AO, in his remand report could not bring out any fact that the cash withdrawn from Saving Bank Account and partnership overdraft account was used for other purpose anywhere else then, merely because there was a time gap between withdrawal of cash and its further deposit to the bank account, the amount can not be treated as income from undisclosed sources u/s 69 of the Act in the hands of the assessee.
Merely change in the flat without determining any consideration for the old flat cancelled and new flat transferred, it cannot be said that the old flat was sold and new flat was purchased on the date of change.
Section 138 of the Act provides that such class or classes of companies as may be prescribed shall be required to appoint an internal auditor. Such internal auditor shall be appointed by the board and may be a chartered accountant or cost accountant or or such other professional as may be decided by the board.
As directed by the Bombay High Court, Regional Rural Banks and State / Central Cooperative Banks are hereby advised to ensure that accounts of all student beneficiaries under the various Central/State Government Scholarship Schemes are free from restrictions of ‘minimum balance’ and ‘total credit limit’.
The Central Board of Direct Taxes (CBDT) on Thursday suggested that the government should draft the tax laws in a manner so that their intent comes out more forcefully and plug possibilities of misinterpretation of laws to benefit vested interests as also prevent chances for dragging the interpretation of laws to courts and tribunals. The […]
It has been decided that the upper age limit for MD & CEO and other WTDs of banks in the private sector should be 70 years, i.e. beyond which nobody should continue in the post. Within the overall limit of 70 years, individual bank’s Boards are free to prescribe a lower retirement age for the WTDs, including the MD & CEO, as an internal policy.
While dealing with wilful default of a single borrowing company in a Group, the banks /FIs should consider the track record of the individual company, with reference to its repayment performance to its lenders. However, in cases where guarantees furnished by the companies within the Group on behalf of the wilfully defaulting units are not honoured when invoked by the banks /FIs, such Group companies should also be reckoned as wilful defaulters
CA Nitesh More Section-117 of the Companies Act, 2013, a copy of every resolution or any agreement, in respect of matters specified in sub-section (3) together with the explanatory statement under section 102 , if any, annexed to the notice calling the meeting in which the resolution is proposed, shall be filed with the Registrar […]
Recognition of Deferred Tax Assets for Unrealised Losses Proposed amendments to IAS 12 (Last date for sending comments: October 9, 2014) – (09-09-2014) This Exposure Draft, published by the International Accounting Standards Board (IASB), contains proposed amendments to IAS 12, Income Taxes. The proposed amendments are in response to a request to the IFRS Interpretations […]
HR process management is one of the finest and sensitive components of any organization. Indeed an organization cannot function in the right way if there is any disturbance in at least one of the processes involved in HR process. Now, first of all let’s understand about the various functions involved in a HR process.
