Fwd: TaxGuru : “Disclosure of undisclosed income in a revised return as a matter of purchasing peace would not render the penalty imposed under s 271(1)(c) unsustainable in absence of a satisfactory explanation with regard to its non-disclosure in th

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From: TaxGuru.in - Daily Tax and Corporate Law Update <info@taxguru.in>
Date: Wed, Jul 13, 2011 at 9:41 AM
Subject: TaxGuru : "Disclosure of undisclosed income in a revised return as a matter of purchasing peace would not render the penalty imposed under s 271(1)(c) unsustainable in absence of a satisfactory explanation with regard to its non-disclosure in the original return" plus 29 more
To: palashbiswaskl@gmail.com

TaxGuru : "Disclosure of undisclosed income in a revised return as a matter of purchasing peace would not render the penalty imposed under s 271(1)(c) unsustainable in absence of a satisfactory explanation with regard to its non-disclosure in the original return" plus 29 more

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• Disclosure of undisclosed income in a revised return as a matter of purchasing peace would not render the penalty imposed under s 271(1)(c) unsustainable in absence of a satisfactory explanation with regard to its non-disclosure in the original return
• Assessee liable to deduct TDS under s 194C at 2 per cent on payment made for hiring the studio and utilising the dubbing facilities, which included service through the studio staff
• Carry forward of unabsorbed depreciation, as per s 32(2), is automatic and the assessee not required to fulfil any condition so as to be entitled to obtain such carry forward
• Amount of brought business loss and unabsorbed depreciation is not required to be first set-off before computing the deduction allowable under s 80HHC for the purpose of computing book profits, matter remitted to make calculation under s 80HHC
• Provisions of s 79 are not applicable to company originally registered as a private company and then became a public company by virtue of the provisions of s 3(iv)(c) of the Companies Act in which public are substantially interested within the meaning of s 2(18) of the Income tax Act, 1961
• Deduction under Section 80-IA(4) available even to contractor who merely develops but does not operate & maintain the infrastructure facility
• If the prosecution proves its case on basis of evidence and the same is also supported by the implied admission of the accused, the conviction of the accused under s 276C(1), 277 and 278 is not liable to be interfered with on the ground that the return did not bear his signature and was not filed by him
• Govt planning to relax exit norms for not-for-profit companies
• Digital Signature Certificate made mandatory w.e.f 1st July 2011 for Firms and Individuals whose accounts are required to be audited u/s 44AB
• Companies (Central Government's) General Rules & Forms (Amendment) Rules,2011
• Find status of assessee based on PAN
• Circulation of Audited Accounts for the Year ended 2010-11 and Report of the Council
• Guidelines for Declaring Financial Institution as Public Financial Institutions Under Section 4a of The Companies Act,1956
• Accounting regulator ICAI to submit suggestions on black money by August end
• SC Decision on Limitation of Companies Act in case of oppression and mismanagement
• Clarification regarding admission of Limited Liability Partnerships as members of Stock Exchanges
• Govt allows exports of one million tonnes of basmati rice
• Chnages in Cabinet Ministers and Ministers of State
• ICSI – Suggestions for Election Reforms and Amendment in CS Regulations
• ICSI – How to Become Life Member of CSBF
• Nabard Should Focus on Promoting Integrated Rural Development and Securing Sustainable Rural Prosperity – FM
• Manager of UCO Bank and seven others sentenced in a corruption case
• SARFAESI – RBI's Master Circular dated 1-7-2011 on Change in or Take Over of the Management of the Business of the Borrower by Securitisation Companies and Reconstruction Companies (Reserve Bank) Guidelines, 2010
• Section 35AC, read with Explanation (b) thereto, of the Income-tax Act, 1961 – Eligible projects or schemes, expenditure on – Notified eligible projects or schemes – Bhagwan Manaweer Viklang Sahayata Samiti, Rajasthan – Amendment in Notification No. S.O.739(E),dated 10-9-1999
• Section 35AC, read with Explanation (b) thereto, of the Income-tax Act, 1961 – Eligible projects or schemes, expenditure on – Notified eligible projects or schemes – Paragon Charitable Trust, Mumbai
• Section 35AC, read with Explanation (b) thereto, of the Income-tax Act, 1961 – Eligible projects or schemes, expenditure on – Notified eligible projects or schemes – Adhiparasakthi Charitable, Medical, Educational and Cultural Trust, Tamilnadu
• Section 35AC, read with Explanation (b) thereto, of the Income-tax Act, 1961 – Eligible projects or schemes, expenditure on – Notified eligible projects or schemes – Jain Social Federation's Anandrishiji Hospital & Medical Research Centre, Maharashtra
• Section 35AC, read with Explanation (b) thereto, of the Income-tax Act, 1961 – Eligible projects or schemes, expenditure on – Notified eligible projects or schemes – Bharat Sevashram Sangha, Kolkata
• Section 35AC, read with Explanation (b) thereto, of the Income-tax Act, 1961 – Eligible projects or schemes, expenditure on – Notified eligible projects or schemes – Anand Isher Educational Charitable Trust, Punjab
• PPPAC Approves PPP Projects Worth Rs. 9773.85 Crores

