Judgment Search Results Home > Cases Phrase: income tax act 1961 section 115vw maintenance and audit of accounts Page 1 of about 1,888 results (0.266 seconds)

Shaji Poulose Vs. The Institute Of Chartered Accountants Of India

Court : Supreme Court of India

..... provided also that the audits conducted under section 44ad, 44ae and 44af of the income-tax act, 1961 shall not be taken into account for the purpose of reckoning the specified number of tax audit assignments . ..... to persons other than members of the council or in any other manner, of research in accountancy; (l) the maintenance of a library and publication of books and periodicals relating to accountancy; (m) to enable functioning of the director (discipline), the board of discipline, the disciplinary committee and the appellate authority constituted under the provisions of this act; (n) to enable functioning of the quality review board; (o) consideration of the recommendations of the quality review board made under clause (a) of section 28b and the details of action taken thereon in its annual report ..... of enrolment; (f) the granting or refusal of certificates of practice under this act; (g) the maintenance and publication of a register of persons qualified to practice as chartered accountants; (h) the levy and collection of fees from members, examinees and other persons; (i) subject to the orders of the appropriate authorities under the act, the removal of names from the register and the restoration to the register of names which have been removed; (j) the regulation and maintenance of the status and standard of professional qualifications of members of the institute; (k) the carrying out .....

National Agro Service Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Pune

Reported in : (1990)34ITD506(Pune.)

..... of maintenance of account books in terms of section 44 aa of the income tax act, 1961. ..... that section 44aa with effect from 1-4-1976 enjoined maintenance of accounts by business and professional people and while section 44ab enjoined submission of audit report in the prescribed form even while books of accounts were ..... time on 31st january, 1985 which would clearly go to show that the assessee could not have anticipated the introduction of new law and prepared to switch over to the maintenance of accounts in the same manner in which the corporate assessees maintained accounts to facilitate compulsory tax audit in terms of section 44ab. ..... 1984 or december 31,1984 where they would not have reasonable time to prepare and finalise the accounts in the manner in which the auditors required for the purpose of tax audit.further the learned counsel for the assessee referred to circular no.387 dated 6-7-1984 issued by the central board of direct taxes containing the explanatory notes on finance act, 1984 especially paragraph 17.2 thereof which clarifies that the provisions were intended to ..... for the assessees whose previous year ended on october 24,1984, or december 31, 1984, and whose specified date being june 30,1985, and for that matter those assessees whose previous year ended on march 31, 1985, and whose specified date being july 31, 1985, to satisfy these provisions by getting their accounts audited and obtain the auditors' report, particularly when their turnover was so high as to exceed .....

Sdb Cisco (India) Ltd. Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (2004)88ITD373(Chennai)

..... once that basic fact is accepted, then there is no occasion either for the assessee or for the department to sneak into the provision of section 145 of the income-tax act, 1961. ..... the assessee-company has changed its method of accounting as mandated by the provisions of the companies act, 1956 to accrual system from the assessment year 1990-91 onwards and once the assessee has adopted either by compulsion of companies act or by its own volition, it is bound to compute the income under the income-tax act on the basis of the same set of financial and accounts statements prepared on the basis of accrual system. ..... therefore the scheme provided under the companies act for the maintenance of accounts, audit of the accounts and other matters relating thereto are provided in a very comprehensive scheme. ..... after the amendment in the companies act in june, 1988 requiring obligatory maintenance of accounts under the mercantile system, limited companies were required to observe the same and file annual returns before the registrar of companies on mercantile basis. ..... the assessee-company is reporting its profits or loss for a particular year under the companies act also, by preparing annual accounts statements and getting it audited and getting it adopted by the board of directors, and finally getting it passed by the a.g.m. ..... the accounts of the company are audited and the auditors' reports are delivered on the basis of the accounts maintained by the assessee-company on mercantile system. .....

