"29 August 2012" Archive

Status of Private Limited Company u/s 4(7) of Companies Act, 1956

It is important to check the status of Private Limited Company, if the shareholder of such Private Limited is Body Corporate incorporated outside India. It is also important from the audit point of view since if the status of such Private Limited Company is established as Subsidiary of Public u/s 4(7) of Companies Act, 1956 then all the C...

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Posted Under: Company Law |

Reassessment on the basis of Income Tax amendment not justified

Saint Gobain Glass India Ltd. Vs Assistant Commissioner of Income-tax, Company Circle-VI (1) (ITAT Chennai)

On the date of issue of notice under section 148 on 31-3-2008 by the Assessing Officer for reopening of the assessment, the earlier view taken by the Assessing Officer in the assessment framed under section 143(3) on 31-3-2006 was supported by the decision of the Supreme Court in the case of HCL Comnet Systems & Services Ltd. (supra), and...

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Compensation or damages for fraud taxable as income from other sources

In re IC (AAR Delhi)

Between January and April, 2009 a number of suits were filed against IC and A and B in various jurisdictions in the United States claiming damages. The suits were based on tort, misrepresentation, deceit, fraud and so on. In terms of the procedural laws of the United States, the suits were directed to be consolidated. The suits were conso...

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CBDT Committee To Form Departmental View on Contentious Legal Issues

OFFICE MEMORANDUM (28/08/2012)

It has been observed that a large part of litigation in the Direct Taxes matters involves interpretation of legal provisions. Lack of desired clarity on a contentious legal issue, amongst the officers of the department, sometimes leads to inconsistent approach on the same issue giving rise to further litigation. With a view to provide cla...

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General Circular No. 27/2012, dated 29/08/2012

General Circular No. 27/2012 (29/08/2012)

A representative not below the rank of Joint Secretary from Wo Power 14.A representative not below the rank of Joint Secretary from Wo Petroleum 15.A representative not below the rank of Joint Secretary from Mbo Highways 16.A representative not below the rank of Joint Secretary from Wo Urban...

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Trust having ‘medical relief’ object eligble for exemption even if they incidentally carry on a commercial activity

Samarpan Samiti Vs Commissioner of Income tax-II, Agra (ITAT Agra)

After examination of the activities of the assessee samiti and after considering CBDT Circular No. 11/2008, dated 19-12-2008, it is found that the admitted facts of the case under consideration are that the assessee-trust is carrying on the activities in respect of medical relief. It is found that Samiti/institution/entities whose object ...

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Section 50C applicable even if registration takes place subsequent to transfer

Deputy Commissioner of Income-tax, Circle-9 Vs Bagri Impex (P.) Ltd. (ITAT Kolkata)

The Revenue's case is that the provision of sec. 50C having come on the statute book with effect from 1-4-2003, and the capital asset which is the subject-matter of transfer, being land, the same would apply, and thus stands rightly invoked by the AO. The assessee's case, and on the basis of which it found favour with the first appellate...

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Re-opening of assessment for change of opinion not valid – SC

Assistant Commissioner of Income-tax Vs ICICI Securities Primary Dealership Ltd. (Supreme Court of India)

The assessee had disclosed full details in the Return of Income in the matter of its dealing in stocks and shares. According to the assessee, the loss incurred was a business loss, whereas, according to the Revenue, the loss incurred was a speculative loss. Rejection of the objections of the assessee to the re-opening of the assessment by...

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Validity of Winding up proceeding against the company for non-payment of rent

Raju Jhurani Vs. M/s Germinda Pvt. Ltd. (Supreme Court of India)

This Appeal is directed against the judgment and order dated 14th August, 2006, passed by the Calcutta High Court in A.C. No.54 of 2005 dismissing the Appeal on the ground that in the absence of any specific finding whatsoever as to the rate of rent and the period of default committed by the respondent-tenant, the proceedings under the Co...

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Receipt of order by nephew can’t be a ground to condone delay in appeal filing

Jyoti Enterprises Vs Commissioner of Central Excise, Allahabad (CESTAT Delhi)

Ld. AR submits that appellant was not registered as service tax payer and as such no authorised representative stands mentioned by him. As the impugned order was served at the residential address of the appellant, it has to be considered as proper service of the order. ...

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