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Archive: 11 February 2016

Posts in 11 February 2016

Live Course on Appeal, Pleading & Drafting under GST by CA Sachin Jain

May 15, 2024 6501 Views 0 comment Print

oin us for an immersive live course led by renowned expert CA Sachin Jain, as we delve into the intricacies of appeal, pleading, and drafting under GST.

Guidance Note on Accounting for depreciation under CA, 2013

February 11, 2016 21658 Views 0 comment Print

GN (A) 35-  Guidance Note on Accounting for Depreciation in companies in the context of Schedule II to the Companies Act, 2013 Background 1. Schedule II to the Companies Act, 2013, specifies useful lives for the purpose of computation of depreciation. The said Schedule II was further amended by the Ministry of Corporate Affairs (MCA) […]

S. 80IC: Despite substantial expansion there cannot be two initial A.Y.

February 11, 2016 4648 Views 0 comment Print

The initial assessment year has been defined and the expression or’ has been used in respect of new units by stating commences operation’ or complete substantial expansion’. Here the expression or’ is to be read as a mutually exclusive expression which refers to a particular situation by excluding the other situation.

Ind AS compliant Schedule III* vis a vis IAS 1

February 11, 2016 56772 Views 1 comment Print

Ministry of Corporate Affairs issued a notice dated February 09, 2016 invited for comments on Revised Schedule III applicable to a company required to comply with Ind AS. Internationally IAS 1 – Presentation of Financial Statements prescribes the minimum set of requirements for IFRS compliant financial statements. However, it does not prescribe the exact order […]

Buy Back Tax – Fair Enough?

February 11, 2016 2767 Views 0 comment Print

Mr. P. Chidambaram, plugged one of the most common tool of profit distribution used by unlisted companies. Finance Act 2013, introduced Sections 115-QA to 115-QC in the Income Tax Act — effective from June 1, 2013 — to tax income distribution by unlisted companies through buyback of shares u/s 77A of the Companies Act 1956.

No Penalty for non disclosure of Income manner, if same was not asked during statement recorded U/s/ 132(4)

February 11, 2016 1971 Views 0 comment Print

Where no question was asked during statement recorded under section 132(4), in respect of manner of earning income surrendered, assessee could not be expected to substantiate same later on; penalty could not be levied under section 271AAA

Search and seizure are reasonable cause for delay in filing & Payment of Wealth Tax

February 11, 2016 1149 Views 0 comment Print

We understand that in case of search, assessee is to comply with law and various declaration and formalities which certainly take lot of time. From the aforesaid situation and circumstances, it is clear that there was sufficient cause which prevented the assessee to pay wealth tax in the wealth tax return

Unilateral claim based on internally generated documents without any independent evidence cannot be allowed as business expenditure

February 11, 2016 1091 Views 0 comment Print

The ITAT Delhi in the case of DCIT vs. M/s Leroy Somer & Controls held that the internally generated documents by company without confirmation of the same by the other party are not sufficient to make a claim of discount.

Expense on gifts to doctors allowed being not prohibited in law, CBDT circular only applicable A.Y. 2013-14 onwards

February 11, 2016 1926 Views 0 comment Print

ITAT Mumbai held in the case Syncom Formulations (I) Ltd. vs. DCIT that receiving of gifts by doctors is prohibited by MCI guidelines but giving of the same by manufacturer is not prohibited under any law for the time being in force.

Addition u/s 153A for completed assessments not valid if no incriminating material found during search

February 11, 2016 1321 Views 0 comment Print

ITAT Mumbai held In the case of M/s. Ideal Appliances Co. Pvt. Ltd. vs. DCIT that it is settled legal position that no addition can be made to the income already assessed since no incriminating material was unearthed during the search.

RBI extends the Date for Withdrawal of Pre-2005 Series Banknotes to June 30, 2016

February 11, 2016 1057 Views 0 comment Print

RBI/2015-16/316 On a review of the matter, it has been decided to extend the date for exchanging the pre-2005 banknotes to June 30, 2016. However, from January 01, 2016, such facility will only be available at identified bank branches (https://www.rbi.org.in/Scripts/Regionaloffices.aspx) and Issue Offices of RBI. These instructions have been included in a Press Release dated December 23, 2015 (copy enclosed).

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