Patanjali Ayurveda Ltd vs.deputy Commissioner of Income-Tax and Anr

Court : Delhi

..... as such income shown by the assessee as per profit and loss account is not in accordance with section 145 and 145a of the income tax act. ..... it was next urged that the assessee claimed benefit of section 80 ic of the income tax act, 1961 for the first time for ay201011. ..... the relevant statutory provisions governing the special audit are incorporated in section 142 of the income tax act which is titled "inquiry before assessment". ..... previous approval of the chief commissioner or commissioner, direct the assessee to get the accounts audited by an accountant, as defined (2) of section 288, nominated by the chief commissioner or commissioner in this behalf and to furnish a report of such audit in the prescribed form7 duly signed and verified by such accountant and setting forth such particulars as may be prescribed and such other particulars as the assessing officer may require : the explanation below sub-section in [provided that the assessing officer shall not direct the assessee to get the ..... 9.7 the assessee company has claimed deduction under section 801c of the income tax act, 1961 for the first time for assessment year 2010-11. ..... however, it failed to justify the maintenance of such a large number of accounts, accordingly it was observed that in the return of income the assessee company had mentioned the system of accounting followed as cash whereas the tax audit report mentioned it to be mercantile. .....

Ramkrishna Ramnath Vs. G. Lakshmi Narsimhan

Court : Mumbai

Reported in : AIR1970Bom30; 1969MhLJ574

..... it was, however, contended that even notices under section 34 have not been issued in the present case and the notices that are issued are under section 23(2) of the income-tax act, 1922 or under section 143(2) of the income-tax act, 1961. ..... on 6th of april 1967 the income-tax officer, central circle iii, nagpur, issued notices dated 6th april 1967 for each of these seven years to the assessee under section 23(2) of the indian income-tax act, 1922 or section 143(2) of the income-tax act, 1961. ..... it runs:'notice under section 23(2) of the indian income-tax act, 1922/under section 143(2) of the income-tax act, 1961.dated 6-4-1967.no. ..... the income-tax officer further applied the proviso to section 13 of the income-tax act, 1961. ..... in fact it is contended that the assessee in respect of whom a finding or direction has been given has submitted himself to the procedure under the income-tax act and has gone through the whole procedure, whereas in respect of the other assessees they have escaped assessment on account of the negligence or inadvertence or omission on the part of the income-tax officer and are in a more favourable position.15. ..... if there is any inherent defect in the maintenance of such day-to-day stock books by virtue of which they are proved to be worthless, only then should they be rejected altogether. .....

Ramkrishna Ramnath Vs. G. Lakshmi Narasimhan, Income-tax Officer, Cent ...

Court : Mumbai

Reported in : [1970]77ITR456(Bom)

..... . it was, however, contended that even notices under section 34 have not been issued in the present case and the notices that are issued are under section 23(2) of the income-tax act, 1922, or under section 143(2) of the income-tax act, 1961 ..... on 6th of april, 1967, the income-tax officer, central circle iii, nagpur, issued notices dated 6th april, 1967, for each of these seven years to the assessee under section 23(2) of the indian income-tax act, 1922, or section 143(2) of the income-tax act, 1961. ..... it runs : 'notice under section 23(2) of the indian income-tax act, 1922 ------------------------------------------------------- under section 143(2) of the income-tax act, 1961. ..... the income-tax officer further applied the proviso to section 13 of the income-tax act, 1961. ..... . in fact, it is contended that the assessee in respect of whom a finding or direction has been given has submitted himself to the procedure under the income-tax act, and has gone through the whole procedure, whereas in respect of the other assessee they have escaped assessment on account of their negligence or inadvertence or omission on the part of the income-tax officer and are in a more favourable position. 21 ..... if there is any inherent defect in the maintenance of such day-to-day stock books by virtue of which they are proved to be worthless, only then should they be rejected altogether. .....

Commissioner of Income-tax Vs. Shiv Shakti Timbers

Court : Madhya Pradesh

Reported in : [1998]229ITR505(MP)

..... ; (ii) the burden to prove the identity, capacity and genuineness is on the firm ; (iii) if the cash credit is not satisfactorily explained, the income-tax officer is justified to treat it as income from undisclosed sources ; (iv) the firm has to establish that the amount was actually given by the lender ; (v) the genuineness and regularity in the maintenance of accounts has to be taken intoconsideration by the taxing authorities, and (vi) if the explanation is not supported by any documentary or other evidence, then the deeming fiction created by section 68 of the income-tax act, 1961, can be invoked.' 12. ..... cit : [1984]148itr523(mp) , as under (headnote) : ' a perusal of sections 68 and 69 of the income-tax act, 1961, shows that section 68 applies when the sum in respect of which the explanation of the assessee is not accepted is found credited in the books of account. ..... this is a reference at the instance of the revenue under section 256(1) of the income-tax act, 1961, and the following two questions have been referred by the tribunal for answer by this court : '1. ..... he required the assessee to explain the genuineness of the credits in terms of the provisions of section 68 of the income-tax act, 1961. .....