Disclosure of undisclosed income in a revised return as a matter of purchasing peace would not render the penalty imposed under s 271(1)(c) unsustainable in absence of a satisfactory explanation with regard to its non-disclosure in the original return Posted: 12 Jul 2011 08:31 PM PDT Senthamarai Constructions v CIT (High Court of Madras) - Assessee filed the revised return in respect of the first two assessment years and filed the return for the first time for the last of the assessment year only after search in the Managing... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Assessee liable to deduct TDS under s 194C at 2 per cent on payment made for hiring the studio and utilising the dubbing facilities, which included service through the studio staff Posted: 12 Jul 2011 08:10 PM PDT ACIT v Mansih Dutt (ITAT, Mumbai )- Assessee had utilized the services of dubbing studio Ninety Degrees by using their equipments as well as the artists who were working for Studio Ninety Degrees. The assessee had thus carried out the work of... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Carry forward of unabsorbed depreciation, as per s 32(2), is automatic and the assessee not required to fulfil any condition so as to be entitled to obtain such carry forward Posted: 12 Jul 2011 07:54 PM PDT ACIT v Mehsana District Co-op Milk Producers Union Ltd(Ahemdabad ITAT)- Once the depreciation allowable under s 32(1) cannot be allowed or partly allowed, the unabsorbed portion of such depreciation automatically becomes the depreciation of the... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Amount of brought business loss and unabsorbed depreciation is not required to be first set-off before computing the deduction allowable under s 80HHC for the purpose of computing book profits, matter remitted to make calculation under s 80HHC Posted: 12 Jul 2011 07:43 PM PDT Bisazza India (P) Ltd. v CIT (ITAT Ahmedabad) - We feel the restriction contained in section 80AB or section 80B(5) could not be applied in as much as carry forward of business loss or depreciation should not be first set-off leaving gross total... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Provisions of s 79 are not applicable to company originally registered as a private company and then became a public company by virtue of the provisions of s 3(iv)(c) of the Companies Act in which public are substantially interested within the meaning of s 2(18) of the Income tax Act, 1961 Posted: 12 Jul 2011 07:20 PM PDT Meredith Traders (P) Ltd. v ITO (ITAT Mumbai)- The ld. CIT has albeit held that the assessee is a deemed public company as per the Companies Act, but he held that the same could not be true while applying the provisions of the Act. There is a basic... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Deduction under Section 80-IA(4) available even to contractor who merely develops but does not operate & maintain the infrastructure facility Posted: 12 Jul 2011 06:15 PM PDT Laxmi Civil Engineering Pvt Ltd vs. ACIT (ITAT Pune) - After Section 80 IA was amended by the Finance Act, 2001, the section applies to an enterprise carrying on the business of (i) developing; or (ii) operating and maintaining; or (iii) developing,... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

