Register of investments in any shares or securities not held in its own name, Registers of deposits, Register of charges, Register of members, Index to members, Register & Index of Beneficial Owners, Copies of Annual Return, Minutes books of Board Meetings & any other meetings, Minutes books of General Meetings, Proper books of account, Register of contracts, companies and firms in which directors are interested, Register of contracts entered into by the company for the appointment of Manager or Managing Director, Register of Director/Managing Director/Manager/Whole Time Director/Secretary
SRL Ranbaxy Ltd vs. ACIT (ITAT Delhi) – In the present case, no income was found credited to the account of the collection centers. The loss on account of any damage was to be borne by the collection centers. The expenditure on salary/staff of the collection centers was to be borne by the collection centers
Ministry of Finance has clarified that although the rate of interest on small savings schemes will be aligned every year with rates of Government securities of similar maturity, with suitable spread, the rates are fixed and not floating so far as individual investments except PPF are concerned. This is in response to news items appearing in certain sections of the Press that the interest rates on small saving schemes, revised by the Government w.e.f. 1.12.2011, are floating rates, which will undergo change according to fluctuations in the yield on the Government securities.
An announcement was made by Hon’ble Finance Minister in the Budget Speech 2011 for introducing a simplified scheme for the refund of service tax paid on services used for export of goods on the lines of drawback of duties.
CIT Vs. Monto Motors Ltd. (Delhi HC)- Advertisement expenses when incurred to increase sales of products are usually treated as a revenue expenditure, since the memory of purchasers or customers is short. Advertisement are issued from time to time and the expenditure is incurred periodically, so that the customers remain attracted and do not forget the product and its qualities.
CIT Vs. Wimco Seedlings Ltd. (Delhi HC) – It was held that unless and until there was actual expenditure for earning the exempted income, there could not be any disallowance under section 14A. While we agree that the expression ‘expenditure incurred’ refers to actual expenditure and not to some imagined expenditure, we would like to make it clear that the ‘actual’ expenditure that is in contemplation under section 14A(1) of the said Act is the ‘actual’ expenditure in relation to or in connection with or pertaining to exempt income. The corollary to this is that if no expenditure is incurred in relation to the exempt income, no disallowance can be made under section 14A of the said Act.
Corporate Affairs Minister Veerappa Moily today said the Companies Bill is expected to be cleared in the forthcoming Budget Session despite its withdrawl after being tabled in the winter session.
In view of the closure of banks on account of yearly closing on 31st March, 2012, the last date for registration for Common Proficiency Course (CPC) shall be 5th April, 2012 for being eligible to appear in the Common Proficiency Test (CPT) to be held in June, 2012.
Rajinder Mohan Lal Vs. DCIT (ITAT Chandigarh)- impugned gifts cheques were in the name of the assessee and not in the name of the assessee’s daughter, whose marriage was solemnized and the quantum of such gifts were credited by the assessee to his bank account. It is also a fact that the sum of money received by the assessee were not transferred to the bank account of his daughter, whose marriage was solemnized. In view of the above legal and factual discussions and clear findings of the lower authorities, we do not find any infirmity in the order of the CIT(A) and, hence, the same are upheld. This ground of appeal of the assessee is dismissed.
ITO Vs. Landmark Finance Pvt. Ltd. (ITAT Kolkata)- The facts are not disputed that the assessee was dealing shares as trader in shares as well as holding the shares as investment. It is not disputed that the assessee had kept both the portfolios separately and the mode of valuation of stocks held as investment and stock held as stock-intrade was different. The investments were valued at cost and it was shown in the balance sheet only whereas stock-in-trade was valued at cost or market price, whichever was lower and the loss was, accordingly, claimed in the Profit & Loss A/c. and allowed to the assessee.
