TG
update
Aug 23
Penalty cannot be levied merely because an amount is not allowed or taxed as income
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No penalty U/s. 271(1)(c) for mere for failure to compute capital gains as per Section 50C
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
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How to send form 16, Form 16A and other Forms automatically
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Applicability of PAN requirement for Foreign Nationals at the time of filing application for incorporation
The Hindu (Tamil)
PAN
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Mothers name on PAN card – New Form 49A & 49AA WEF 16.05.2014
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Bank Unions to strike on May 23 against Nayak report
Banks’ customer service ratings to be made public from next year
TG
Is This A Paradigm Shift ?
Related Party Transactions: Disclosure Regime in place of Approvals
1. http://taxguru.in/wp-content/uploads/2013/03/Annexure-2-Modified-Chart-of-Classification-of-Auditors-and-Societies.pdf
update
Aug 23
Penalty cannot be levied merely because an amount is not allowed or taxed as income
<> The acid test as propounded in the cited leading
court cases, rightly so, and relied upon and followed by the ITAT, Delhi, again
equally rightly, is that , – should “just and cogent reason” be given in a case on hand there could be no levy “merely because the
assessee’s claim was not accepted or was not acceptable to the revenue”. Well, the
legality or soundness of the underlying principle of the stated proposition, in
one’s conviction, is unassailable. Nonetheless, in each and every such case, to
be fully satisfied,- purely from an ‘objective’ viewpoint,- whether or not the
other largely accepted test of justice having been done , must also be seen to have been done, for several
attendant reasons, may prove an onerous exercise. In other words, the dispute
may not necessarily get settled at the last fact finding stage of ITAT but may
be dragged on to courts on the ground of a ‘substantial question of law’.
That is an aspect requiring to be considered
in-depth and needs to be covered suitably by either (a) legislating levy of
‘interest’ and at a reasonably acceptable rate (same as done in certain other
contexts such as, late filing of return, non-payment of tax due), in place of
the extant provision for ‘penalty’, and /or (b) have covered cases in which the
additional burden is significant or not insignificant, under the scheme of
“dispute resolution”. That could, perhaps, pave the way for mitigation of or
prolongation of litigation, as may be imagined, to a considerably desirable
extent.
To make it explicit, the thoughts tried to be
shared are off hand; might nonetheless be given a closer look -through , if
found worth a serious examination, before deciding to accept and go ahead.
Prev.
No penalty U/s. 271(1)(c) for mere for failure to compute capital gains as per Section 50C
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
Note: While dealing with a stay petition in the same
matter (351 ITR 160), the High Court had observed that
the assessee had a “strong prima facie case“
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How to send form 16, Form 16A and other Forms automatically
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Applicability of PAN requirement for Foreign Nationals at the time of filing application for incorporation
The Hindu (Tamil)
பிரதமர் அலுவலக ட்விட்டர் கணக்கு மாற்றப்பட்டதால் சர்ச்சை
பசித்தவன்
பழைய கணக்கு பார்த்தான் என்பதும் அதனால் இப்பூவுலகில் பலன்தான் என்னே
என்பதும்- கருத்து வேற்றுமை க்கும் சர்ச்சைக்கும் 'இயல் அறிவு ' ( common
sense) பூர்வமாக உகந்ததா என்பதே அடிப்படை சர்ச்சை போலும் ! இது
மிக்க அவசியம்தானா என்பதே மற்றுமொரு கேள்வி-சர்ச்சைக்கு உரியது தானே ?
சுயஅறிவு மட்ட சர்ச்சை என்பது கிணறு அல்லது ஊரோரகுட்டை அளவு ; அறிவின்மை
என்பது பரந்த கடல் அல்லது விண்வெளி அளவு அல்லவா ? மூச்சு உள்ளளவும்
சர்ச்சைக்குதான் எல்லைஉண்டொ ?
எது சரி எது தவறு என்பது மானுடனுக்கு மானுடn வேறுபடும். சர்ச்சையும் சண்டையும், அதுவும் அல்ப சங்கதிகளிலும், தவிர்க்க இயலாதது . தெரிந்தது கையளேவே என்கிற உலக நியதி புரியாத வரை , மானுடனின் இரண்டாவது இயற்கை (second nature) கடவுளே தந்தது ,அவராலும் மாற்ற இயலாதது தானே ?!