If the prosecution proves its case on basis of evidence and the same is also supported by the implied admission of the accused, the conviction of the accused under s 276C(1), 277 and 278 is not liable to be interfered with on the ground that the return did not bear his signature and was not filed by him Posted: 12 Jul 2011 06:13 PM PDT ITO v Mangat Ram Norata Ram Narwana and Anr. (Supreme Court of India) - There is no statutory requirement that signature on the return has to be made in presence of the Income-tax authority. Nothing has been brought in evidence by the accused Hem... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Govt planning to relax exit norms for not-for-profit companies Posted: 12 Jul 2011 08:33 AM PDT Government is planning to relax exit norms for not-for-profit companies to allow them to de-register without having to follow cumbersome regulations. "The Ministry has been receiving representation from various stakeholders to develop a procedure... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Digital Signature Certificate made mandatory w.e.f 1st July 2011 for Firms and Individuals whose accounts are required to be audited u/s 44AB Posted: 12 Jul 2011 08:01 AM PDT Digital Signature Certificate made mandatory w.e.f 1st July 2011 for Firms and Individuals whose accounts are required to be audited u/s 44 AB of the Income Tax Act' 1961. Click here to download notification no. S.O. 1497(E) dtd 1st July 2011 in... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Companies (Central Government's) General Rules & Forms (Amendment) Rules,2011 Posted: 12 Jul 2011 07:43 AM PDT (1) These rules may be called the Companies (Central Government's) General Rules and Forms (Amendment) Rules, 2011. 2) They shall come into force with effect from the date of publication in the official Gazette. 2. The existing Rule 10C shall... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Find status of assessee based on PAN Posted: 12 Jul 2011 06:20 AM PDT Find status of assessee based on PAN - We have attached a excel file which will help you determine the status of any one on the basis of his PAN. In this file you just have to enter the PAN and sheet will show the status of the PAN. [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Circulation of Audited Accounts for the Year ended 2010-11 and Report of the Council Posted: 12 Jul 2011 05:20 AM PDT As a part of the Green Initiative in Corporate Governance taken by the Ministry of Corporate Affairs by allowing paperless compliances by the companies, the Council of the Institute has decided to send the Audited Accounts and Report of the Council... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Guidelines for Declaring Financial Institution as Public Financial Institutions Under Section 4a of The Companies Act,1956 Posted: 12 Jul 2011 05:18 AM PDT The Ministry of Corporate Affairs has framed following criteria for declaring any financial institution as a Public Financial Institution (PFI) under under section 4a of the Companies Act,1956: Decided that with effect from 12th June, 2011, all... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Accounting regulator ICAI to submit suggestions on black money by August end Posted: 12 Jul 2011 05:12 AM PDT Accounting regulator ICAI today said it will submit to the government, its suggestions on the ways to deal with the menace of black money and retrieving illegal money stashed in tax havens and overseas banks by the end of August. [[ This is a content summary only. Visit www.taxguru.in for full article ]]

SC Decision on Limitation of Companies Act in case of oppression and mismanagement Posted: 12 Jul 2011 05:09 AM PDT Hanuman Prasad Bagri & Ors vs Bagress Cereals Pvt. Ltd. & Ors (SC) Sections 397 & 398 of the Companies Act, 1956 [hereinafter referred to as the Act] was filed before the Calcutta High Court on grounds of oppression and... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Clarification regarding admission of Limited Liability Partnerships as members of Stock Exchanges Posted: 12 Jul 2011 04:53 AM PDT We have received requests from various stock exchanges to permit Limited Liability Partnerships (LLPs) to be admitted as members of stock exchanges so as to enable them to get registration as stock broker under SEBI (Stock brokers and Sub-brokers)... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Govt allows exports of one million tonnes of basmati rice Posted: 12 Jul 2011 04:10 AM PDT The government today allowed exports of one million tonnes of non-basmati rice, lifting an over three-year old ban, in the wake of overflowing godowns. The decision to this effect was taken by an Empowered Group of Ministers (EGoM) headed by Finance... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Chnages in Cabinet Ministers and Ministers of State Posted: 12 Jul 2011 12:14 AM PDT The Prime Minister has written to the President recommending that the following may be appointed as members of the Union Council of Ministers and has requested that the oath of office and secrecy be administered at 5.00pm today. CABINET MINISTERS... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

ICSI – Suggestions for Election Reforms and Amendment in CS Regulations Posted: 11 Jul 2011 11:22 PM PDT Suggestions for Amendments in the Company Secretaries Act, 1980, Regulations and Rules made thereunder and for Election Reforms in the conduct of Elections to the Council/ Regional Councils/ Chapters of the Institute The Council of the Institute at... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

ICSI – How to Become Life Member of CSBF Posted: 11 Jul 2011 11:20 PM PDT Application for life membership of CSBF has to be submitted in the prescribed Form-A (available on the website of the Institute i.e. www.icsi.edu) and should be accompanied by Demand Draft or Cheque (payable at par) for Rs. 5,000/- drawn in favour... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Nabard Should Focus on Promoting Integrated Rural Development and Securing Sustainable Rural Prosperity – FM Posted: 11 Jul 2011 10:04 PM PDT Union Finance Minister Shri Pranab Mukherjee has said that National Bank for Agriculture and Rural Development (NABARD) should deploy new technology, innovate and create financially viable models that can take forward the process of financial... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Manager of UCO Bank and seven others sentenced in a corruption case Posted: 11 Jul 2011 10:04 PM PDT The Special Judge for CBI Cases has convicted Shri R.Shivakumar, the then Manager, UCO Bank, Davangere Branch (Karnataka) and 7 others for causing loss of Rs.85.20 lakhs to the UCO Bank. All the accused persons were sentenced to undergo Simple... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

