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Archive: 04 December 2011

Posts in 04 December 2011

Live Course on Appeal, Pleading & Drafting under GST by CA Sachin Jain

May 15, 2024 7173 Views 0 comment Print

oin us for an immersive live course led by renowned expert CA Sachin Jain, as we delve into the intricacies of appeal, pleading, and drafting under GST.

Companies Bill, 2011 Cleared by Union Cabinet

December 4, 2011 2648 Views 0 comment Print

The Union Cabinet on Thursday cleared the Companies Bill, 2011 and decided to take up the Bill in the Winter Session itself for approval by Parliament. Once approved by Parliament, it will replace half-a-century-old Companies Act. The Cabinet has cleared Companies Bill, 2011. It is likely to be tabled (for consideration and passage) in the ongoing Winter Session, a Corporate Affairs Ministry official said after the Cabinet meeting.

ITAT President has no authority to record the Annual Confidential Reports (ACRs) of the Members – HC

December 4, 2011 696 Views 0 comment Print

Uttam Bir Singh Bedi vs. UOI (Madras High Court) – The ITAT is a judicial body and under the provisions of Sections 252 and 255 of the Income-tax Act, statutory powers are conferred on the President, including delegation of powers to the Senior Vice President or the Vice President. The President exercises administrative control over the Benches. But, no provision of the Income-tax Act or for that matter the Income Tax Appellate Tribunal Members (Recruitment and Conditions of Service) Rules, 1963 confer any power on the President to write the ACRs of the Members.

Waiver of principal amount of working capital loan not a capital receipt; Amount waived off taxable as deemed business profit u/s 41(1)

December 4, 2011 7727 Views 0 comment Print

The assessee, Rollatainers Ltd was declared as a sick company by Board for Industrial Financial Reconstruction (BIFR) due to poor financial position and erosion of entire net worth. Pursuant to Restructuring Package as approved by Corporate Restructuring Cell, the bank waived off the interest and principal amount of working capital loan granted in the form of ‘Cash Credit’ to the assessee. The assessee treated the waiver of principal amount of loan as capital receipt and hence argued that the same was not taxable. A division bench of Delhi HC, rejecting assessee’s contention, ruled that waiver of principal amount of working capital loan in the form of Cash Credit was ‘revenue’ in nature.

Tax On Sales-tax Subsidy – SC asks HC to decide whether sales-tax subsidy is a capital receipt

December 4, 2011 3000 Views 0 comment Print

CIT vs. Reliance Industries Ltd (Supreme Court)- Having heard learned counsel on both sides, we are of the view that the High Court ought not to have dismissed the appeal without considering the following questions, which, according to us, did arise for consideration. They are formulated as under: “(A) Whether on the facts and in the circumstances of the case and in law the Hon’ble Tribunal was right in holding that estimated expenditure for earning dividend income cannot be subject to disallowance while computing book profits as well as under the normal provisions of the Income tax Act?

Whether the expenditure is capital or revenue in nature cannot form the subject matter of block assessment

December 4, 2011 1643 Views 0 comment Print

CIT Vs. East India Syntex Limited (Delhi High Court)- It is not in dispute that the entries were made contemporaneously when the expenditure was incurred between September, 1997 and December 1997. Therefore, though the search was in September, 1998, it cannot be denied that the entries had been made in the books of accounts by that time. This is what the CIT (A) has noted in para 27 of his order by saying that the case of the AO is not that these were not made in the regular books of account.

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