The Assessing Officer has observed that the bank has claimed the set off of carried forward losses of earlier years of Rs. 2,39,37,185/-. In the opinion of the Assessing Officer, provisions of section 14A are applicable. The Assessing Officer has observed that up to A.Y. 2006-07, income of cooperative bank was wholly exempt u/s.80P and hence, loss was incurred because of expenditure for earning the wholly exempt income and hence, no benefit of set off can be given. The Assessing Officer made the disallowance of entire loss of Rs. 2,39,37,185/-.
In the present case, we notice that in two out of four reasons recorded by the Assessing Officer for reopening the assessment, he stated that he need to verify the claims. In the second ground, he had recorded that admissibility of the bad debts written off required to be verified. In the fourth ground also, he had recorded that admissibility of royalty claim was required to be verified.
Notification No. 79/2012-CUSTOMS (N. T.) Central Board of Excise & Customs, being satisfied that it is necessary and expedient so to do, hereby makes the following amendment in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 36/2001-Customs (N.T.), dated the 3rd August, 2001,
It has now been decided to allow QFIs to hedge their currency risk on account of their permissible investments (in equity and debt instruments), as per the details given in the Annex.
There is no material evidence on record to show that the assessee had produced any reconciliation statement of interest and contractual receipts as per TDS certificate compared to turnover credited in the P & L Account as per the audited statement. In view of the provisions of Section 237 of the Income Tax Act and averments made in paragraphs 6 and 7 of the counter affidavit, it cannot be said that there is any laches on the part of opp. parties-Department in not granting refund to the petitioner as claimed in its return.
Consequent upon inclusion of special provisions in respect of International Workers (IWs) and signing of Social Security Agreements (SSAs) with a number of countries by the Government of India, the benefit of “detachment” is being availed by the posted Indian employees by obtaining a Certificate of Coverage (COC) on the basis of which they are exempted from making contributions in other country up to a certain period.
I am directed to refer to this Ministry’s letter of even no. dated 3 1.7.2012 on the subject cited above and say that wherever fee on pending cases under section 17, 18, 19, 141 and 188 of the Companies Act, 1956 have already been paid by the companies/stakeholders at the time of filing of petition, consequent upon the transfer of applications/petitions from Company Law Board to the concerned Regional Directors.
The business of the company which is principally in the area of manufacturing and marketing of plastic pouches cannot justify the sponsoring of the trainee for overseas education in computer software development and accounting. Even for accounting purpose of the company no employee is required to be sent abroad;
If assessee couldn’t prove his claim, consequent order couldn’t be disputed on ground of natural justice – The issue which falls for decision is primarily whether the assessment proceeding in the instant case was conducted in a fair manner so much so conforming to principles of natural justice. It is settled law that principles of natural justice cannot be construed in isolation from the factual matrix of the case or it has many a facets.
Much has been discussed on recent issue about Suspicious Dealers, but rarely has someone analysed Whether Purchases made from such Suspicious Dealers should actually form part of Purchases while preparing Financials. The last updated List of 1277 Suspicious Dealers who has issued false bills without delivery of goods is displayed on Website of Government of Maharashtra – VAT Department since July-12.
