"04 January 2018" Archive

Kerala HC allows Deduction u/s 80-IA to Kannan Devan Plantations

Kanan Devan Hills Plantations Company Pvt. Ltd. Vs ACIT (Kerala High Court)

Revenue, has contended that the assessee’s business is not a new industrial undertaking. According to him, the assessee has also miserably failed to establish that it has spent more than 50% of the plant’s book value on any renovation or modernisation....

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CBI Arrests an ITO While accepting bribe Of Rs. One Lakh

Central Bureau of Investigation has today arrested an Income Tax Officer, Ward-34 (1) (4), Mumbai for demanding and accepting a bribe of Rs. One lakh from the complainant....

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Posted Under: Income Tax |

CODS 2018- Reactivation of DIN is in Process: MCA

Stakeholders of Condonation of Delay Scheme (notified vide General Circular No.16/2017 dated 29th December 2017) may kindly note that the process for ‘reactivating’ the DINs in system in respect of disqualified  Directors is in progress and they may check the status of the relevant DINs by 12th January 2018. However, they are request...

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Posted Under: Income Tax |

Empanelment with Punjab National Bank for Revenue Audit

Punjab National Bank invites applications from practising 'Partnership firms of Chartered Accountants in India' who fulfill eligibility criteria and are willing to have their Firms empanelled as Revenue Auditors in the Bank for conducting revenue audit of branches....

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GOI launches 7.75% Savings (Taxable) Bonds, 2018 -Main Features

Government of India has announced to launch of 7.75% Savings (Taxable) Bonds, 2018 commencing from 10th January 2018 to enable resident citizens/HUF to invest in a taxable bond, without any monetary ceiling. The main features of the Bonds are: ...

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Posted Under: Income Tax |

Madras HC decision in Cairn India of exercise of Jurisdiction U/s. 263 by DIT

M/s. Cairn India Ltd. Vs. Director of Income Tax (Madras High Court)

A division bench of Madras High Court recently invalidated an assessment order against M/s. Cairn India Ltd. The primary object of the Assessee is to carry on exploration and production of oil and gas in India. For this purpose, it had acquired participating interest in various oil and gas blocks....

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Compute working capital adjustment using OECD methods: ITAT upheld DRP direction

Income Tax Officer Vs M/s H&S Software Development & Knowledge Management Centre Pvt. Ltd. (ITAT Delhi)

Whether the observations of Honble DRP is right in directing the TPO to give working capital adjustment [using OCED methodology given in Annexure to chapter – 3 and applying SBI Prime Lending Rate (as on 30th June of the relevant financial year) as the interest rate] against the TPO order dated 16.01.2014 passed u/s 92CA(3) for A.Y. 201...

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All about CA articleship

INTRODUCTION The Chartered Accountancy course in India entails three years of articleship which is to be pursued after clearing Group 1 of Intermediate and completing both ICITSS-ITT and ICITSS-OC. However, there are certain information that is not normally available. So, the not so common rules and information that I have found through m...

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Posted Under: Income Tax |

Impact of Companies Amendment Act, 2017 on Private Limited Companies

In this Flash editorial, the author begins by referring the Impact of Companies Amendment Act, 2017 on Private Limited Companies. The major amendments in the Amendment Act, 2017 include clarity on definitions for identifying Associate Companies, Holding & Subsidiary Companies, Related Parties etc;, simplification of the private placement ...

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Posted Under: Income Tax |

Loan to Director – Companies Amendment Act, 2017

The Companies (Amendment) Bill, 2017 has proposed significant Amendments to Companies Act, 2013 which includes amendment to Section 185 and 186 of Companies Act, 2013 related to Loans to directors, etc. In this Article I have tried to analyse the proposed amendments to Section 185 and 186 of Companies Act, 2013. ...

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Posted Under: Income Tax |

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