Daily Archives: December 25, 2015

Income tax refund : common questions and answers

How does Income tax Refund arises  ? Refunds generally arise due to (i) Excess payment of tax by way of advance tax, tax deducted at source and tax paid on self-assessment in the context of assessment proceedings; (ii) refund can arise consequent to relief in appellate proceedings; and (iii) there could be cases of direct refunds,… Read More »

CA held guilty of misconduct when he submitted forged income tax return to bank for taking loan

Facts of the Case The complainant-bank sanctioned a loan of Rs. 1,84,000 on the request of the respondent relying on the bona fides and authenticity of the income-tax returns submitted by the respondent to the complainant-bank which were forged and fabricated. The respondent intentionally submitted the forged and fabricated income-tax returns to induce the complainant-bank… Read More »

No bail if no grounds available for believing that applicant not guilty of offence under section 45 of the Prevention of Money Laundering Act

HIGH COURT OF GUJARAT Afroz Mohmad Hasanfatta v. Deputy Director MS. HARSHA DEVANI, J. CRIMINAL MISC. APPLICATION (FOR REGULAR BAIL) NO. 17000 OF 2014 OCTOBER  5, 2015 P.M. Thakkar, Sr. Advocate and R.J. Goswami, Advocate for the Applicant. Devang Vyas and Ms. Trusha K. Patel, Advocate for the Respondent. JUDGMENT 1. By this application under… Read More »

Assessee not required to prove genuineness /credit worthiness of sub-creditor,

Summary of Decision As per Gauhati High Court inNemi Chand Kothari v. Commissioner of Income Tax (2003) 264 ITR 254 :- Section 106 of the Evidence Act makes the Assessee liable to disclose only the source(s) from where he has himself received the credit and it is not the burden of the Assessee to show… Read More »

Dera is not a deemed trust, Dera Mukhi Income Taxable if no charitable activities carried out u/s 2(15)

Facts of the Case The appellant case was selected for scrutiny. The Assessing Officer made an addition of Rs. 1,21,67,653/- by treating the bank deposits as his income from profession and vocation while, inter alia, disallowing the expenses towards insurance and 1/5th expenses towards telephone, travelling and vehicle etc. amounting to Rs. 6,12,725/- besides, adding back… Read More »

Business Responsibility report by Top 500 listed companies

THE GAZETTE OF INDIA EXTRAORDINARY PART – III – SECTION 4 PUBLISHED BY AUTHORITY NEW DELHI, DECEMBER 22nd , 2015 SECURITIES AND EXCHANGE BOARD OF INDIA NOTIFICATION Mumbai, the 22nd December, 2015 SECURITIES AND EXCHANGE BOARD OF INDIA (LISTING OBLIGATIONS AND DISCLOSURE REQUIREMENTS) (AMENDMENT)  REGULATIONS, 2015 No. SEBI/LAD-NRO/GN/2015-16/27.─ In exercise of the powers conferred by… Read More »