nov-28th-2010

Commissioner of Income-tax-III vs. Modi Industrial Corporation (HC Punjab & Haryana )25.11.2009  FACT In the present case, the assessee is running a rice sheller. For the assessment year 2000-01, the assessee filed the income-tax return on 25-12-2000, declaring his income as Rs. 31,49,444. Vide order dated 26-2-2003, the Assessing Officer completed the assessment under section 143(3)

Penalty u/s 271(1)( c) cannot be impose when assessee failed to produce the parties before AO for examination

Nov-28th-2010

Chempure vs.Income-tax Officer, 14(3)(1), Mumbai (THE ITAT MUMBAI BENCH ‘B’),  07.05.2010 FACTS Assessee was purchase Rs. 1599295 from various concern concerns belong to Mr. F.H. Rizvi.  During During the course of assessment proceedings, it was asked the assessee to produce those parties but the assessee failed to do so despite repeat opportunities were given by