The amount receivable by the assessee, who is a share broker, from his clients against the transactions of purchase of shares on their behalf constitutes debt which is trading debt; the brokerage/commission income arising from such transactions very much forms part of the said debt and when the amount of such brokerage/commission has been taken into account in computation of income of the assessee of the relevant previous year or any earlier year, it satisfies the condition stipulated in section 36(2)(i) and the assessee is entitled to deduction under section 36(1)(vii) by way of bad debts after having written off the said debts from his books of account as irrecoverable.
Where assessee chose to sit quietly and did not furnish any satisfactory explanation about cash deposited in minors account which is finally transferred to assessee’s account, then it could not be said that assessee has discharged primary onus lying on him under Explanation 1(A) of section 271(1)(c)
The true test, therefore, must lie in whether or not the view taken by the Assessing Officer could be said to be a possible view of the matter, upon due application of mind to facts of the case as also the applicable legal provisions.
The reputed CA firm should have been in existence for 10 years or more for MMTC offices located in ‘A’ class cities and 5 years or more for MMTC offices located in other cities. At least one partner should have an association of 5 years or more with
The Securities and Exchange Board of India (SEBI) has passed a consent order regarding the Reliance Infrastructure and RNRL investigation that showed misrepresentation of investments. In an exclusive interview with CNBC-TV18, Amarjit Chopra, Presiden
CBI officers on Saturday arrested Deputy Manager of State Bank of India Ajay Kumar Sinha when he was accepting a bribe of Rs 30,000. Sinha, posted in the Small and Medium Enterprises, Cash Credit Centre in the bank’s Patna Main Branch, was arrested
The study of various judgments of High Court and Supreme Court under section 397/398 of Companies Act, 1956 speak volumes about the complications in dealing with the cases of ‘oppression and mismanagement’ under section 397/398 of Companies Act, 1956. There were many judgments under section 397/398 explaining the powers of Company Law Board, meaning of ‘oppression’, powers under section 402, the powers of Company Law Board in passing orders under section 402 in order to regulate affairs of the company in future, the responsibility of the board to hear all the necessary parties to the proceeding, the issue of public interest, the issue of dead-lock, the issue of applying the principles of partnership in closely held private companies, the scope of section 399, the issue of granting ‘consent’ by members, the issues of maintainability and the procedure to be followed by the Company Law Board etc.
The only ground on which the refund claim has been rejected is that the original copy of TR-6 challan was not produced. Since according to the appellant, the original copy is now available with them, the appellant are directed to produce the same before the original Adjudicating Authority. The impugned order is, therefore, set aside and the matter is remanded to the original Adjudicating Authority for reconsidering the refund application on merits after taking into account the original copy of the TR-6 challan produced by the appellant. The same can be accepted, if on verification, the department is satisfied about its authenticity.
India is becoming a hot destination for the investment among the top countries in the world. This is evidenced by the recent visits of Heads of States of all the important economic powers in the international arena. Starting with UK, followed by USA,
CRISIL Research expects divergent price trends during the year in Mumbai and NCR (National Capital Region), the two largest residential real estate markets in India. In 2011, prices of houses are likely to decline in Mumbai, whereas prices will rise
