Live Webinar with Book on Section 43B(h) (Financial Fitness) on 10th May 2024, 6:00 pm to 8:00 pm. CA Manoj Lamba will break down intricacies of Section 43B(h)
Article contains Tutorial for PAO on Registration and Login on TRAQCES portal, How to retrieve Password if you forget the same on TRACES Portal, How to view Dashboard & Profile, PAO – Statement Status for a TAN and View AIN – TAN Mapping. A. E -Tutorial PAO Registration and Login PAO Registration –Step 1 PAO […]
Compounding of offences is not a matter of right. However, offences may be compounded by the Competent Authority on satisfaction of the eligibility conditions prescribed in these Guidelines keeping in view factors such as conduct of the person, the nature and magnitude of the offence in the context of the facts and circumstances of each case.
Startup India is a flagship initiative of the Government of India, intended to build a strong ecosystem that is conducive for the growth of startup businesses, to drive sustainable economic growth and generate large scale employment opportunities.
The Real Estate (Regulation and Development), Act, (RERA) came into effect from May 1, 2017 and recently marked its 2nd anniversary. 2 years after the RERA was enacted, the implementation of the legislation intended to bring about transparency and regulate the highly unorganized real estate sector still remains a work in progress. The RERA rules […]
Recently many of the newspaper circulating in Surat city have published a news in which they claimed that a person namely ‘Manish Pachhigar’, who was arrested with Asst. Charity Commissioner, Surat in alleged bribery case of Rs. 75000/- is a Chartered Accountant. While as a Matter of fact ‘Manish Pachhigar’ is not a Chartered Accountant and he is not holding degree of Chartered Accountant. ICAI Surat (WIRC) has taken strong objection to reporting by Newspapers of ‘Manish Pachhigar’ as a CA and have conducted a Press conference on 12th June 2019 and issued a press release to them to issue clarification in this regard.
AO was not justified in holding that losses incurred by assessee due to selling goods at less than cost price to e-commerce operators was to create marketing intangibles assets and therefore the loss to the extent it was created due to predatory pricing should be regarded as capital expenditure incurred by assessee and should be disallowed because where a trader transferred his goods to another trader at a price less than the market price and the transaction was a bonafide one, the taxing authority could not take into account the market price of those goods, ignoring the books results of assessee and resorting to a process of estimating total income of assessee in the manner in which he did, what could be taxed was only income that accrues or arises as laid down in Sec.5, nothing beyond Sec.5 could be brought to tax.
Exemption under section 11 in respect on the surplus reflected by assessees accounts was denied by AO because assessee was not registered under section 12AA, however, the matter was remanded back to AO to verify as to whether expenditure were actually incurred for the purposes of the running the institution or organizing its activities which was allowable as deduction from surplus and assessee was directed to establish its bona fides before claiming the exemption.
Chapter XVIII chapter deals with Removal of Names of Companies from Register of Companies, which is alternative to winding up of a Company
Since the stock sold was very old, it was not strange to sell them at reduced rate and AO had no authority to compel assessee as to at which rate, assessee had to make sale of its goods, hence, deduction of trading loss on sale of stock was allowable.
As CIT(E) rejected assessee’s application for registration ex-parte under section 12AA without affording reasonable opportunity of being heard to assessee in terms of section 12AA(1)(b)(ii), therefore, the matter was restored back to the file of the CIT (Exemptions) for fresh examination and adjudication.
