loans

In terms of paragraphs 2.1.1 and 2.1.2 of Section I of the guidelines on lending to priority sector enclosed to circular RPCD.No.RRB. BC.20/ 03.05.33/2007- 08 dated August 22, 2007, credit to small enterprises includes loans granted to micro and small (manufacturing and service) enterprises, provided investment in plant and machinery [original cost excluding land and building and the items specified by the Ministry of Small Scale Industries vide its notification no. S.O... Full Article

SUMMARY OF CASE LAW Where funds have been advanced by the assessee to its subsidiary company on the ground of commercial expediency, the assessee would be entitled to claim deduction of interest on borrowed loans. CASE LAW DETAILS Decided by: ITAT, CHANDIGARH BENCH (A),  In The case of: Industrial Cables  (India) Ltd.   v. Addl. CIT [...] Full Article

Closely-held group companies that frequently borrow money from each other should make a mental note of a recent ruling by the income tax appellate tribunal (ITAT), a quasi-judicial tax authority. The tribunal has said that “deemed dividend cannot be taxed in the hands of non-shareholders. ” In order to avoid paying dividend distribution tax (DDT) [...] Full Article

Frequently Asked Questions on AS 11 notification – Companies (Accounting Standards) Amendment Rules, 2009 (G.S.R. 225 (E) dt. 31.3.09) issued by Ministry of Corporate Affairs.  ASB Guidance in the form of FAQs on AS 11 notification – Companies (Accounting Standards) Amendment Rules, 2009 (G.S.R. 225 (E) dt. 31.3.09) issued by Ministry of Corporate Affairs does [...] Full Article

SUMMARY OF CASE LAW The proceedings under section 147 cannot impinge upon items which have no connection or relation with items of income and/or expenditure which form the basis of a notice under section 148(1).  CASE LAW DETAILS Decided by: HIGH COURT OF DELHI, In The case of: Jay Bharat Maruti Ltd. v. CIT, Appeal [...] Full Article