The Synodical Board of Health Vs. Director General of Income Tax

Court : Delhi

..... respondent has dismissed the application filed by the petitioner in form no.56d dated 11.4.2008 for registration under section 10(23c)(iv) of the income tax act, 1961 (act, for short) for assessment years 2009-2010 onwards. ..... ) the synodical board of health services has invoked writ jurisdiction under article 226/227 of the constitution of india to challenge and question the order dated 30th april, 2009 passed by the wpc 12897/2009 page 1 of 12 director general of income tax(exemptions), respondent herein. ..... applicant failed to offer any explanation for non-apparent that the books of account and vouchers were not properly maintained and it depended solely upon the sweet will of the applicant to debit whatever amount it chose to debit as expenses and no verification of the genuineness of these expenses was possible. ..... 1,29,748 34,523 10,829 legal and professional fees 2,56,278 1,61,000 13,000 iec material 1,53,734 1,07,336 nil repairs and maintenance 2,53,144 1,62,458 22,189 stationary and printing 1,39,743 1,59,291 35,689 wpc 12897/2009 page 2 of 12 telephone expenses 1,30,683 ..... asstt.year asstt.year asstt.year 2007-08 2006-07 2005-06 travel and conveyance 2,09,673 5,33,593 5,21,620 legal and professional fees 83,000 -- -- training and reorientation --- 2,30,828 4,50,091 meeting, travel and field --- 1,98,969 5,54,836 coordinators salary --- 1,43,000 2,14,000 coordinators travel --- 42,632 1,90,708 rent 86,880 28,960 1,90,000 audit fees 38,998 16,530 69,335 evaluation committee exp. .....

In Re: Thapar Agro Mills Ltd.

Court : Company Law Board CLB

Reported in : (1998)93CompCas170

..... the company was also liable to deduct income-tax at source from such dividend as per the income-tax act, 1961, and has failed to deposit the same with the tax authorities, (iv) the company was liable to repay rs. ..... auditor of the company also did not make any comments with regard to the compliance with section 58a of the act in his report on the accounts for the year ended june 30, 1995. ..... 1,22,83,578 and has not also remitted the unpaid amount in a separate account as per section 205a(1) of the act. ..... from the audited balance-sheet of the company for the year ended june 30, 1995, it is now established that the company is in serious financial difficulties and has committed already a number of defaults with regard to payment of pf of employees, dividends declared on shares, sales tax, interest on loans from financial institutions, banks, etc. ..... (vii) the company has not complied with the requirements of law with regard to maintenance of cost accounting records.5. ..... 4.2 crores, (vi) there is need to strengthen the internal audit system and enlarge its scope. ..... a study of the audited balance-sheets as on june 30, 1995, brings out prominently the following irregularities in the company : (i) the company has not paid the pf and esi dues regularly and at the close of the year an aggregate of rs. ..... 1,25,25,154 as on june 30, 1996, as per the audited balance-sheet.16. .....

Rajkot Engineering Association and ors. and Vs. Union of India and ors ...

Court : Gujarat

Reported in : (1986)54CTR(Guj)272; (1987)1GLR3; [1986]162ITR28(Guj)

..... the report of auditor would cause such an irreparable injury to the assessees that even the assessees who would fail to get the accounts audited and obtained audit report in respect of the assessment year 1985-86 in particular and subsequent assessment years in general for compelling, bona fide and just reasons would also expose themselves not only to penalty under section 271b of the income-tax act, 1961, which penalty is again related to the total sales turnover or gross receipts subject to a maximum sum of rs. ..... compulsory audit of accounts : we think it would facilitate the administration of tax laws to a considerable extent if,jsimultaneously with the compulsory maintenance of accounts, there is a statutory provisions for their mandatory audit, at least in the bigger cases... ..... in the present state of income-tax law, the interpretation and development of which has become very intricate and complex, it is not difficult to anticipate that a situation has arisen where more and more assessees would like to be assisted both by the chartered accountants as well income-tax consultants and practitioners who may be non-chartered accountants in arranging their financial affairs and in the maintenance of their accounts, records and documents for preparation of the returns and in the course of assessment before tax authorities. .....