Home Highlights February 2012 Year 2012 This

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1. Revision u/s 263 - loss incurred by the Directors - trading activity in F & O undertaken on behalf of the company - The trading of sale and purchase of shares done by...

2. Dishonor of Cheque - Vicarious liability of Director - The primary liability in a cheque bounce case where cheque has been issued on behalf of the company is upon the...

3. Rent paid by director of the company in her individual capacity - directors serve as agents - any transaction carried out by the directors on behalf of the company is a...

4. Penalty u/s 271-D and 271-E - accepting loan in cash from the director of the company - The tribunal held that, the assessee`s case under consideration the transactions...

5. Liability of one of an independent Director of a Company under Section 141 of N.I. Act for the dishonour of the cheque issued by the original accused on behalf of the...

6. Addition u/s 68 - credit of undisclosed income - it was declared before settlement commission that company has earned the undisclosed income and routed in books through...

7. Penalty invoking the provisions of section 271D - Managing Director of the assessee company had extended cash to the company - loan or deposits u/s 269SS - By invoking...

8. ATTENTION: All DIRECTORS of ANY COMPANY Updating of Income Tax PAN details in MCA21 DIN DATA

9. Penalty levied by the AO u/s. 271AAB r.w.s. 274 - levy penalty of 30% on undisclosed income - the reasons given by the AO to levy 30% penalty on undisclosed income is...

10. Penalty order u/s 271AAA - disclosure of additions income pursuant to search u/s 132 - In the present case the assessee has disclosed the entire source of income and...

11. Disallowance u/s. 2(22)(e) - assessee has received unsecured loan and assessee company from whom it has obtained unsecured loan there were two common directors - Since...

12. Penalty u/s 271(1)(c) - the fact that the assessee and his son have declared the undisclosed income in their individual return of income and have paid taxes but capital...

13. Undisclosed unaccounted expenditure and undisclosed income - By the connotation of "right person", it is meant the person who is liable to be taxed, according to law,...

14. Disqualifications for appointment of a Directors - if the default is committed by company A by not filing financial statements or annual returns, the said director of...

15. Income from undisclosed sources - addition of agricultural income - Assessment of agricultural income declared by the assessee for various assessment years was...