From the above portion, we noticed that the Tribunal has bifurcated the expenditure in two parts – first related to investment of Rs. 5907.18 lakhs in foreign subsidiaries, it was held that the dividend income from such subsidiaries is taxable in India and that therefore, Section 14A would have no applicability. The remaining amount pertain to investment of Rs. 38 Crores [rounded off] made in Indian subsidiaries. In this respect, the Tribunal noted that the assessee had to its disposal, own interest free funds many times over the investment in question. As per the balance sheet as on 31st March 2005, the assessee had interest free fund of Rs. 929.57 Crores.
Once in a particular trust, some default came to the notice of a trustee managing its affairs and the same trustee is also managing the affairs of other trust then, if the trustee of the second trust voluntarily comes forward before the department and discloses material facts, which have been duly accepted by the department, then it cannot be said that assessee’s conduct was not bona fide or voluntary. It can be said to be a case of concealment only when income comes to the notice of assessee but he still withholds the same from disclosing to the department.
It is well-settled law that merely on the ground of low gross profit ratio, the addition to the assessee’s returned income cannot be made. Even if, the assessee’s profit and loss account is discarded by the Assessing Officer, it has to be examined whether the Assessing Officer adopted the rational basis for making the addition. In the present case, we find that the Assessing Officer merely referred to the discount of 10 per cent. offered by retailers on the printed price but did not demonstrate as to how that affected the gross profit declared by the assessee. He had not brought on record any comparable case, wherein, the net profit declared by a tax payer in the similar business, was higher, than the one declared by the assessee.
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Based on the Corporate Social Responsibility initiative of the Ministry of Corporate Affairs, the Institute of Chartered Accountants of India (ICAI), has decided that through its dedicated network at the Regional and Branch level centers, it will seek volunteers from amongst its eligible members for offering audit services to at least 100 auditable entities, to […]
A specified Person who resigns from a Micro Insurance Agent is eligible for reappointment as a specified person of other Micro Insurance Agent or any other licensed Corporate Agent only after the expiry of 3 months from the date of the resignation.
All the insurers are advised to publicize this among their agents so as to ensure that the maximum numbers of archived agency licenses are renewed. The insurers shall also furnish month wise data pertaining to these renewals to Joint Director,
I got ST registration on/after 01.07.2012 with the service description, ‘Other Than in the Negative List’. Can I file the return now? Assessees registered / amended their registration on or after 01.07.2012 with the service description, ”All Taxable Services – Other than in the Negative List’ are required to file amendment to their Registration online […]
Pawan Kumar Bansal Launches Wi-Fi Facility on Howrah Rajdhani Express Train The Minister of Railways Shri Pawan Kumar Bansal launched Wi-Fi- facility as a pilot project on Howrah Rajdhani Express (train no. 12302), here today. To introduce internet access in moving train was a technological challenge considering that the train passes through all type of […]
I am directed to circulate a Draft guidelines to regulate functioning of worn and used clothing units in SEZs and invite comments/suggestions on the same in order to finalize the Policy to regulate functioning of worn and used clothing units in SEZs.
