Procedure for transferring shares against which dividend has not been paid or claimed for seven consecutive years [Section 124(6) read with Rule 6 of Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Amendment Rules, 2017]
It is not just chillness that winter brings us every time, it invites countless birds from elsewhere to India. More than 100 species of birds from several parts of the world travel to the Indian subcontinent on the onset of this coldest season of the year- many from Palearctic countries like Mangolia, Russia and Siberia.
With a view to concentrate all efforts towards the objective of achieving the budget target, you are requested to personally review and monitor the position of collections through advance tax, TDS and recovery from arrear and current demand of your Region on a weekly basis. I have separately written D.O. letters on stepping up efforts for recovery from arrear demand, collection out of current demand and collection from TDS, which may be followed scrupulously by all officers engaged in the work of assessment and collection.
It is a fairly settled law that forfeiture of share application money which has been duly received by the appellant in terms of prospect and credited to capital reserve account was a capital receipt.
Amount withdrawn from General Reserve on account of reinstatement of employees benefit obligation is allowable while computing Book Profit u/ s 115JB as same is an obligation of the assessee as an employer and is an ascertained liability.
Assessee pointed out that the property in question was intended to be purchased for the purpose of constructing office premises and was directly related to the business of the assessee and therefore the deduction claimed should be allowed. As in the present case the Assessee did not acquire any capital asset and merely paid advance […]
Retention money is not in the nature of income till such time the contractual obligations are fully performed to the satisfaction of the customer by the Assessee. Therefore the retention money cannot be regarded as income even for the purpose of book profits u/s.115JB of the Act though credited in the profit and loss account […]
One of the mandates of the Department of Consumer Affairs in the Government of India is consumer advocacy. The Department is laying greater emphasis on consumer education and working with the goal of reaching the next level, from Consumer Protection to consumer empowerment.
On the question of law presently before the court, the primary consideration is whether the AO had the jurisdiction to make the additions to the assessment under section 158BC of the Act. To analyze this, it is necessary to address the grounds of each such addition made, and assess if the AO had jurisdiction in conducting the block assessment within the meaning of section 158BC, or if this was indeed not within the purview of the AO’s jurisdiction.
The debentures whether convertible or non convertible are in the nature of loan at the time of their issuance and any expenditure incurred on issue of such debentures or bonds had to be regarded as part of the borrowing cost and have to be allowed as a deduction and as a revenue expenditure. This expenditure cannot be regarded as capital.
