"06 November 2012" Archive

First Financial Year of a company & first AGM – Issues involved

Usually financial year of a company consists of 12 months. However, in some cases it may not be so. In case of newly incorporated company, financial statements have to be prepared from the date of incorporation of the company till the year-end date of the financial year which may not be of 12 months. Similarly in case of subsequent cha...

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ECB by Small Industries Development Bank of India (SIDBI)

RBI/2012-13/284 A.P. (DIR Series) Circular No. 48 06/11/2012

On a review of the extant ECB policy, it has been decided to include SIDBI as an eligible borrower for availing of ECB for on-lending to MSME sector, as defined under the Micro, Small and Medium Enterprises Development (MSMED) Act, 2006, subject to the following terms and conditions:-...

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Despite Set Aside For De Novo Consideration, AO Cannot Look At Fresh Issues

M/s. Gemini Oils Pvt. Ltd., Vs. ITO (ITAT Mumbai)

In the instant case the powers of the CIT[A] are not questioned but what has been questioned is the powers of the AO in framing a de novo assessment , when the original assessment is set aside laying down the boundaries for framing the set aside assessment . ...

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Bifurcation of rural and urban branches must for deduction u/s. 36(viia)

State Bank of Indore Vs ACIT (ITAT Indore)

In the appeal of the revenue by ground no. 2, the department has challenged the conclusion of the learned CIT(A) regarding deduction u/s 36(1)(vii) for bad and doubtful debts written off restricted to the amount in excess of the provision for bad and doubtful debts created in the books of accounts u/s 36(1)(viia) of the Act or it is restr...

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Delay in filing appeal required to be construed liberally – HC

Commissioner of Customs Vs Karan Monomers P. Ltd. (Gujarat High Court)

The expression 'sufficient cause' may be required to be construed liberally, provided adequate and proper reasons exist. Liberal approach is advocated in condoning the delay and not being liberal to sufficiency of the cause where it does not exist....

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Addition can’t be made Merely Because Transaction not made through banking Channel

Nived Anoopkumar Dhandhania, Kolkata Vs I.T.O. (ITAT Kolkata)

At the time of hearing the ld. Counsel appearing on behalf of assessee by referring to the paper book at page nos.9 to 31 which contain copies of Kishanlal M.Dayama’s I.T.Return Ack., P&L A/c Capital A/c, Balance Sheet and Banker’s Certificate, Copies of Rajesh Kaishchand Vyasa’s I.T.Return Ack; Brokerage A/c, Interest A/c., Capital...

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Powers of Commissioner of Income Tax co-terminus with that of Assessing Officer

ITO Vs. M/S Vishvdeva Leasing & Investment Pvt. Ltd. (ITAT Delhi)

It is a settled law that the powers of the Commissioner of Income Tax is co-terminus with that of Assessing Officer. Under the circumstances, the particular enquiry that was not made by the Assessing Officer which was necessary in the facts of the case, should have been done by the Ld. Commissioner of Income Tax (A). ...

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MCA enlarges the list of cases where companies should get their cost records audited

NA 06/11/2012

Order [F. No. 52/26/CAB-2010], Dated 6-11-2012 - Consequent upon notification of the Product or Activity Group classification published vide S.O. 1747(E) dated 7th August, 2012 and in supersession of the earlier Orders issued vide even number dated 2nd May 2011, 3rd May 2011, 30th June 2011 and 24th January 2012, the Central Government he...

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Appointment of Cost Auditor – Mistakes in Form 23C & 23D & Remedy

General Circular No. 36/2012, 26/11/2012

MCA is regularly receiving requests from the companies and cost auditors for making corrections in the e-forms 23C & 23D in respect of minor typographical errors or other mistakes such as incorrect financial year, incorrect name of the cost auditor or the cost audit firm, incorrect PAN number, incorrect scope of audit, etc. ...

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Circumstances when ROC may scrutnise Balance Sheets

General Circular No. 37/2012 06/11/2012

In the following cases, the Registrars routinely scrutinize balance sheets:(i) of companies against whom there are complaints; (ii) of companies which have raised money from the public through public issue of shares/ debentures etc.; (iii) in cases where the auditors have qualified their reports....

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