"09 April 2012" Archive

S. 2(22)(e) Registered shareholder must also be beneficial shareholder

Commissioner of income tax Vs M/s gopal clothing compay pvt ltd (Delhi High Court)

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 ...

Changes in MVAT Act 2002 by Recent Budget

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 i...

Posted Under: Income Tax |

Ideal Work Place of a Chartered Accountant

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? ...

Posted Under: Income Tax |

Low Tax Effect Circular retrospective & do not have Cascading Effect – HC

The commissioner of income tax ii nashik Versus Smt varsha dilip kolhe (Bombay High Court)

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....

If Prima facie demand raised has no leg to stand, it should be stayed fully

L.G.Electronics India Pvt. Ltd. Vs. The Commissioner Of Income-Tax And Others (Allahabad High Court)

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...

Document Required for PAN Application for Indian Citizen

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 Individua...

Posted Under: Income Tax |

Once a company shows in its accounts any money under the head paid up capital than it will be presumed that share has been allotted

Smt. Nupur Mitra & others Vs M/S Basubani Private Limited (Company Law Board Kolkata)

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....

RBI taken step to expand RTGS and NEFT facility to more banks

RBI/2011-12/489 DPSS.CO.OD. 1848 /06.07.003/2011-2012 09/04/2012

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...

Quick Referencer On Sebi Circulars (April, 2011 – March, 2012)

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 . ...

Posted Under: Income Tax |

CBDT Guidelines for Stay of Demand

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 ...

Posted Under: Income Tax |