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TMI Tax Updates - e-Newsletter
January 28, 2012
Case Laws in this Newsletter:
Income Tax
Articles
News
Notifications
Circulars / Instructions / Orders
Highlights / Catch Notes
Customs
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Corrigendum of Notification no. 2/2012- Custom. - Ntf. No. CORRIGENDUM Dated: January 23, 2012
Corporate Law
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Section 233B of the Companies Act, 1956 - Audit of Cost accounts in certain cases - order under section 233B(1). - Cir. No. [F.No. 52/26/CAB-2010] Dated: January 24, 2012
Case Laws:
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Income Tax
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2012 (1) TMI 86
Contract Construction activity - Commissioner exercised revisionary powers u/s 263 on the ground that A.O. had not examined whether the assessee was following completion method or percentage completion method and whether the said expenditure could be claimed as an expense in the A.Y. in question - non-inquiry by the Assessing Officer with regard to squared up loans – Tribunal quashed the order of Commissioner on ground that expenditure would be allowed as assessee has commenced business activities – Held that:- There was error on the part of the A.O. in not making verification and inquiries, regarding both the aspects discussed aforesaid, which were required and the assessment order was prejudicial to the interest of the Revenue. The tribunal has completely ignored the said aspect and has proceeded on an entirely different basis which was not edifice and foundation of the order passed by the CIT u/s 263 of the Act. Order of Tribunal quashing CIT order is set aside – Decided in favor of Revenue.
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