AO/CIT(A) have made the addition under section 68 of the Act merely on presumptions, suspicions and surmises in respect of penny stocks; disregarding the direct evidences placed on record and furnished by the assessee in the form of brokers contract notes for purchases and sales of the ‘said shares’
The presumption is so compelling that comparatively a small amount of investment made by the assessee during the previous year period relevant to the assessment years 1999- 2000 and 2000-01 have grown into a very sizable amount ultimately yielding a fabulous sum of Rs. 1,41,08,484 which was used by the assessee for the purchase of the flat at Colaba.
Identification- It is always in balance with two sides. Examples of two sides: Good Vs. Bad Day Vs. Night Strength Vs. Weakness Happiness Vs. Sorrow Success Vs. Failure Asset vs. Liability
Repo rate is the rate at which the RBI lends money to Indian banks. So when RBI cuts repo rate, it helps banks as they can now get money at a cheaper rate. As the cost of raising funds for lenders goes down, the lenders are normally expected to pass on the benefits to borrowers by means of loan rate cuts (applicable for floating rate loans).
With a view to examine the consequential issues arising out of amendments to India – Mauritius Double Taxation Avoidance Convention and related issues, a Working Group headed by Joint Secretary (FT&TR-II), CBDT and comprising of departmental officers and representatives of SEBI, custodians, brokerage firms and fund managers has been constituted.
ICAI) has recently issued a Guidance Note on the Companies (Auditor’s Report) Order (CARO), 2016. CARO, 2016 is in supersession of the CARO, 2015. The requirements of the Order are supplemental to the Section 143 of the Companies Act, 2013. The Guidance provides explanations and clarifications on the matters specified in the Order on which auditors are required to report.
In order to further strengthen the lenders’ ability to deal with stressed assets and to put real assets back on track by providing an avenue for reworking the financial structure of entities facing genuine difficulties, the Reserve Bank of India has today issued guidelines on a ‘Scheme for Sustainable Structuring of Stressed Assets’.
As per OECD survey Canada is adjusting to the end of the commodities boom, but new policies are needed to boost productivity and reduce financial stability risks.
Ease of Doing Business- Updated till 07.06.2016 India’s rank in the Doing Business Report 2015 was 142 among 189 countries, which improved to 130 in the Doing Business Report, 2016. Government of India has emphasized on the importance of ‘Ease of Doing Business’ and it is a major pillar of ‘Make in India’ initiative. It […]
Understand the Income Tax Rates and Slabs for A.Y. 2016-17 & 2017-18. Find out the tax rates based on taxable income for different categories of taxpayers.
