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.
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
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
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.
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.
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/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).
Banks shall comply with the Indian Accounting Standards (Ind AS) for financial statements for accounting periods beginning from April 1, 2018 onwards, with comparatives for the periods ending March 31, 2018 or thereafter. Ind AS shall be applicable to both standalone financial statements and consolidated financial statements. “Comparatives” shall mean comparative figures for the preceding accounting period.
In order to enhance the security-level in data submission and further improve data quality, the following modifications shall be effected in the guidelines for submission of data under the FETERS from 1st fortnight of April 2016 (i.e., reporting of those transactions which take place from April 1, 2016):
ITAT Lucknow held In the case of ITO vs. Shri Rajesh Agarwal that undisputedly notice of hearing under section 143(2) was issued on the last day of limitation/prescribed period for issuance of notice i.e. on 30.9.2011 at 15.19 hours by speed post.
