CS Manish Soni

Maintaining Books of accounts at Place other than Registered Office- Legal Provisions

Income Tax - As per new Companies Act, 2013, if a company maintains its books of accounts at any other place, the same should be reported to RoC by way of filing of Form AOC-5 (Earlier it was Form 23AA under Companies Act, 1956). Non-compliance can result into heavy monetary penalty as well as imprisonment of Directors/MD/CFO. ...

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Upfront payment of interest on debentures is deductible fully in year of payment

M/s Taparia Tools Limited Vs JCIT (Supreme Court of India) - n was judicially held in the case of Bharat Earth Movers Vs. CIT (2000) 6 SCC 645 that if a business liability has arisen in the accounting year, the deduction should be allowed even if such a liability may have to be quantified and discharged at a future date....

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Extended credit period to AE attracts TP adjustment

M/s Goldstar Jewellery Limited Vs Joint Commissioner of Income Tax (ITAT Mumbai) - In this case, the ITAT ruled that extended credit period allowed to the Associated Enterprises ('AE') amounted to short term funding without interest and thus attracted TP adjustment on account of notional interest from such short term funding....

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Recent Posts in "CS Manish Soni"

Upfront payment of interest on debentures is deductible fully in year of payment

M/s Taparia Tools Limited Vs JCIT (Supreme Court of India)

n was judicially held in the case of Bharat Earth Movers Vs. CIT (2000) 6 SCC 645 that if a business liability has arisen in the accounting year, the deduction should be allowed even if such a liability may have to be quantified and discharged at a future date....

Read More

Extended credit period to AE attracts TP adjustment

M/s Goldstar Jewellery Limited Vs Joint Commissioner of Income Tax (ITAT Mumbai)

In this case, the ITAT ruled that extended credit period allowed to the Associated Enterprises ('AE') amounted to short term funding without interest and thus attracted TP adjustment on account of notional interest from such short term funding....

Read More

Maintaining Books of accounts at Place other than Registered Office- Legal Provisions

As per new Companies Act, 2013, if a company maintains its books of accounts at any other place, the same should be reported to RoC by way of filing of Form AOC-5 (Earlier it was Form 23AA under Companies Act, 1956). Non-compliance can result into heavy monetary penalty as well as imprisonment of Directors/MD/CFO. ...

Read More
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