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Archive: 17 June 2015

Posts in 17 June 2015

Orders u/s 263 could be passed only after taking into consideration explanation offered by the Assessee

June 17, 2015 384 Views 0 comment Print

Impugned order has been passed by the Ld. CIT under section 263 without considering the explanation offered by the assessee and without applying his mind. The failure of the Ld. CIT, however, does not constitute any legal infirmity to make the order passed by him under section 263 invalid

HUF will be treated as Relative u/s 56(2)(vi)

June 17, 2015 2405 Views 0 comment Print

The expression HUF must be construed in the sense in which it is understood under the Hindu law HUF constitutes all persons lineally descended from a common ancestor and includes their mothers, wives or widows and unmarried daughters.

Delay could be condoned on the ground of Wrong Advice of Counsel

June 17, 2015 894 Views 0 comment Print

Tribunal held that in order to impart justice to the employees/assesses the delay deserves to be condoned. Accordingly, the Tribunal condoned the delay in filing the appeals. Regarding the issue of Section 10(10)(C), the Hon’ble Tribunal allowed the claim of the assessee holding that the authorities below were not justified in disallowing the amount of Rs.5 lacs

Deduction U/s. 10B is allowed only on “undertaking” not on “whole Business”

June 17, 2015 528 Views 0 comment Print

The Hon’ble Tribunal observed that the company has maintained and submitted separate set of accounts. There was a confusion between the total turnover of the business and total turnover of the undertaking. The Hon’ble Tribunal held that in the proviso to section 10B, there is reference to computation of total income of Undertaking.

Exemptions and Relaxations to Government Companies from few provisions of CA,2013

June 17, 2015 21211 Views 0 comment Print

CS S. Dhanapal Exemptions and Relaxations To Government Companies From Few Provisions of Companies Act, 2013 (To Be Notified In Official Gazette) Since the introduction of the Companies Act, 2013 in September 2013, certain class of companies like Private Companies, Government Companies etc. was feeling the pressure of the rigorous provisions of the Act and […]

Exemption to Section 8 Companies from provisions of CA 2013

June 17, 2015 99731 Views 7 comments Print

Under the Companies Act, 1956, the Companies registered u/s the erstwhile Section 25 of the said Act (Section 8 under the Companies Act, 2013) enjoyed certain privileges by means of non applicability of certain specific provisions of the Companies Act, 1956. With the introduction of the Companies Act, 2013, these exemptions had stood withdrawn and these Companies were also being treated on par with any other Public or Private Company barring minimal reliefs which were granted in the Act itself, like relief in not affixing the word Private Limited or Public Limited in their name.

Current year income can’t be disturbed on account of difference in opening balance

June 17, 2015 2950 Views 0 comment Print

Lower authorities have overlooked the principle that the opening balance cannot be disturbed this year. The authorities can only reopen for the earlier year. In another case ACIT Vs. Smt. N. Sasikala (2005) 92 TTJ (Chennai) 119 it was held that If the Department doubted the availability of cash balance, it can go to the concerned assessment year 1990-91

Functionally Different Companies can’t be compared under transfer Pricing

June 17, 2015 1099 Views 0 comment Print

In the present case the Hon’ble Tribunal held that assessee can’t be compared with other companies when they are totally different in functions. Also, the Intellectual property Rights, Brand Value have to be seen while making comparisons under Transfer Pricing.

Forex gains are eligible for deduction u/s 10B

June 17, 2015 1895 Views 0 comment Print

In the present case the Hon’ble Tribunal held that the Forex gains or losses after the sale receipts would be treated as an amount which will be eligible for deduction under section 10B. On the second issue

Your Guide to a Beautiful Tomorrow

June 17, 2015 3919 Views 0 comment Print

‘Tomorrow’ can be an uncertain word or it can be full of possibilities for Happiness. It all depends on how we plan our future, especially our finances. The idea of travelling back and forth in time, whether to undo some action or with the curiosity attached to different situations excites anyone and everyone. But hey, wouldn’t we all love to look back at ourselves 20 years from now and be glad about taking certain steps?

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