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We are afraid that if the Revenue persists with such stand and as has been turned down repeatedly, that would defeat the very object and purpose of the schemes and packages devised by the States. That would also result in frustrating the entrepreneurs and defeating the purpose
The Companies Act, 2013 had specified a new reporting requirement for the statutory auditors of companies. Under Section 143(12) of the Companies Act, 2013 the auditor was required to report on frauds/ suspected frauds in certain situations laid down in the section. Considering the challenges for the auditors in reporting under this section, ICAI had made several representations to the Ministry of Corporate Affairs (MCA) from time to time.
We do not find how Officers lower down in the hierarchy can take decisions to file Appeals and that too against the decision of the Tribunal. The tendency not to accept any adverse verdict on facts results in frivolous Appeals being filed in this Court.
Issue- Whether on the facts and circumstances of the case and in law, the ITAT was justified in upholding the CIT(A)’s order and rejecting the departmental appeal in accepting the Assessee’s plea that the contribution of Rs.39,68,000/- paid towards ‘heavy repair fund’ is covered by the principle of mutuality and is not chargeable to tax.
Krishna Govardhan Conversion of Private Limited Company/ Unlisted Public Company into Limited Liability Partnership Key Benefits: 1. One of the most important reasons for the conversion of a Company into a Limited Liability Partnership is derived from the Income Tax Act. The Income Tax Act, 1961 provides for Minimum Alternate Tax and payment of Dividend […]
Most of the States to benefit from GST from day one; Provisions have been Made in the Constitution Amendment Bill on GST to Ensure that none of the States Lose any Revenue after the Implementation of the GST: FM
CA Sandeep Kanoi In this article we have analyzed the Speech of Minister of Finance Mr. Arun Jaitley given in Lok Sabha on 17.12.2014 during debate on Bill to amend the Companies Act, 2013. Lok Sabha has passed the Companies (Amendment) Bill 2014 on 17.12.2014 and the bill can be accessed at the following link:-
(i) In the event of a default in maintenance of minimum balance/average minimum balance as agreed to between the bank and customer, the bank should notify the customer clearly by SMS/ email/ letter etc. that in the event of the minimum balance not being restored in the account within a month from the date of notice, penal charges will be applicable.
In August,2014, Hon’ble High Court of Delhi in the matter of UNION OF INDIA & ORS. v. M/S TRAVELITE (INDIA) pronounced that the service tax audits conducted u/r 5A(2) of Service tax rules, 1994 are not valid in law.
Uncovering the abuse of process of law by Tax Authorities in covered matters. Learn about the consequences of challenging binding decisions in tax cases.
