"20 June 2021" Archive

ICICI Bank – NEFT/RTGS Automated Excel Utility

ICICI Bank NEFT/RTGS Automated Excel Utility for generating NEFT/RTGS Form at any time. You can add 2000 beneficiaries to the Form, and also you can create a very good data base of beneficiaries that can be use in future purpose .Utility have a Label format of Account Holder details, we can just copy and paste […]...

Read More
Posted Under: Fema / RBI |

CIT cannot revise assessment order passed by AO without assigning any reason

CIT Vs Y.V. Subramaniam (Madras High Court)

CIT Vs Y.V. Subramaniam (Madras High Court) The Tribunal, while allowing the assessee’s appeal, observed that the assessment order was passed after making full verification and the order of the CIT is based on no reason and he has simply given an abrupt finding that the assessment order is erroneous insofar as it is prejudicial [&he...

Read More

Rental income steel units & quarter situated in steel units is House property Income

ACIT Vs Modi Industries Ltd. (ITAT Delhi

ACIT Vs Modi Industries Ltd. (ITAT Delhi) We have perused the order passed by co-ordinate bench of Tribunal in assessee’s own case for A.Y. 2011-12 wherein proposition mooted out by the assessee that the rental income from letting out steel units and quarter situated in the steel units is to be treated as “income from […]...

Read More

Set off of Brought Forward Business Loss with Income of Current Year Capital Gains

Nandi Steels Limited Vs ACIT (Karnataka High Court)

Based on the above, the Hon’ble Court held that the assessee is entitled to set-off the brought forward business loss against income which has the attributes of business income even though the same is assessable to tax under a head other than profits and gains from business....

Read More

No Cenvat Credit on Capital Goods for which full Depreciation is claimed under Income Tax

Surya Alumex Vs Commissioner of Central Goods and Service Tax (CESTAT Delhi)

Surya Alumex Vs Commissioner of Central Goods and Service Tax (CESTAT Delhi) Rule 4(4) of CENVAT Credit Rules, 2004 do not permit CENVAT Credit in respect of part of value of capital which represents duty of amount on such capital goods or which the manufacturer or producer of output service claims as depreciation under section […]...

Read More

TDS not Deductible on issue of Mobile Recharge Vouchers

Vodafone India Ltd. Vs ACIT (ITAT Ahmedabad)

Vodafone India Ltd. Vs ACIT (ITAT Ahmedabad) Where assesse engaged in business of providing mobile telephone services, sold prepaid vouchers to its distributors at a rate lower than its face value, difference between face value and selling price of prepaid voucher could not be regarded as commission requiring deduction of tax at source un...

Read More

HC allows Chinese Lady accused of Smuggling Foreign Currency to Travel Abroad

Chen Hsui Yun Vs Directorate of Revenue Intelligence (Delhi High Court)

Chen Hsui Yun Vs Directorate of Revenue Intelligence (Delhi High Court) In the instant case, according to the respondent, amount of USD 90000 was recovered from the petitioner which was around Rs.65,00,000/- in Indian currency. The petitioner in the instant case is a lady, aged about 54 years, and there is nothing on record to […]...

Read More

Inclusion of foreign salary for perquisite value of rent-free accommodation- ITAT remanded matter back to AO

Kimiyoshi Muto Vs DCIT (ITAT Delhi)

Kimiyoshi Muto Vs DCIT (ITAT Delhi) The case of the assessee was re-opened under Section 147 of the Act on the ground that the assessee has shown perquisite under rent-free accommodation by considering only the Indian salary whereas, according to the Assessing Officer, he was required to compute perquisite value of rent-free accommodation...

Read More

SOP on Minutes under Companies Act, 2013 read with SS-1 & SS-2

MINUTES Governing provisions: Section 118 of Companies Act, 2013 read with Secretarial Standard-1 and Secretarial Standard-2. As per the provisions of Section 118- Every company shall observe Secretarial Standards with respect to General and Board meetings (including Committee Meeting – as per explanation to Secretarial Standards) speci...

Read More
Posted Under: Fema / RBI |

Strengthening the Statutory Regime for Independent Directors

Independent Directors hold paramount position in the Board of Directors since they are donned with the responsibility of upholding the interest of the stakeholders and are expected to bring in independent judgement on the Board’s deliberations especially on issues of strategy, performance, risk management, resources, key appointments an...

Read More
Posted Under: Fema / RBI |

Search Posts by Date

July 2021
M T W T F S S
 1234
567891011
12131415161718
19202122232425
262728293031