"29 August 2014" Archive

Tax Audit Report due date – Things to keep in mind

टैक्स ऑडिट की अंतिम तिथी 30/11/2014 कर दी गई है लेकिन आयकर रिटर्न की अंतिम तिथी अभी भी 30/09/2014 ही है एवं यह एक दुर्भाग्यपूर्ण स्तिथी है . दिनां...

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Posted Under: Income Tax |

Extension by CBDT of TAR – Are you satisfied with it?

C.P. Chugh Dear All True but of no use. What we got is a big BABA JI KA TULLU (in the words of Kapil Sharma, standup comedian) CBDT circulars/notifications are often over riding the basic of law.  Law makers have thoughtfully provided sufficient time to furnish return, obtain and furnish TAR and keeping in mind […]...

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Posted Under: Income Tax |

Intimation to ROC for Auditor appointment in Form ADT

As we all are aware that there is a provision in Company Law for intimation to Registrar of Companies regarding appointment of statutory auditor in the Annual General Meeting by shareholders. This intimation is an annual intimation and it was also there in erstwhile Companies Act, 1956 and continued in Companies Act, 2013....

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Posted Under: Income Tax | ,

Procedure for Increase in Authorise Capital under Companies Act, 2013

As per my understanding procedure for Increase in Authorize share Capital is one of the most frequently searched topics by professionals. An attempt has been made from my side to unlock the provisions of Companies Act, 2013 related to Increase in Authorize share Capital along with requisite secretarial practice w.r.t. to sample Board and ...

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Posted Under: Income Tax | ,

Notification No. 73/14-Customs (N.T.) Dated: 29/08/2014

Notification No. 73/14-Customs (N.T.) 29/08/2014

In exercise of the powers conferred by sub-section (2) of section 14 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise & Customs, being satisfied that it is necessary and expedient so to do, hereby makes the following amendment in the ...

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SC explains scope of revisional power of High Courts

Hindustan Petroleum Corporation Ltd. Vs Dilbahar Singh (Supreme Court of India)

Even the wider language of Section 20 of the Kerala Rent Control Act does not enable the High Court to act as a first or a second court of appeal. We are in full agreement with the view of the 3-Judge Bench in Rukmini Amma Saradamma v. Kallyani Sulochana and others; [(1993) 1 SCC 499]...

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AO not authorized to make any estimate U/s. 142(2A) of Income tax Act, 1961

CIT Vs Rachna Agarwal (Delhi High Court)

In the present case, there was no basis for the AO to determine that the true value of the property was Rs. 1.25 crores, by adopting the return on capital method. The AO was under a duty first to ascertain what was according to him the true cost of the property....

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Notification No. 41/2014-Income Tax ,Dated : 29.08.2014

Notification No. 41/2014 29/08/2014

Government of India Ministry Of Finance Department Of revenue Central Bord Of Direct Taxes Notification No. 41/2014 Dated : 29.08.2014 Download Full Text of The Notification Read Notification Below  ...

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Amendment to Schedule II of Companies Act 2013 related to useful life, residual value & component accounting

G.S.R. 627(E) 29/08/2014

MCA has further amended Schedule II of the Companies Act 2013 with regards to useful life, residual value and component accounting. With regards useful life and residual value the revised requirements are; The useful life of an asset shall not ordinarily be different from the useful life specified in Part C and the residual value of an as...

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Section 153C – Mere use or mention of word “satisfaction” or the words “I am satisfied” in order or note is not sufficient

Asstt. CIT Vs Pepsi Foods Pvt. Ltd. (Delhi High Court)

On a plain reading of Section 153C, it is evident that the Assessing Officer of the searched person must be “satisfied” that inter alia any document seized or requisitioned “belongs to” a person other than the searched person....

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