Even after the amendment with effect from 1988 and introduction of the words a person who is the beneficial owner of shares cannot be construed to in a way alter the position that the shareholder has to be the registered shareholder. The amendment imposes an additional condition that the registered shareholder must also be the beneficial shareholder of the company that has furnished loan/advance. the fact that the shareholders of the assessee company were also shareholders of the company which had given loan/advances is not sufficient and does not meet the requirement of Section 2(22)(e). The voting rights of the shareholder, i.e., the assessee can and should be taken into consideration.
1. The exemption to wheat, rice, pulses and their flours, turmeric, chillies, tamrind, gur, coconut, cumin seeds, coriander seeds, fenugreek and parsely (Suva), papad, wet dates, solapuri chadders and towels which was to expire on 31.03.2012 will be continued till 31.03.2013. 2. The exemption of fabrics except furnishing cloth mentioned in Schedule ‘A’ (list of tax-free goods) to continue. However, furnishing cloth will be taxed @5% on last point.
When you start your own practice, the first thing comes into mind is that why the office should be? Whether we require a small space or should be start with a larger space! Where it should be situated, in the mid of the town or a crowed place or a separate place will work?
Mr. Sharma, learned A.S.G. however submits that the appeal has been filed prior to the issuance of circular dated 9th February, 2011, therefore, the circular does not apply to the present case.In the case of Commissioner of Income Tax V/s Polycott Corporation a Division Bench of this high Court, while interpreting similar Instruction No.2 of 2005, issued by the Central Board of Direct Taxes, regarding the earlier limit fixed for filing appeal before the High Court, has held that the circular would have a retrospective effect. In Commissioner of Income Tax V/s Smt. Vijaya V. Kavekar, a Division Bench of this Court, while interpreting the very circular which is involved in this appeal i.e. Circular No.3 of 2011, has held that the circular has a retrospective operation and instructions contained in the circular would apply even to the pending cases. Therefore, the contention of Mr. Sharma that the circular does not apply to the pending cases is rejected.
If on a cursory glance it appears that the demand raised has no leg to stand, it would be undesirable to require the assessee to pay full or substantive part of the demand. From the perusal of materials brought on record, we are of the view that the Commissioner having himself expressed opinion in the order that there is enough strength in the plea of the assessee for stay of the demand, there was no occasion to direct for deposit of 30 percent.
Document acceptable as proof of identity and address as per Rule 114 of Income Tax Rules, 1962, for individual and HUF applicants. Document acceptable as proof of identity and address as per Rule 114 of Income Tax Rules, 1962 for Company, Firm, Association of persons (Trust), Association of persons (other than Trusts) or Body of Individuals or Local authority or Artificial Judicial Person
Explore C.P. No.11(111)/ERB of 1998 as Company Law Board delves into allegations, balancesheets, and share issues. Understand the final order on ultra vires claims.
Under the overall guidance of the Board for Payment and Settlement Systems, the Reserve Bank over the last few years, has been taking a number of steps to popularise the electronic payment systems in the country. In this connection, a reference is invited to circular DPSS.CO.OD.494/04.04.009/2011-2012 dated September 21, 2011, in terms of which, liberalised revised access criteria for centralised and decentralised payment systems were announced.
Limitation period for filing an arbitration reference. Review of annual issuers‘charges . Applications supported by blocked amount (ASBA) facility. Clarification on circular dated December 3, 2009 on dealings between a client and a stock broker. Self clearing member in the currency derivatives segment .
It shall be the responsibility of the Assessing Officer and the TRO to collect every demand that has been raised, except the following : (a) Demand which has not fallen due;(b) Demand which has been stayed by a Court or ITAT or Settlement Commission;(c) Demand for which a proper proposal for write-off has been submitted;(d) Demand stayed in accordance with paras B & C below.
