In this series, I am analyzing the proposed amendments with the existing provisions in the Companies Act, 2013. The Part – 2 of the series deals with amendments with respect to Annual return, Financial Statements, General Meetings, Postal ballot, CSR & Auditors.
Whether the ITAT was right in treating the payments made to retiring partners in the nature of compensation can be termed as goodwill and subsequently eligible for depreciation?
Counsel for the assessee submitted that the Assessing Officer completed the assessment u/s 143(3) of the Act by an order dated 28.3.2013. The Principal Commissioner of Income-tax in the guise of exercising his power u/s 263 of the Act, issued show cause notice calling for the objection of the assessee.
The Jaipur bench of ITAT in the above cited case held that the assessee is only expected to produce the documentary evidences regarding the transaction and identity of the persons from whom it has accepted the deposits.
Back office operations carried on at an office would fall within the exclusionary clause of Article 5(3) (e) of the Treaty between India and United States which is also identically worded as Article 5(3) (e) of the India-UAE DTAA.
Delhi High Court held In the case of CIT vs. Mansarovar Commercial Pvt. Ltd. that Mr. Rattan Gupta was not only doing the audit work of the five Assessee companies, but determining who should be the directors of the said companies.
Statements recorded would certainly constitute information and if such information is relatable to the evidence or material found during search, the same could certainly be used in evidence in any proceedings under the Act as expressly mandated by virtue of the explanation to Section 132(4).
The terms and conditions mentioned in this notification as well as those included in the aforesaid Industrial Park Scheme, 2008 should be adhered to during the period for which benefits under the said scheme are to be availed and in case the undertaking, fails to comply with any of the conditions, the Central Government may withdraw the aforesaid approval.
SEBI (LODR) regulations has been divided into various chapters depending upon the nature of securities, like chapter IV that prescribe the obligations for those Listed Entities which has listed its Specified Securities and chapter V prescribe the obligations for those Listed Entities which has listed its Non-Convertible Debt Securities and Non-Convertible Redeemable Preferences Shares.
Dayal R Kundani The Maharashtra Budget for F.Y. 2016-17 was pronounced on 19th March, 2016. In the Speech the Finance Minister has made the following proposals while presenting the Budget. Contents of Key proposals Value Added Tax – RATE CHANGE Increase of rate of tax from existing 5% to 5.5% Reduction in Tax on LED […]
