The issue before the HC relates to certain provisions in the Indian Tax Laws (ITL) that provide for taxability, as dividend, of certain advances or loans made by a company to another concern when the lender/borrower have a common shareholder with substantial interest (deemed dividend provisions). However, advance or loan is not treated as deemed dividend if it is made by the lending company in the ordinary course of its business and the lending of money is a substantial part of the company’s business.
ABC Limited (company) has written off Rs 5,00,000 as provision for inventory obsolescence in the year ended 31 March 2009. During the year ended 31 March 2010, XYZ determines that 50% of such stock has become usable due to the availability of an upd
A wholly owned subsidiary (WOS) issues shares in a right issue to its parent. The subsidiary incurs an expense of Rs. 1,000,000, on the issue of shares. In the financial statements of the subsidiary, this amount is adjusted against the securities pre
The assessee filed appeal to the Tribunal on denial of credit by lower authority on factory garden maintenance, plant housekeeping services. As regards insurance and tours and travels credit, it was denied on the grounds of non-availability of records.
E-services initiative of the Sales Tax Department, especially of e-return filing and e-payment facility, is welcomed by all as it is simple, fast and reliable. Due to active and whole hearted support and co operation of all the concerned, Sales Tax Dept. could implement e-Services successfully for MVAT Act.
At a time when direct tax collections increased 19%, the tax department has failed to adhere to its own compliance when it comes to tax refunds of salaried employees, with the backlog of 2007-08 still not cleared. Mumbai, which contributes close to 4
A chartered accountant was arrested by the Bandra police for allegedly cheating a family of Rs 65 lakh. The accused, Gopal Naik (56), had taken the money from Bandra resident Jude Soares after promising to invest it well. However, he did not pay the
The new Companies Bill is likely to give more powers to the Registrar of Companies (RoC) to monitor the end use of initial public offer (IPO) funds, a move that would require a 10-fold increase in the strength of the RoC.
The super built-up area has now been given a new nomenclature: useable area. While earlier, a builder would present the entire area of a flat to a consumer, now he sells an apartment by dividing its space into a carpet area and a super built-up area,
THE government is on track to implement International Financial Reporting Standards (IFRS) from April 1 next year, corporate affairs minister Salman Khurshid said. “The committee of secretaries (CoS) have met and all issues have been addressed,” Mr
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