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Join our free webinar on July 7 at 5 PM for insights into 10 recent High Court income tax judgments favoring assessees. Expert analysis by CA Dipak Dama.
The Commissioner of Income Tax Vs. Naishadh V. Vachharajani (Bombay High Court)- The assessee is a marine consultant. He had carried on the business of trading in shares and had also made investments in shares. In the assessment year in question, the assessee had sold certain shares held as investments and gains arising on account of sale of these shares were offered as long term capital gains / short term capital gains, as the case may be. The assessing officer held that the said income were liable to be assessed under the head ‘business income’.
A company cannot, directly/indirectly, a. Make loan to any other body corporate b. Give guarantee/provide security in connection with any loan by any other person c. Acquire securities in any manner of any other body corporate exceeding 60% of its paid-up capital and free reserves or 100% of its free reserves whichever is more.
We conducted our review in accordance with the Standard on Review Engagement (SRE) 2400, engagements to Review Financial Statements issued by the Institute of Chartered Accountants of India. This standard requires that we plan and perform the review to obtain moderate assurance as to whether the financial statements are free of material misstatement.
COMPULSORY TRANSFER TO RESERVES – No amount need be transferred to Reserves if the dividend declared does not exceed 10%. No dividend can be declared and paid in excess of 10% unless minimum amount prescribed as under is transferred to Reserves.
The suspended superintendent of the office of the Director General of Central Excise and Customs (Intelligence), Pune regional unit, Krishna Mahadik is in more trouble. The Central Bureau of Investigation (CBI), Pune unit, has registered a new complaint of disproportionate assets against Mahadik and his son Vinay, for possessing moveable and immovable assets to the tune about Rs. 1 crore.
Section 58A of Companies Act, 1956 has put restrictions on acceptance of deposits by any company subject to rules being prescribed. Accordingly, Companies (Acceptance of Deposits) Rules, 1975 were prescribed which lay down various regulations and procedures for acceptance of deposits by companies.
The ICAI has issued Guidance Note on Certification of XBRL Financial Statements *, providing guidance to the practitioners in certification of XBRL formatted statements. Various MCA circulars require financial statements prepared in XBRL mode for filing on MCA-21 portal to be certified by, inter alia, a Chartered Accountant.
This Act is enacted to facilitate the promotion, development and enhancement of the competitiveness of the micro, small and medium enterprises and to address the matters connected therewith or incidental thereto. This Act came into force from 16th June, 2006.
The Ministry of Revenue has intimated that some posts of Members of the Settlement Commission are vacant and due to be filled shortly. As per the Settlement Commission (Income Tax/ Wealth Tax) (Recruitment and Conditions of Service of Chairman, Vice-Chairman and Members) Amendment Rules, 2007 applicable to the said post, only serving Chief Commissioners of Income-tax or officers of equivalent rank are eligible to apply for these posts.
Chief Justice of India, Shri Justice S.H. Kapadia, here today released a set of Restatement of Indian Law in the presence of legal luminaries. These Restatements of Indian Law relate to 3 subjects: Legislative Privilege, Contempt of Court and Public Interest Litigation. Chairman of the Supreme Court Project Committee on Restatement of Indian Law Shri Justice R.V. Raveendran, Shri G. E. Vahanvati, Attorney General for India and the Director Incharge, Indian Law Institute, Professor S. Sivakumar were also present on the occasion. Chief Justice of India is also the Patron of Supreme Court Project Committee on Restatement of Indian Law.
