In the present case, as stated hereinabove, admittedly original accused No. 2 was appointed as managing director of original accused No. 1-company and original accused No. 1-company had also the whole-time directors and the manager. The petitioner was arraigned as an accused only as a ordinary director.
As far as the provisions of the Act are concerned, they lay down that the comparable companies should be functionally comparable to the tested party. There are no specific standards of comparability on the basis of abnormal profits or loss. Rule 10B(2) provides that the comparability of an international transaction with an uncontrolled transaction shall be judged with reference to the following, namely:-
Certain intangible assets on which depreciation could be claimed are – knowhow, patents, copy rights, trade marks, licenses, franchise or any other business or commercial rights of similar nature. This expression “any other business or commercial rights of similar nature” by itself would mean to include all kinds of commercial rights.
In the case before the Kerala High Court, the question arose for consideration was whether a transport contract for mere carriage of goods without loading and unloading facility would amount to carrying out any work within the meaning of section 194C(1) of the Act.
Requirement of section 143 (2) cannot be dispensed with as it is mandatory and therefore, the notice under section 143 (2) issued after the expiry of prescribed period is an uncurable defect and consequently, the block assessment is erroneous and not sustainable.
Assessee has received a sum of Rs. 1348095/- after discontinuance of business and in view of Section 176(3A) of the Act, this income is required to be added to the total income of assessee. The rate of 12.5% on this income is not the only taxable income but whole of receipt is the income to be taken into consideration and by indirect interpretation the receipt which is required to be taken into total income of the assessee under Section 176(3A)
It is clear from section 140A that after taking into account the relevant factors as enumerated in sub-clauses (i) to (v) under sub-section (1) of section 140A, the assessee is liable to assess his income and to pay tax calculated according to the above provisions together with interest as payable under any of the provisions of the Act of 1961 and is required to pay tax in advance before furnishing returns and returns shall be accompanied with the proof of payment of such tax and interest.
The Institute of Chartered Accountants of India (ICAI) announced the results of Common Proficiency Test (Paper Pencil Mode) held on December 16, 2012 on 21.01.2013. The top three rank holders of Common Proficiency Test (Paper-Pencil Mode) held on December 16, 2012 are from Guntur (Andhra Pradesh), Jaipur and Kakinada (Andhra Pradesh) and their details along […]
The Institute of Chartered Accountants of India (ICAI) announced the results of Chartered Accountants Final Examination held in Nov, 2012 on 21.01.2013. The top three rank holders on all India basis of Chartered Accountants Final Examinations held in November, 2012 are from Mumbai, Rajamahendravaram (Andhra Pradesh) and Coimbatore (Tamil Nadu) respectively and their details along […]
The banks which have not issued long-term bonds (minimum maturity of 5 years) to the extent of their exposure to the infrastructure sector (minimum residual maturity of 5 years) could utilize the room available to issue more Long Term bonds which would help release resources for extending long-term fixed rate loan products.
