Latest Expert Exchange Queries
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: cpt :: Central Excise rule to resale the machines to a new company :: form 3cd :: list of goods taxed at 4% :: due date for vat payment :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ACCOUNTING STANDARDS :: empanelment :: VAT Audit :: TAX RATES - GOODS TAXABLE @ 4% :: TDS :: ACCOUNTING STANDARD :: ARTICLES ON INPUT TAX CREDIT IN VAT :: articles on VAT and GST in India :: VAT RATES
 
 
« News Headlines »
 Income Tax saving investments: Top 5 options available for high-income individuals
 How to use zero tax rule on long term capital gains on stocks
 GST Returns - Furnishing details of inward supplies
 5 ways to maximise you income tax return
 Income-tax (2nd Amendment) Rules, 2017
 Soon, Faster PAN, An App For Filing Tax Returns
 Changes in income tax return filing process
 New Income Tax Rates And Deductions Applicable From April 1, 2017
 Tax and transparencya
 No decision yet on imposing tax on cash transactions
  Mentioning of Minor Head Code for accounting of Refund

Lok Housing has the resources to pay tax
January, 21st 2009

The income tax department, in an affidavit before the Bombay High Court, claimed that it has in its possession records to show that the promoters of Lok Housing & Construction had sold company shares when the price was up and made profits.

The department submitted the affidavit to support its contention that the realty major has enough resources to pay taxes and countered the companys claim that its inability to pay taxes is because of lower profits due to fall in realty prices.

Lok Housing moved the high court in December 2008, after the Income tax department attached 20 of its properties on the ground that the company did not pay taxes in proportion to the profits projected in its returns for assessment years 2007-08 and 2008-09.

According to the company, the meltdown in the industry had eaten into its profits and therefore, it was not in a position to pay the projected amount of taxes.

The department, represented by Beni Chatterjee, said the high share price was a result of high profits shown by the petitioner. It further stated, "The revised claim of the petitioner, reducing the profit of Rs 250 crore to almost nil, would be highly prejudicial to those shareholders who brought the shares of the petitioner from the promoter companies on the basis of audited accounts published by the petitioner."

The department said the companys conduct of filing revised returns and scaling down tax liability was driven by intention of delaying the collection of taxes. But the company contended that it had a viable proposal to pay the tax in instalments.

The profit, it added, projected in its original return could not be realised because of the meltdown in the industry that led to the cancellation of several of its agreements and deals. The company argued that under the Income Tax Act, only the "real income" can be taxed and it cannot tax income that is still to be realised.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Software Outsourcing Company Offshore Software Outsourcing Software Outsourcing Company India Offshore Outsourcing Company India Software BPO Software Business Process Outsourcing Software Outsourcing India Offsho

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions