A perusal of financial statement, bank statements and income tax returns of share applicants companies clearly revealed that they had no regular means to invest in the share capital of the assessee company and, therefore, AO was justified in making addition under section 68 on the ground of lack of creditworthiness and genuineness.
Merely because an assessee makes an extraordinary profit, it would not lead to the conclusion that same was organized/arranged for that the onus remains undischarged by AO, except for presence of suspicious circumstances, as such adjustments made by the AO scaling down the deduction under section 10AA, was, therefore, without sanction of law.
Assessee filed details of statement showing provision for mark to market loss and also submitted a detailed note on mark to market loss on outstanding position. Assessee submitted that it had made provisions for loss following accepted accounting principles as per the Guidance Note on ‘Accounting for Equity Index & Equity Stock Futures and Options’ issued by ICAI and claimed the loss as deductable business expenditure.
Master Circular for Stock Exchange and Clearing Corporation is a compilation of the relevant circulars/communications issued by SEBI up to March 31, 2019 and shall come into force from the date of its issue.
Examination for Confirmation of Enrollment of GST Practitioners will be a Computer Based Exam. The registration for the exam can be done by the eligible GSTPs on a registration portal, link of which will be provided on NACIN and CBIC websites. The registration portal for exam scheduled on 12.12 .2019 will be activated on 22nd November, 2019 and will remain open up to 5th December, 2019.
Recently, notification no 49/2019-central tax on 9th October, 2019 has come restricting the input tax credit to 120% of the eligible input tax credit on the basis of invoices actually uploaded by supplier under section 37(1). We have analyzed the notification in detail and below is the mechanism how to arrive at this 120% and […]
1. Gratuity Benefit is payable by Schools to its employees. Furthermore, with amendment of ‘Payment of Gratuity Act’ in 2009, Gratuity is payable to teachers also. The amended act can be accessed from the gazette vide Notification S.O. 1080 by Ministry of Labour and Employment. 2. How Schools should do their accounting is explained by […]
Sub: Role of Independent Directors in Corporate Governance Independent Directors are directors who are not associated with the company. They plays a key role in promoting the corporate governance in the company. An independent director is a non-executive director of a company who helps the company in improving corporate credibility and governance standards. These directors […]
Income Tax Act as well as Companies Act both governs companies, and company needs to provide their Income Statement (Profit and Loss Account) and Balance Sheet to the Income Tax department while Preparing Tax Returns and also Final accounts are to be audited and submitted as Annual Returns under Companies Act.
The issue under consideration is whether depreciation on ‘imported software’ will be considered as royalty and liable for disallowance under section 40(a)(ia) for want of TDS?