SARFAESI – RBI's Master Circular dated 1-7-2011 on Change in or Take Over of the Management of the Business of the Borrower by Securitisation Companies and Reconstruction Companies (Reserve Bank) Guidelines, 2010 Posted: 11 Jul 2011 09:39 PM PDT CIRCULAR NO. DNBS (PD) CC. NO. 26/SCRC/26.03.001/2011-2012- In view of announcement in the Monetary Policy Statement, the Reserve Bank of India hereby notifies these guidelines, framed under section 9(a) of the Securitisation and Reconstruction of... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Section 35AC, read with Explanation (b) thereto, of the Income-tax Act, 1961 – Eligible projects or schemes, expenditure on – Notified eligible projects or schemes – Bhagwan Manaweer Viklang Sahayata Samiti, Rajasthan – Amendment in Notification No. S.O.739(E),dated 10-9-1999 Posted: 11 Jul 2011 09:38 PM PDT NOTIFICATION NO. 78/2011 WHEREAS by Notification of the Government of India, in the Ministry of Finance (Department of Revenue) Number S.O.739(E), dated the 10th September, 1999, issued under sub-section (1) read with clause (b) of the Explanation... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Section 35AC, read with Explanation (b) thereto, of the Income-tax Act, 1961 – Eligible projects or schemes, expenditure on – Notified eligible projects or schemes – Paragon Charitable Trust, Mumbai Posted: 11 Jul 2011 09:37 PM PDT NOTIFICATION NO. 77/2011 WHEREAS by Notification of the Government of India in the Ministry of Finance (Department of Revenue) Number S.O.998(E), dated the 5th July, 2006, issued under clause (b) of the Explanation to section 35AC of the Income-tax... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Section 35AC, read with Explanation (b) thereto, of the Income-tax Act, 1961 – Eligible projects or schemes, expenditure on – Notified eligible projects or schemes – Adhiparasakthi Charitable, Medical, Educational and Cultural Trust, Tamilnadu Posted: 11 Jul 2011 09:36 PM PDT NOTIFICATION NO. 76/2011 WHEREAS by Notification of the Government of India in the Ministry of Finance (Department of Revenue) Number S.O. 2370(E), dated 3rd October, 2008, issued under clause (b) of the Explanation to section 35AC of the Income-tax... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Section 35AC, read with Explanation (b) thereto, of the Income-tax Act, 1961 – Eligible projects or schemes, expenditure on – Notified eligible projects or schemes – Jain Social Federation's Anandrishiji Hospital & Medical Research Centre, Maharashtra Posted: 11 Jul 2011 09:35 PM PDT NOTIFICATION NO. 75/2011 WHEREAS by Notification of the Government of India in the Ministry of Finance (Department of Revenue) Number S.O.234(E), dated the 15th February, 2007, issued under clause (b) of the Explanation to section 35AC of the... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Section 35AC, read with Explanation (b) thereto, of the Income-tax Act, 1961 – Eligible projects or schemes, expenditure on – Notified eligible projects or schemes – Bharat Sevashram Sangha, Kolkata Posted: 11 Jul 2011 09:34 PM PDT NOTIFICATION NO. 74/2011 WHEREAS by Notification of the Government of India in the Ministry of Finance (Department of Revenue) Number S.O. 2370(E), dated 3rd October, 2008, issued under clause (b) of the Explanation to section 35AC of the Income-tax... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Section 35AC, read with Explanation (b) thereto, of the Income-tax Act, 1961 – Eligible projects or schemes, expenditure on – Notified eligible projects or schemes – Anand Isher Educational Charitable Trust, Punjab Posted: 11 Jul 2011 09:33 PM PDT NOTIFICATION NO. 73/2011 WHEREAS by Notification of the Government of India in the Ministry of Finance (Department of Revenue) Number S.O. 121(E), dated 12th January, 2009, issued under clause (b) of the Explanation to section 35AC of the Income-tax... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

PPPAC Approves PPP Projects Worth Rs. 9773.85 Crores Posted: 11 Jul 2011 09:30 PM PDT The Forty-fourth PPPAC meeting, chaired by Secretary (Economic Affairs), Ministry of Finance met on June 20, 2011 and granted approval to 6 proposals of Ministry of Road Transport and Highways. These proposals are in five States. The list of... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

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Palash Biswas
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