Judgments of the Bombay High Court in the case of Marathi Bandhkam and Ashok Gokani (Flat buyer) vindicate my stand that the MCHI judgment had merely decided the constitutional validity of the amendment made to the definition of sale and not whether a particular contract is a works contract or not,
The Department of Sales Tax, Maharashtra State has declared UPDATED list of Suspicious Dealers on 3rd November 2012 totaling to 1555 nos.
It is well settled that when a revised return is filed by the assessee, the original return is totally substituted and the revised return alone has to be taken into consideration in completing the assessment. The earlier return, after a revised return has been furnished, cannot form the basis of assessment.
The Central Government vide the following notifications, has allowed cost accountants in full time employment, in addition to certification by members in full-time practice, to certify the Compliance Report to be filed with the Central Government in compliance with the following rules, namely:-
The burden is on the assessees to show that the amount received by purported gift(s) from the two donors was a gift in the legal sense. Assessees have not led evidence to show whether the alleged donors had adequate funds in their respective accounts to make these purported gift(s) in Singapore Dollars, which is almost running into more than five lakhs.
In the instant case, we would like to convey that in so far as the books of account are concerned, namely, the balance sheet, the assessee was supposed to follow the mandate of the Reserve Bank of India and, therefore, that by itself would not be a ground to label the securities as ‘investment’. One will have to see the real nature of these securities.
Arrears of rent received by the assessee (as mesne profits) could not be brought to tax for the previous years, when they fell due. They could be brought to tax only during the year of receipt. The revenue had further argued that during the year of receipt, the assessee had shown the amount so received as capital.
Gross total income of the assessee is at Rs. 8,03,26,598 lakhs after adjusting the losses suffered by it in the eligible as well as profits of the non-eligible units. There are no brought forward losses or unabsorbed depreciation. The claim of deduction under section 80-IA was in respect of eligible unit 4.14 MW wind energy division at Rs. 4,72,28,143 and the deduction u/s.80HHC of the Act was claimed in respect of other units at Rs.15,51,440.
It is therefore necessary that there must be debt due and the company must be unable to pay it. If the debt is a disputed debt and the defence is substantial one order of winding up should not be passed. It is also note worthy that after the petitions were admitted no other persons have raised any claim and, therefore, this Court finds that the debt being disputed and there exists a bona fide dispute.
Interra Information Technologies (India) Private Limited, a company incorporated under the Companies Act, 1956, is a 100% subsidiary of Interra IT Inc., a US based company. Interra IT Inc. enters into contract with customers and subcontracts a part/whole of the work to Interra India.
