Beejay Security & Finance Ltd v ACIT (ITAT Mumbai) -Satisfaction is required to be arrived at by the AO of the person who was searched under s 132 of the Act regarding any undisclosed income of the person who was not subjected to a search to hand over the seized material to the AO of the person to whom the seized documents belongs or is alleged to belong. The satisfaction required for proceedings under s 153C cannot be reduced to a mere formality of forwarding the documents found in the course of the search, which did not belong to the person searched, and which belonged to the person against whom proceedings under s 153C were sought to be initiated.
ACIT, New Delhi Vs Indian Farmer Fertilisers Co- op Ltd. (ITAT Delhi)- From the tax audit report, we also find that amount of Rs. 13,03,74,047/- has been shown as paid on or before due date for furnishing return of income for the previous year u/s 139(1) of the Act. Form 3CD has been prepared and signed by Rajnish & Associates, CA.
In order to give an opportunity to the defaulting companies to enable them to make their default good by filing such belated documents and to become a regular compliant in future, the Ministry, in exercise of the powers under Section 611(2) and 637B (b) of the Companies Act, 1956 has decided to introduce a Scheme namely, ‘Company Law Settlement Scheme, 2011,’ condoning the delay in filing documents with the Registrar, granting immunity from prosecution and charging additional fee of 25 percent of actual additional fee payable for filing belated documents under the Companies Act, 1956 and the rules made there under. The scheme shall come into force on the 12th Aug, 2011 and shall remain in force up to 31st Oct, 2011. General Circular No.59 /2011
The MAS-GMR Aerospace Engineering has approached the Andhra Pradesh High Court against the Authority for Advance Ruling’s (AAR) order that held that maintenance, repair and overhauling (MRO) activities in the aerospace SEZ attracts service tax. MAS-GMR Aerospace Engineering is a joint venture between GMR Hyderabad International Airport and Malaysian SDN-BHD.
Corporate Identity Number The Minister of State in the Ministry of Corporate Affairs Shri R.P.N. Singh today informed the Lok Sabha that the Corporate Identity Number (CIN) is mandatory for all types of companies registered in India and no company can function with out a CIN.
The Ministry of Corporate Affairs has recognized participation by shareholders in the Annual General Meetings under the Companies Act, 1956 for all companies through video conference. Vide General Circular No. 35/2011 , Dated: 06.06.2011 issued by the Ministry, it is proposed to be mandatory for all listed companies for financial year 2012-2013 and onwards.
The Minister of State in the Ministry of Corporate Affairs Shri R.P.N. Singh today informed the Lok Sabha that the statutory auditors of the companies incorporated under the Companies Act are appointed u/s of the Act. Replying to a written question the minister said there is no proposal to have the statutory auditors appointed by a Regulatory Authority in respect of listed companies like in the cases of Banks and Government Companies.
The Minister of State in the Ministry of Corporate Affairs Shri R.P.N. Singh today informed the Lok Sabha that whether Government has enumerated or identified such registered companies which are inactive, dormant and have been in such mode for at least ten years.
These rules may be called the Competition Commission of India (Form and Time of Preparation of Annual Report) Amendment Rules, 2011. They shall come into force from the date of their publication in the Official Gazette.
Resuming its arguments against Rs 11,000-crore tax demand by the Income Tax (I-T) department, the British telecom giant Vodafone today contended before the Supreme Court that the present Indian income tax laws do not cover gains from overseas transactions. Senior advocate Harish Salve appearing for Vodadfone submitted before the apex court that under the present Income Tax Act, overseas transactions between two foreign companies cannot be taxed and it could be done by only by bringing a new law by Parliament.
