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IT Notification No. 60/2011 Income Tax (Ninth Amendment) Rules, 2011 – Insertion of Rule 40BA and Form No. 29C (Click for detail)
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General Circular No. 67/2011 - Cost Accounting Records and Cost Audit – clarifications about coverage of certain sectors there under (Click for detail)
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General Circular No. 68/2011 - Cost Accounting Records and Cost Audit – clarifications reg. applicability & compliance requirements (Click for detail)
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ICAI committee to decide on Satyam fraud case soon (Click for detail)
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ICAI to sign deal with New Zealand body (Click for detail)
II. Recent Updates:
1. C&C CONSTRUCTION PVT. LTD. Vs. COMMISSIONER OF INCOME TAX, ITA NO. 1118/2011, DECIDED ON : 25.11.2011, HIGH COURT OF DELHI
An appeal under Section 260A of the Act is maintainable against every order passed by the Tribunal, where High Court is satisfied that a substantial question of law is involved. A contention/ issue, which is not raised, dealt with or answered by the Tribunal, cannot be raised before the High Court for the first time in an appeal under Section 260A of the Act A contention/question raised and answered by the Tribunal or dealt with by the tribunal suo motu and a question/issue which was raised, but not answered/decided by the Tribunal, can be made subject matter of an appeal under Section 260A of the Act.
Therefore, a contention/issue, which is not raised and not decided by the Tribunal, cannot form subject matter of an appeal before the High Court. 5. It may be noticed that an appeal under Section 260A of the Act is the fourth tier of appeal in most of the cases and a third tier of appeal in a few cases 10. In the present case, what is urged by the counsel for the appellant is that though the issue was not raised and argued before the Tribunal, but the Tribunal should have examined the issue whether the expenditure was on revenue account. 11. The aforesaid contention is not acceptable and has to be rejected. The appeal is accordingly dismissed.
(Please click here for judgment)
2. MARUTI SUZUKI INDIA LIMITED Vs. DEPUTY COMMISSIONER OF INCOME TAX, WRIT PETITION (CIVIL) NO. 2252/2011, DATE OF DECISION : 25.11.2011, HIGH COURT OF DELHI
It will be specious & illogical for the Revenue to contend that if an issue is decided in favor of the assessee giving rise to a refund in an earlier year, that refund can be adjusted u/s 245, on account of the demand on the same issue in a subsequent year. While the AO can made an addition on the ground that the appellate order for an earlier year has not been accepted, he cannot make an adjustment towards a demand on an issue decided in favour of the assessee.
(Please click here for judgment)
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