This article (A compilation of tips) is written to help students who are week in CA IPCC Accounts & Advanced Accounts to score good marks. However the relavent part of this article is also applicable for all PRACTICAL SUBJECTS like Costing & Financial Management & Taxation.
A special resolution is a resolution where the intention to propose the resolution as special resolution is specified and at-least 3/4th votes required for passing the resolution. Special resolutions are required for important decisions, such as for altering the terms of the articles of association or the memorandum of association, or making some other major or fundamental changes in an organization.
ITAT Mumbai has held in the case of Lionbridge Technologies Private Limited vs ITO (International Taxation) (TDS) that There is no liability to deduct tax at source on reimbursement of cost. Consequently for not deducting tax at source, the assessee cannot be treated as assessee in default under sections 201/ 201(1A).
The Court relied on the agreement concluded between Assessee and M/s Lakeshore according to which M/s Lakeshore would run Gastroenterology, Gastrointestinal surgery, Urology, Nephrology and Anesthesiology departments of the assessee upon receipt of payments as per the agreement which was not the case of undertaking a contract work.
The appellant contented that such a notional fixation of the handling charges with the addition of one per cent of free on board value of the value of goods, irrespective of the nature of goods, size of the cargo
In the case of HCL Technologies BPO Services Ltd vs. ACIT, ITAT has held that for transfer pricing only amount retained by associates from end user is to be taken into account for transfer pricing adjustment, and to adjust operating cost by excluding abnormal cost incurred on a/c of Startup Company like salary, rent, and depreciation.
The contention of the revenue was that the intention of the Legislature is to benefit those institutions which cater to variety of illness and suffering as a service to the society and solely for philanthropic purpose and not for the purpose of profit.
In the cited case, ITAT directed AO inter-alia to include installments received on sale of various houses and flats under hire purchase agreement and at the same time allow corresponding expenditure which has been expended by the assesses in cash (including through cheque).
In the cited case, ITAT inter-alia held that since the payments have been made as reimbursement of expenses to the agents of the appellant, therefore, appellant was not obliged to deduct TDS under section 194C of the Act and as such, no disallowance is warranted u/s 40(a)(ia) of the IT Act.
ITAT held that (i) International recruitment service operations conducted from STPI, Noida are held to be eligible for benefit of deduction u/s 10A. (ii) The deduction of payment of employees’ contribution towards provident fund and ESI cannot be disallowed under section 43B