PAN
Latest from CBDT >
Mothers name on PAN card – New Form 49A & 49AA WEF 16.05.2014
At the first blush, the announced change in the requirement does not seem to have any rhyme or reason behind ; possibly, it is merely one of those not-unfamiliar changes of the kind, conceived of impulsively, with no provocation whatsoever or a serious demand from any quarters.
In a lighter vein, however, being tempted to recall: Tax return of a non-resident corporate, prepared by his consultant in India, sent for verification and signature, came to be returned for filing with no mention of father's name of signatory - director,- but left blank. When diligently followed up by a rejoinder, pat came a reply from an obviously annoyed client, to the effect : Why the hell the Revenue would at all want to know much less can insist for the info. ; leaving it to consultant's wild guess what really could have been the assessee's problem / reservation behind !
Incidentally, as is known, for issuance of a Passport, historically, applicant is mandated to specify mother's name (not father's !).
Thus the whole topic is inevitably surrounded and riddled with imponderables ?
key note:
[Notification No. 26/2014] [F.No.142/15/2013-TPL]
key note:
[Notification No. 26/2014] [F.No.142/15/2013-TPL]
[Ashis Mohanty]
Under Secretary to Government of India
Note: – The principal rules were published vide Notification S.O. 969 (E), dated 26th March, 1962 and last amended by Income-tax (4th Amendment) Rules, 2014 vide Notification S.O. 997 (E), dated the 1st April, 2014.
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RBI may tighten rules for sellers of financial products
Bank Unions to strike on May 23 against Nayak report
<The
reported move, prima facie mindless, deserves to be decried for, among other
reasons, primarily that is indisputably 'premature'. All such strikes, strikingly
called on nothing but at the proverbial ‘drop of a hat', if one cares and were to
look back, are never known to have been
for the benefit of any, in any way. On the contrary, have worked /contributed
towards further deterioration in the social life, not to talk of the adverse
effect/deleterious consequences on the nation's economy itself.
Banks’ customer service ratings to be made public from next year
Of the 48 banks rated, 5 got high ratings, 25 above average, 17 average and 1 below average
Banks should get their act together on customer services as the Banking Codes Standards B... »
< The newly
mooted idea cannot at all be regarded as deserving any accolade, much less
as a commendably brainy step to prove effective for accomplishing the
underlying objective. For, that by
itself, can perceptibly or imaginably serve no useful purpose ; or be sanely
expected to bringing about any desirable improvement in the disgustingly long
obtaining field reality.
It is
incumbent on, besides, the BCSBI, also
the others namely the RBI , in intimate consultation with the concerned law and
finance ministries, to devoutly try and come to rescue, through bringing in and
successfully implementing really helpful measures ; that is, think beyond the simplistic
step of 'rankings', which, at best, is a
wasteful exercise / sheer paper work and nothing beyond.
Builders, Wake Up & Smell Coffee
The Rs 630-cr penalty imposed on DLF should prove to be a milestone for real estate sector
< The delay in completion of a building project beyond the
period of commitment by promoter no doubt entails defeating/deferring the tax
rebate on home loan to borrower. More importantly, such a delay also has the
dreadful potential to the borrower being denied the exemption of tax on capital
gains e.g. under section 54 of IT Act because of the stringent time limits laid
down for purchase or construction of a new property.
Incidentally, this certainly cannot be taken to be the only one but is simply representative of
many more of such instances, which bears on its sleeves the deficiency in professional
competence in every sense of it. In that, had the connected professionals having an important role
to play in ensuring ‘good governance’, primarily such as company secretary, statutory
(financial /tax) auditor(s), advising/consultant lawyer(s), and the whole lot of the kind, cared to be guided by righteous conscience and acted with due diligence in performance of respective duties altruistically enjoined / expected of them, particularly even in the normal
course, that would have immensely saved the
customer community from such horrid reprehensible turn of events / bizarre situations. It is even now may not be late
for all concerned, notably lending banks – both to the players in the realty sector so also to the
home buyers- to realize that their contribution has never been positive; if at all, has always been glaringly
negative. It is high time that they
also should prudently, in their own self-interests as well as those of the rest of the society , “wake up, to smell coffee”. Provided, of course, there is still that popular drink left with its known original flavor cum taste.
TG
Is This A Paradigm Shift ?
Related Party Transactions: Disclosure Regime in place of Approvals
1. http://taxguru.in/wp-content/uploads/2013/03/Annexure-2-Modified-Chart-of-Classification-of-Auditors-and-Societies.pdf
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