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Archive: 17 May 2018

Posts in 17 May 2018

CODS, 2018- Where petitions have already been filed before NCLT

May 17, 2018 1755 Views 0 comment Print

It, is therefore, hereby directed that in such cases the Registrar(s) of Companies shall raise a ticket through Change Requirement Form (CRF) on MCA21 portal along with copy of NCLT order and E-governance shall activate DIN of the directors, such struck off companies that have been revived through NCLT to file e-CODS, 2018.

Customs Rate of Exchange of Foreign Currency Conversion wef 18.05.2018

May 17, 2018 960 Views 0 comment Print

Customs Rate of Exchange of Conversion Foreign Currencies wef 18.05.2018 notified vide Notification No. 43/2018-Customs (N.T.) dated: 18th May, 2018

ITAT allows ‘Rasna’ Loss on account of destroyed stock

May 17, 2018 2115 Views 0 comment Print

These are four appeals by the assessee and revenue against each other against the order of the Commissioner of Income Tax (Appeals)-XI & VIII, Ahmedabad, dated 25/11/2011 & 27/09/2012 for the Assessment Years (AYs) 2008-09 & 2009-10.

Trust Created for Benefit of Particular Community or Religious Group cannot be granted registration U/s. 12A

May 17, 2018 6588 Views 0 comment Print

Briefly stated, the institution, Sri Visa Vadnagar Vanik Samaj, has earlier stated to have filed an application on 07-10-1988, seeking registration U/s.12A of the Income Tax Act, 1961 [Act]. It seems the said application has not been accepted/rejected by the Department. For the A.Y.2003-04 the AO has rejected the claim of assessee for exemption u/s.11(2) of the Act and has added an entire amount of Rs. 2,53,146/- to the income of assessee.

Transfers between holding company and step-down subsidiary are not transfers which can give rise to capital gains or loss

May 17, 2018 30621 Views 0 comment Print

The only issue is to be decided as to whether the CIT-A justified in confirming the order of AO in determining the long term capital gain at Rs. 29,05,83,769/- against the claim of assessee as long term capital loss of Rs.25,05,20,775/- in the facts and circumstances of the case.

Section- 118 of Companies Act, 2013: Minutes of Board Meeting

May 17, 2018 158277 Views 4 comments Print

The expression ‘Minutes’ means a record of the proceedings of a Meeting. Minutes should contain a fair and correct summary of the proceedings of the Meeting and should normally convey why, how and what conclusions or decisions were arrived at in relation to each business transacted at the Meeting. It need not be an exact […]

Are you KYG (Know Your Goal) Complaint..?

May 17, 2018 3186 Views 2 comments Print

Everyone has their own list of Goals such as vacations, child’s education, childs marriage, a bigger house, a holiday home, a dream car, a peaceful retirement, etc. All of these Goals, have a financial implication. To accomplish these, we either take a loan or make an investment or a combination of both.

Major Recommendations of GST Council in 27th meeting

May 17, 2018 4293 Views 1 comment Print

It the 27th meeting held on 4th May, 2018, GST Council, the high powered Constitutional body to take decisions on levy and administration of Goods and Service Tax in India considered various issues and concerns and made recommendations. These recommendations are subject to detailed consideration by Group of Ministers or other bodies and shall be implemented in due course.

Deemed Dividend not applicable to Current Account Transactions

May 17, 2018 2424 Views 0 comment Print

A division bench of the ITAT Kolkata comprising N.V.Vasudevan, Judicial Member and Waseem Ahmed, Accountant Member were ruled that the provisions of deemed dividend under section 2(22)(e) of the Income Tax Act would not applicable to Current Account Transactions.

No VAT on dyes & chemicals washed away during Job work & get embedded into final product

May 17, 2018 4116 Views 0 comment Print

Whether on the facts and in the circumstances of the case, the learned Tribunal was justified in upholding the levy of tax on chemicals used as consumables in the process of job work of dyeing of fabric by assuming that property in the goods has passed on to the principals?

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