"01 September 2014" Archive

Jewellery as per CBDT instruction may be treated as unexplained investment

V.G.P.Ravidas Vs ACIT (Madras High Court)

V.G.P.Ravidas Vs Asst.CIT (Madras High Court) The Board Instruction dated 11.5.1994 stipulates the circumstances under which excess gold jewellery or ornaments could be seized and where it need not be seized. It does not state that it should not be treated as unexplained investment in jewellery. In this case, the Original Authority has co...

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Account cannot be classified at Inoperative if Dividend been credited to such account

RBI/2014-15/200 DBOD.No. Leg. BC. 36/09.07.005/2014-15 01/09/2014

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....

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Specify time frame for Disposal of loan applicable -RBI to banks

RBI/2014-15/199 DBOD.No.BP.BC. 35/21.04.048/2014-15 01/09/2014

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 requiremen...

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Have You filed form MGT-14 with ROC for Board Resolution approving Financial Statements?

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. ...

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Posted Under: Income Tax | ,

Differential treatment cannot be meted out to another co-owner while making assessment of same property

ACIT  Vs Shri Mahesh Chunilal Shah (ITAT Ahmedabad)

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....

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Shares cannot be treated as stock instead of investment for mere non-receipt of dividend

CIT Vs CNB FINWIZ LTD (Delhi High Court)

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)....

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