The AO is empowered to assess or reassess the total income of the Assessee by reopening the Assessment, invoking the provisions of section 148 of the Act. The authors have visualized in-depth manifestation with respect to the jurisdiction of the AO in reopening the Assessments of the ‘Companies’ where even after the reopening the ultimate tax liability of that company remains the same as per the (1) return of income, (2) Assessment u/s 143(3) and (3) Assessment u/s 143(3) r.w.s. 147 of the Act.
CA Mayank Parekh The Ministry of Corporate Affairs (‘MCA’) has released the Companies (Removal of Difficulties) Order, 2015 dated 13 February, 2015 to remove the difficulties faced in giving effect to the provisions of clause (85) of section 2 (definition of small company) and clause (b) of sub-section (11) of section 186 of the Companies […]
Section 184 of the Companies Act, 2013 deals with the disclosure of interest by a director. It provides that every director shall at the first meeting of the Board in which he participates as a director and thereafter at the first meeting of the Board in every financial year
1. How are investment advisers regulated in India? The SEBI (Investment Advisers) Regulations, 2013 (IA Regulations) have been notified on January 21, 2013. The IA Regulations came into effect from April 21, 2013. The regulations specify conditions for registration, certification, capital adequacy, risk profiling and suitability, disclosures to made, code of conduct, records to be maintained, manner of conducting inspection, etc.
This is to inform all concerned that on account of presentation of Union Budget, 2015-16 on 28.02.2015, submission of Bills of entry at the ICES will be stopped on 28.02.2015 at 05.00 PM. Section 48 approvals will also be stopped on 28.02.2015 at 05.00 PM. CHAs/Importers and members of the Trade are advised to expedite the clearance and take Out of Charge of their Bills of Entry in the pipeline before 05.00 PM on 28.02.2015.
These rules may be called the Companies (Declaration and Payment of Dividend) (Amendment) Rules, 2015. (2) They shall come into force on the date of their publication in the Official Gazette.
Any further information or documents called for, in respect of application or e-form or document, filed electronically with the Ministry of Corporate Affairs shall be furnished in Form No. GNL-4 as an addendum
Briefly stated facts of the case are that the assessee, an individual derives income from manufacture of wire & wire ropes. The return was filed declaring total income at ` 4,07,734/-. However, the assessment was completed at an income of ` 5,08,730/- vide order dated 25.06.2007 passed u/s 143(3) of the Act.
It is settled principle of law apparent is real onus is on the person who alleges that apparent is not real. Once the assessee has submitted the evidence by way of bank account of JPC supporting his contention that the assessee has taken loan for the payment of labour payment incurred by it.
In this case merely on the basis of statement recorded during the search where Smt. Meena Garg i.e the assessee has said that she was not running any business concern in the name of M/s Punjab Timber Trading Co (Proprietorship Concern of the Assessee) Assessing officer has added the Income of the Assessee to Income of Punjab Plywood Industries in which male members of the family were partners.
