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Archive: 01 February 2014

Posts in 01 February 2014

S. 276CC SC allows initiation of prosecution against Jayalalithaa for non filing of I.T. Return

February 1, 2014 4923 Views 0 comment Print

M/s Sasi Enterprises, the firm, did not file any returns for the assessment year 1991-92 and 1992-93, for which the firm and its partners are being prosecuted under Section 276CC of the Act. J. Jayalalitha and N. Sasikala did not file returns for the assessment year 1993-94 and hence

No Disallowance of Interest on Loan taken to earn taxable business Income U/s. 14A r.w. Rule 8D(2)(ii)

February 1, 2014 3060 Views 0 comment Print

The issue of revenue’s appeal is that the CIT(A) has wrongly deleted the disallowance made by AO under Rule 8D(2)(ii) of the Rules at Rs.55,47,700/-. Here the assessee before the lower authorities and even before us explained that out of the total interest payment of Rs.97,22,656/-, the interest aggregating to Rs. 92,69,529/- was paid to Brila Global Finance Co. Ltd.,

Binding force of Judicial Precedents

February 1, 2014 13233 Views 0 comment Print

In a civilised society all disputes between two parties always have been settled either by way of their mutual arrangements or by way of court of law of the land. For the smooth administration of the democratic country it is very much necessary to have a strong and good judicial system and this system should get proper support from Constitution of that Country. In India our constitution gives such power to our judicial system by way of Chapter – IV, by which Indian Supreme Court gets powers and duties.

Internal Audit Manual

February 1, 2014 8713 Views 4 comments Print

CA Sameer Thakur INTRODUCTION :- 1. DEFINITION OF INTERNAL AUDIT :- Internal auditing is an independent objective assurance and consulting activity designed to add value and improve organizational operations. It helps an organisation to accomplish its objectives by bringing a systematic approach to evaluate and improve the risk management, control & compliance process. (Institute of […]

Definition of Governmental Authority amended for exemption from Service Tax

February 1, 2014 30594 Views 5 comments Print

The Central Government vide Notification No. 02/2014-ST dated January 30, 2014 has substituted the definition of ‘Governmental Authority’ to expand the scope of exemption to an authority or a board or any other body either set up by an Act of Parliament or a State Legislature or established by Government, with 90 percent or more participation by way of equity or control, to carry out any function entrusted to a municipality under Article 243W of the Constitution.

Amount received by liaison office over and above the expenses actually incurred is taxable

February 1, 2014 5164 Views 0 comment Print

There cannot be any dispute with the legal contention of the learned counsel that the reimbursement of the expenses can never be income. Hon’ble Jurisdictional High Court has also held that the reimbursement of expenses can under no circumstances

Jobbing is not speculative in view of proviso(c) to section 43(5)

February 1, 2014 15360 Views 0 comment Print

This proviso makes it very clear that any profit or loss on account of jobbing will not be in the nature of speculation profit or speculation loss. Thus, even if it is accepted that the loss suffered by the appellant was on account of self-trading in view of proviso (c) to section 43(5) such loss cannot be treated as speculation loss.

Is shifting of Burden to Tax Payers & Facilitators/ Professionals by CBDT Justified?

February 1, 2014 2307 Views 0 comment Print

THE BONDED LABOUR SYSTEM (ABOLITION) ACT, 1976 (ACT NO. 19 OF 1976) was introduced in India to abolish Bonded Labour way back in 1976. Does this really helped to abolish Bonded Labour? Can we say definitely that Now NO BONDED LABOUR existed in India? What will be the fate of legislation when even the government […]

CA IPCC Results : Analysis of Last 22 Terms – May 2003 – Nov 2013

February 1, 2014 11430 Views 0 comment Print

CA IPC Results of Nov 2013 term declares on 31st Jan, 2014. First of all, many congratulations to all students who passed the exam. Few days ago, CA Final results shows sharp decrease in the passing % and those results was lowest among last 22 terms. A discussion were picking the pace that a strict screening of the students should be made at the entry level itself. Before the results of IPC, it was a prediction that numbers may be on a lower side.

Pass Percentage & Toppers of CA Intermediate (IPC) Nov'13 Examination

February 1, 2014 10098 Views 0 comment Print

Result of Chartered Accountants Intermediate (IPC) Examination held in November, 2013 declared. The Institute of Chartered Accountants of India (ICAI) today announced the result of Chartered Accountants Intermediate (IPC) Examination held in November, 2013. The top three rank holders on all India basis of Chartered Accountants Intermediate (IPC) Examination held in November, 2013 are from […]

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