Latest Expert Exchange Queries

GST Demo Service software link: https://ims.go2customer.com
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft info@binarysoft.com
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) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
 
 
 
 
Popular Search: VAT Audit :: Central Excise rule to resale the machines to a new company :: TDS :: form 3cd :: TAX RATES - GOODS TAXABLE @ 4% :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: empanelment :: list of goods taxed at 4% :: ACCOUNTING STANDARD :: VAT RATES :: cpt :: due date for vat payment :: articles on VAT and GST in India :: ACCOUNTING STANDARDS :: ARTICLES ON INPUT TAX CREDIT IN VAT
 
 
From the Courts »
 Bhushan Steel vs. CIT (Supreme Court)
 CIT vs. Chaphalkar Brothers Pune (Supreme Court)
 Income Tax Appellate Tribunal : Kolkata Benches : Kolkata. Sub : Cause List For The Cases Fixed On Friday The 15/12/2017
 Commissioner Of Income Tax, Delhi Vs. Maruti Suzuki India Ltd.
 Sunbeam Auto Private Limited Vs. Pr. Commissioner Of Income Tax
 Sc Johnson Products Private Limited Vs. Additional Commissioner Of Income Tax, Special Range-8, New Delhi
  Amira Pure Foods Pvt. Ltd vs. Pr CIT (ITAT Delhi)
 Stovekraft India vs. CIT (Himachal Pradesh High Court)
 CIT vs. Goodwill Theatres Pvt Ltd (Supreme Court)
 DCIT vs. Ace Multi Axes Systems Ltd (Supreme Court)
 Pr. Commissioner Of Income Tax Vs. B. C. Management Services Pvt. Ltd.

Penalty for concealment under Section 271(1)(c)
February, 10th 2007
the Supreme Court in a recent judgement delivered in the Virtual Soft System vs CIT (unreported),  has held that no penalty can be imposed on an assessee for concealment of income under Section 271(1)(c) of the Act in the absence of any positive income prior to the amendment made by the Finance Act, 2002, effective from April 1, 2003.   The court has further held that there is nothing in the language of Section 271(1)(c), as amended by the Finance Act, 2002, to suggest that the amendment was retrospective.  The amendment being in the nature of substantive amendment would be prospective in the absence of any indication to the contrary.   The statute levying penalty, being the first and last consideration,  must be construed within the term and language of the particular statute.  The Supreme Court judgement has reversed the judgement of the Delhi High Court which has taken a contrary view,.   In the light of this judgement of the Supreme Court, no penalty for concealment of income shall be leviable in case the income assessed is negative, i.e., loss upto the Asstt. Year 2002-03.  This judgement is unreported and full text is still awaited.    Full text of the judgement when made available will be on the website http://www.cainindia.org.
 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Careers

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