• Aug
  • 30
  • 2014

Start-Up’s Beware of Vodafone!

Added In Income Tax
CA Paras Mehra Mr Ashish Ranjan, developer, started his business in Hong Kong. Since he was good at marketing, his business soon started generating profits. Ashish, through his Hong Kong Company expands his business in India and incorporates a company which is fully controlled by Hong Kong Company. Ashish, because his business was doing well, […]

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  • Aug
  • 29
  • 2014

Intimation to ROC for Auditor appointment in Form ADT

Added In Company Law
As we all are aware that there is a provision in Company Law for intimation to Registrar of Companies regarding appointment of statutory auditor in the Annual General Meeting by shareholders. This intimation is an annual intimation and it was also there in erstwhile Companies Act, 1956 and continued in Companies Act, 2013.

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  • Aug
  • 29
  • 2014

Section 54/54F & time limit for deposit/ reinvestment of capital gain

Added In Income Tax
A bare reading of section 54F clearly shows that the assessee is entitled for exemption in case he/she purchase/constructs a residential house within a period of two/three years after the sale of the capital asset. However, sub-clause (4) of section 54F clearly says that the unutilized portion of the net sale consideration [not utilized before the date of furnishing the return of income under section 139] which is otherwise liable for capital gain tax shall be deposited in the capital gain account scheme within the period of due date for filing return of income under section 139(1).

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  • Aug
  • 29
  • 2014

SC explains scope of revisional power of High Courts

Added In Corporate Law
Even the wider language of Section 20 of the Kerala Rent Control Act does not enable the High Court to act as a first or a second court of appeal. We are in full agreement with the view of the 3-Judge Bench in  Rukmini Amma Saradamma v. Kallyani Sulochana and others; [(1993) 1 SCC 499] […]

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  • Aug
  • 29
  • 2014

AO not authorized to make any estimate U/s. 142(2A) of Income tax Act, 1961

In the present case, there was no basis for the AO to determine that the true value of the property was Rs. 1.25 crores, by adopting the return on capital method. The AO was under a duty first to ascertain what was according to  him the true cost of the property. Not having done so, that […]

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  • Aug
  • 29
  • 2014

Section 153C – Mere use or mention of word “satisfaction” or the words “I am satisfied” in order or note is not sufficient

On a plain reading of Section 153C, it is evident that the Assessing Officer of the searched person must be “satisfied” that inter alia any document seized or requisitioned “belongs to” a person other than the searched person. It is only then that the Assessing Officer of the searched person can handover such document to […]

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  • Aug
  • 29
  • 2014

Section 37- Redemption fine paid under Customs Act, 1962 is allowable expenditure    

The respondent-assessee, a partnership firm, was engaged at the relevant time in manufacture of organic chemicals. Under an agreement dated 9th June, 1987 with M/s India Craft, the respondent-assessee purchased 630 metric tonnes Isobutanol by sale on high-sea basis. The said India Craft had procured the consignment of Isobutanol from Netherlands against REP license issued […]

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  • Aug
  • 29
  • 2014

Extension by CBDT of TAR – Are you satisfied with it?

Added In Income Tax
C.P. Chugh Dear All True but of no use. What we got is a big BABA JI KA TULLU (in the words of Kapil Sharma, standup comedian) CBDT circulars/notifications are often over riding the basic of law.  Law makers have thoughtfully provided sufficient time to furnish return, obtain and furnish TAR and keeping in mind […]

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  • Aug
  • 29
  • 2014

Tax Audit Report due date – Things to keep in mind

Added In Income Tax
सी.ए. सुधीर हालाखंडी प्रिय सी.ए. मित्रो नमस्कार , टैक्स ऑडिट की अंतिम तिथी 30/11/2014 कर दी गई है लेकिन आयकर रिटर्न की अंतिम तिथी अभी भी 30/09/2014 ही है एवं यह एक दुर्भाग्यपूर्ण स्तिथी है . दिनांक 25/07/2014 से 20/08/2014 के मध्य लगातार 25 दिन आयकर साईट पर सुविधा उपलब्ध नहीं होने के कारण एक […]

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