1.  M/S DURGA DASS DEVKI NANDAN Vs. INCOME TAX OFFICER, PALAMPUR, ITA NO. 4 OF 2005, DATED: MARCH 11, 2011 HIGH COURT OF HIMACHAL PRADESH

That CBDT cannot issue a circular which goes against the provisions of the Act. The CBDT has provided that either the amount of remuneration payable to each individual should be fixed in the agreement or the partnership agreement deed should lay down the manner of quantifying such remuneration. When the partnership deed provides that the remuneration will be as per the provisions of the Income-tax Act, it clearly means that the remuneration payable to the partners shall be quantified as per the provisions of the Act and shall not exceed the maximum remuneration provided. It is not disputed that the partners were paid remuneration which was less than the maximum provided by the Income-tax Act. None of the authorities have doubted the payment of remuneration and in fact account books of the assessee firm have been accepted to be correct. Therefore, nobody has doubted the payment of remuneration to the partners.

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2.  COMMISSIONER OF INCOME TAX Vs. M/S DABWALI TRANSPORT COMPANY, ITA NO. 872 OF 2010 (O&M), DATED: MARCH 3, 2011 HIGH COURT OF PUNJAB AND HARYANA

Mere fact that the assessee could not furnish evidence in support of the expenses claimed, was not by itself enough to hold that the assessee had furnished incorrect particulars of income consciously. Whether or not in the facts and circumstances of the case, an inference could be drawn that there was concealment of income or there was furnishing of incorrect particulars, is a question of fact.

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3.   [Contribution by  CA. Manoj Gupta, and contributor is available on Mobile No. 9350760606 / email-id: mgupta2803@gmail.com ]

A Useful Article on "Credit Guarantee Scheme for Micro and Small Enterprises"

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What's New

• Income tax Circular No. 1/2011 - IT Explanatory Notes to the provisions of the Finance Act, 2010  (Click for detail)

• Income Tax Instruction No. 4/2011 - Standard Operating Procedure on filing of Appeals/Special Leave Petitions (SLPs) by the Income Tax Department in the Supreme Court and related matters  (Click for detail)

• ITAX-19-11-IT (Fourth Amendment) Rules, 2011 - Amendment in rules 5C & 5D and substitution of Form No. 3CF-1 in Appendix II  (Click for detail) 

• RBI Circular No. 48-Acquisition of credit card/debit card transactions in India by overseas banks - payments for airline tickets   (Click for detail)

• RBI/2010-11/462 - Operation of deposit account with NBFCs and money mules  (Click for detail)

• CBDT’s commitment to clear all refunds by March 31, 2011 has been breached  (Click for detail)

• Secretarial Audit for Firms Set to Become Mandatory  (Click for detail)

    

     

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