The tribunal is competent to
allow the appellant to raise at the hearing of the appeal an
additional ground even without a formal amendment of the memorandum
of appeal
The Supreme Court in KP Madhusudhan
v CIT (2001 AIR SCW 3057) had to consider the scope of section
271 & in particular explanation to section 271 (1)(c) of
the Income Tax Act (the Act) in respect of levy of penalty in
respect of unexplained investment.
It is a common practice that
investors normally apply for / acquire shares in a company in
joint names. Having shares in joint names has several advantages.
Wisdom has dawned!
There is a sudden upsurge to introduce measures and mechanism
to enforce and ensure through regulatory norms the compliance
of provisions of company law and adherence to various accounting
standards.
