Association of the concern/any partner/proprietor with Public Sector Banks as Concurrent / internal / income and expenditure or revenue auditor/ stock auditor/ auditor of borrowers accounts etc. (other than as Statutory Bank Branch Auditors and Central Statutory Auditors).
The Delhi-based franchise of audit firm PricewaterhouseCoopers today approached the Delhi High Court seeking quashing of proceedings initiated against it by the government in the aftermath of Satyam scam. It pleaded before the court that the government proceedings were illegal as they have no connection with the Bangalore-based franchise which had audited Satyam accounts.
The Amnesty Scheme is open for the period from 1st August, 2009 to 31st March, 2010 and is called “Profession tax Enrollment Incentive scheme 2009”.
The assessee, a partner in a firm, received ‘share of profit’ and ‘salary’ from the firm. While the ‘share of profit’ was exempt u/s 10(2A), the ‘salary’ was taxable as business income u/s 28 (v). The assessee claimed deduction for business expenditure incurred by him. The AO held that as the assessee had exempt income, s. 14A applied and a part of the expenditure had to be disallowed.
In paragraph 5 (b) of the above circular,it has been advised to RRBs that as and when lists of individuals and entities, approved by Security Council Committee established pursuant to various United Nations’ Security Council Resolutions (UNSCRs), are received from Government of India, the Reserve Bank circulates these to all banks and financial institutions.
I am directed to say that Board has received various references from the trade association and field formations regarding issue of licenses to cigarette manufacturing units.
CIT Vs. Hero Cycles Ltd. (Punjab & Haryana High Court) Disallowance under Section 14A requires finding of incurring of expenditure where it is found that for earning exempted income no expenditure has been incurred, disallowance under Section 14A cannot stand.
The nation’s premier audit body Comptroller and Auditor General (CAG) has constituted a high-level team for auditing Reliance Industries’ (RIL) expenses on eastern offshore KG D-6 fields and the exercise will begin this month. The CAG, which has been asked to do special audit of not only RIL but also Cairn India’s Rajasthan block and British energy firm BG Group- operated Panna/Mukta and Tapti fields, has constituted various teams for undertaking the audit, sources in the know said.
Former Jharkhand chief minister Madhu Koda, under the scanner for allegedly amassing over Rs.2,000 crore (Rs.20 bn / $425 mn) illegally, was admitted to the intensive care unit (ICU) of Apollo Hospital in Ranchi as raids continued at his premises for the fourth consecutive day Tuesday. Income Tax (IT) officials were questioning Koda at his Ranchi residence when he said that he was feeling uneasy. Koda has a history of medical problems.
The assessee earned dividend income on shares which was exempt from tax. The AO took the view that the investment in shares was made out of borrowed funds on which interest expenditure was incurred and consequently made a disallowance u/s 14A. This was partly upheld by the CIT (A). On further appeal by the assessee, the Tribunal deleted the disallowance by noting that the assessee had proved that the investment in shares was made out of non-interest bearing funds.
