whether a charitable trust is entitled to depreciation under section 32 of the Act in respect of assets owned by it, was dealt with by a Division Bench of this court in CIT v. Raipur Pallottine Society [1989] 180 ITR 579 by placing reliance on a Division Bench judgment of the Karnataka High Court in CIT v. Society of the Sisters of St. Anne [1984] 146 ITR 28 and has held that depreciation is nothing but decrease in value of property through wear, deterioration or obsolescence and allowance is made for this purpose in book keeping, accountancy, etc.
If there is no transfer of right of possession and effective control of the aircraft to the appellants. However, the findings arrived at by the adjudicating authority clearly point out to one fact that aircraft is required to be maintained, operated and controlled by the appellants. If that be so, at this prima facie stage, we note that the appellants do not satisfy the definition of said service.
We have no hesitation to come to a finding that the first respondent company was inviting shares from public by virtue of notice dated 15.2.2001 and going by the deeming provision under s.67(1) and (2) necessarily the company has to comply with the procedure prescribed for inviting public issue of shares. It is needless to state that the Companies Act is a codifying statute. From the preamble to the Companies Act itself it is clear that it is to consolidate and amend the law relating to companies and certain other associations.
We at Institute have also started this planning exercise. The idea is to develop new approaches for sustainable growth of the profession of Cost and Management Accountancy. Management Accountancy is a complex activity requiring knowledge of diverse fields. It is must for professionals like CMAs to meet the expectation of the society.
Section 115J/115JB targeted corporate entities for imposing a Minimum Alternate Tax on their book profit. It was noticed by the legislature that as a result of various tax concessions and incentives certain companies making huge profits and also declaring substantial dividends have been managing their affairs in such a way as to avoid payment of income tax.
Oil and gas is the lifeline of the economy of a country. The economic health of a country, among other factors, is also measured by the amount of oil and gas that is consumed in the country India, though having ample supply of natural mineral wealth, has traditionally been an importer of oil and gas. […]
When the petitioners are not the cause for statutory appellate authorities to hear and pass orders on interlocutory stay applications petitioners cannot be found fault with. In the circumstances, all chat can be said is that the Union of India must refrain from initiating recovery proceedings against the petitioners in respect of the amounts due in terms of the order impugned in the appeal until final orders in the appeal or order on interlocutory application for stay.
The National Manufacturing Policy was notified by Govt. of India vide Press Note No. 2 dated 4th November, 2011. Paragraph 6 of the Press Note states that while the NIMZs are an important instrumentality, the proposals contained in the Policy apply to manufacturing industry throughout the country including wherever industry is able to organize itself into ‘clusters’ and adopt a model of self-regulation as enunciated (copy enclosed).
As per the extant guidelines, corporates that are under investigation by any law enforcing agencies like the Directorate of Enforcement (DoE), etc. are not allowed to access ECB under the Automatic route. Any request by such corporates for ECB is examined by the Reserve Bank under the approval route.
In exercise of powers conferred under paragraph 2.4 of the Foreign Trade Policy 2009-2014, the Director General of Foreign Trade hereby makes the following amendment to Appendix 37 D in the Handbook of Procedures, Vol. 1 (Appendices and Aayat Niryat Forms) 2009-2014
