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In a lease transaction also there can be only one owner of the asset, that is, either the lessor or lessee and not both of them or either of them at their discretion. Whereas in the case of operating lease, it is the lessor who is the real owner of the asset, but in case of finance lease, it is the lessee who is to be regarded as the real owner of the asset. Ex consequenti only the lessor can claim depreciation in case of an operating lease and the lessee in a case of finance lease. There is no question of deciding between the lessor and the lessee, as to who should be conferred the benefit of depreciation allowance. Adverting to the facts of the instant case, it can be seen that it is a case of finance lease agreement. The only and the inescapable conclusion which in our considered opinion follows is that the real owner of the leased property is Indo Gulf Fertilizer & Chemical Corporation Limited and not the assessee. We, therefore, decline to grant any depreciation to the assessee-lessor. However the lessee, if so advised, may take recourse to the legal remedy if any, for the grant of depreciation.
The extent of higher education is generally measured by enrolment ratio in higher education; by taking the ratio of persons in all age group enrolled in various programs to total population in age group of 18 to 23. The current level of GER in India stands at a figure of about 13% it is very low if we compared to world average of 23.2%, 36.5% for developing countries and 45% for developed countries. The government thus has an enormous task in hand to improve the GER to bring it somewhere close to other developing countries as otherwise the country would continue to remain divided not only in terms of wealth-distribution but also in the more fundamental aspects like education and health.
No one can defend a willful defaulter and no one can possibly object to the need of providing a special legislation to enable the Banks to recover their dues speedily and thus reduce their ‘Non-performing Assets’. Constitutional validity of ‘The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002’ (in short ‘SARFAESI’) was upheld by the Supreme Court and the Courts have given guidelines from time to time as to how to interpret various provisions of SARFAESI Act, 2002.
Notification F.No.IRDA/RI/1/57/2012, dated 15-3-2012 In exercise of the powers conferred by sub-section (2) of section 101A of the Insurance Act, 1938, the Authority, after consultation with the Advisory Committee constituted under section 101B of the Insurance Act, 1938 and with the previous approval of the Central Government, hereby makes the following notification namely:-
Rate of growth estimated to be 6.9%. Outlook for growth and stability is promising with real GDP growth expected to pick up to 7.6% in 2012-13 and 8.6% in 2013-14. Agriculture and Services sectors continue to perform well. 2.5 % growth in Agro sector forecast. Services sector grows by 9.4 %, its share in GDP goes up to 59%.
ITAT Mumbai ruling: Transponder2hire charges not ‘royalty.’ Times Global wins tax case vs. DCIT for A.Y. 2007-08. Consultancy fee allowed. Full details here.
Non-availability of the acknowledgement of the receipt cannot be the sole basis on which the order made can be annulled. The fact that notice was not served on the assessee has to be established by considering all relevant facts. The dispatch number on face of notice is a relevant fact. Once the notice has been issued at the correct address by speed post and same has not been received back then it will be deemed to be served. Therefore, CIT (A) is directed to decide the issue after taking all these relevant facts into consideration.
Companies Bill, 2011 provides for more detailed requirements in the form disclosures/declarations to be made by companies, and their promoters/first directors at the time of Incorporation. Detailed disclosure requirements on continuous basis have also been provided. Additionally, the Bill seeks enhancement of accountability through various clauses of the Bill viz appointment and accountability of Key Managerial Personnel, defining role of independent directors and enhanced penalties/fine/imprisonment etc.
ITO V/s. DG Housing Projects Ltd. In the present case, the findings recorded by the Tribunal are correct as the CIT has not gone into and has not given any reason for observing that the order passed by the AO was erroneous. The finding recorded by the CIT is that order passed by the AO may be erroneous.
The Committee for Capacity Building of CA Firms and Small & Medium Practitioners (CCBCAF & SMP) was formed by combining previously formed Committees, Committee for Capacity Building of CA Firms and Committee for Small & Medium Practitioners. Initially, this Committee had thought to establish for facilitating consolidation and capacity building of CA firms in order to address various problems faced by CA firms and to conceptualize and implement various means for strengthening their capacity as well as providing comprehensive guidelines for consolidation of CA firms. Similarly, Committee for Small & Medium Practitioners was formed to empower Small & Medium Practitioners to assimilate and apply ways for carrying out their profession in efficient manner. Thus, the ultimate objective of the Committee is to strengthen CA firms as well as Small & Medium Practitioners to rejuvenate their practice portfolio.
