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Madras High Court upholds assessment of excess gold jewellery as unexplained investment; rejects plea based on Board Instruction dated 11.5.1994.
There may be instances where the customer has given a mandate for crediting dividend on shares to Savings Bank account and there are no other operations in the Savings Bank account. Some doubts have arisen whether such an account is to be treated as inoperative account after two years.
It is, therefore, advised that banks should clearly delineate the procedure for disposal of loan proposals, with appropriate timelines, and institute a suitable monitoring mechanism for reviewing applications pending beyond the specified period. It is, however, reiterated that there should not be any compromise on due diligence requirements. Banks may also make suitable disclosures on the timelines for conveying credit decisions through their websites, notice-boards, product literature, etc.
As per the provisions of Companies Act’2013, the financial statements of a company alongwith the Directors’ report are to be approved by the Board of Directors of the company at a meeting of the Board of Directors.
Hon’ble Madras High Court in the case of CIT vs. Kumararani Meenakshi Achi (supra) has held that the differential treatment cannot be meted out to another co-owner while making the assessment of same property or while valuing the same property.
The respondent-assessee had submitted that their total turnover was Rs.4697.23 crores, as against investment in shares of Rs.2.95 crores. In the previous assessment years they were maintaining dual portfolio of investment (capital asset) and stock-in-trade (trading asset).
