"March, 2013" Archive

List of CA Firms Empaneled for Co-Operative Audit in Maharashtra for FY 2012-13

Auditors List Updated on 30th March 2013 Orders of Hon’ble Commissioner Regarding Empanelment of Auditors Auditor Panel List Amravati Aurangabad Kolhapur Konkan Latur...

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Posted Under: CA, CS, CMA |

Income Tax Refund Set-Off without prior intimation to Assessee is invalid

Jeans Knit (P.) Ltd. Vs Deputy Commissioner of Income-tax (Karnataka High Court)

In the present case there was no prior intimation of the proposed action of adjusting the amount of refund due to the assessee towards any other amount due from the assessee. It was an intimation informing the appellant that the amount of refund due for the assessment year 1997-98 stood adjusted against the outstanding demand for the asse...

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S. 145A Value of inventory must include amount of excise duty paid on it

Petro Araldite (P.) Ltd. Vs Deputy Commissioner of Income-tax (ITAT Mumbai)

During the course of assessment proceedings it was observed by AO that the assessee was following 'exclusive method' of valuing the cost of its inventory by not increasing it with the amount of excise duty paid thereon, although as per section 145A purchases and inventories are required to be grossed up to include to duty element. That is...

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Trust Registration valid for sec. 25 Companies formed with charitable objects

Social Pedia Knowledge Foundation Vs Director of Income-tax (Exemptions) (ITAT Chennai)

In the instant case, a perusal of the object clause of the company shows that it has been incorporated with the aim of providing education, facilitate social and economic empowerment, economic development programs, literacy programs, training programs for villagers and downtrodden people. How these objects are to be achieved should be lef...

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Mobile Companies can recognize revenue to extent of talk time used in case of prepaid talk time

Assistant Commissioner of Income-tax Vs Shyam Telelink Ltd. (ITAT Delhi)

In the present case, the main dispute is regarding revenue recognition relating to unused talk time remaining available as at the end of the year. As noted earlier, there is no dispute that company had to provide talk time to its subscriber till the expiry of the period of card or till complete utilization of talk time, whichever is earli...

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Deduction u/s. 10A is allowable without setting off of losses of other units

Genisys Integrating System (India) (P.) Ltd. Vs Deputy Commissioner of Income-tax (ITAT Bangalore)

It is after the deduction under Chapter VI-A that the total income of an assessee is arrived at. Chapter VI-A deductions are the last stage of giving effect to all types of deductions permissible under the Act. At the end of this exercise, the total income is arrived at. Total income is thus, a figure arrived at after giving effect to all...

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S. 54 Exemption cannot be denied for payment by third party if subsequently reimbursed by the Assessee

Sunil Sachdeva Vs Assistant Commissioner of Income-tax (ITAT Delhi)

As regards another facet of addition in this case which has resulted from enhancement made by the Ld. Commissioner of Income Tax (A) by holding that assessee is not eligible for deduction u/s. 54F(1) on the payment of Rs. 55,70,800/-. This has been denied on the ground that the payment was made by M/s Capital Advertising Pvt. Ltd. wherein...

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A Study on Government Accounting in India – Some Recent Developments

Introduction – The financial management of any organization must have a prudent financial system backed by sound and effective accounting procedures and internal controls. A well-designed and well managed accounting system helps ensure proper control over funds. Accounting policies and procedures are designed to compile accounts ful...

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Belated filing of return can be no ground for denying Income Tax refund

North Eastern Electric Power Corpn. Employees Provident Fund Trust Vs Union of India (Gawhathi High Court)

In the instant case, assessee a recognized trust invested its funds as per instructions of Government of India in various financial institutions and those institutions deducted tax at source from interest earned on fixed deposits. In order to claim refund of TDS erroneously deducted by the financial institutions, the assessee filed return...

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ICAI Presidents Message on Bank Audit, Finance Bill 2013, Companies Bill, 2012

Not resorting to any populist measures, the Government has not touched the direct and indirect tax structures in principle in the Union Budget 2013- 14; neither has it touched the middle class. Some of the experts have felt that they were expecting something more miraculous in the Budget that could tackle the existing economic issues at h...

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Posted Under: CA, CS, CMA |