Powers of Excise & Taxation Inspectors enhanced till 31st December 2011 to make it almost at par with ETOs in Punjab0 comments Tuesday, May 17, 2011The powers of Excise and Taxation inspectors in Punjab have been enhanced till 31st December 2011. The Excise and Taxation Inspectors have been appointed as designated officers u/s 11,13,14,26,27,28,29,30,31,32, 36, 38, 39, 40,41,45, 46,47, 48, 49, 52,53,54,55,56, 57, 58,59, 60, 66,76,77 and 83 till December 2011. No need to give indemnity bond for deferment of entry tax in Punjab- General circular earlier issued amended0 commentsPunjab Government has amended the General circular on deferment from payment of entry tax in Punjab earlier issued on 29-04-2011 in view of the directions of Punjab and Haryana High Court in Bhushan Steel case. In the circular issued on 29-04-2011 an indemnity bond was required to be submitted at the ICC barrier with ever bill which pass through the ICC barriers along with an undertaking and an affidavit to the concerned AETC of the concerned District. Section 44AB not applicable where income is declared u/s 44AE even though gross turnover exceeds audit limit0 commentsI have found the following judgment of Pune ITAT as very important one on deciding the issue where a person engaged in the business of plying leasing or hiring of goods carriages, is owning less than 10 goods carriages and also hiring some goods carriages, can he declare his income u/s 44AE in respect of goods carriages owned by him? The answer to it has been provided in affirmative by the Pune ITAT. Another important thing which is noticeable from the following order is that where a person is owning not more than 10 goods carriages but his gross turnover exceeds the audit limit u/s 44AB of Income tax Act,1961 even then he will not be required to get the books of account audited u/s 44AB, so long the income is declared u/s 44AE, in view of the provisions of section 44AE(5) of the Income Tax Act, 1961 ADDITIONS ON THE BASIS OF CASH CREDITS - SECTION 68 OF INCOME TAX ACT 19611 commentsAccording to section 68 of Income Tax Act 1961, where any sum is found credited in the books of an assessee maintained for any previous year, and the assessee offers no explanation about the nature and source of the same or the explanation offered by him is not satisfactory in the opinion of A.O., the sum so credited may be charged to income tax as the income of the assessee of that previous year. An attempt here is made to understand the provisions of section 68 of Income Tax Act,1961 herebelow:There must exist books of accounts before making addition u/s 68: The addition under u/s 68 can be made on the basis of unexplained cash credit found in the books of the asseessee, hence existence of books of an assessee is a condition precedent before an addition u/s 68 can be made.
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