From the above it is clear that unabsorbed depreciation for the block of Assessment year 1997-98 to 2001-02 which could not have been set off earlier, cannot be allowed to be set off now. Therefore, we set aside the order of the ld. CIT(A) and remit the matter back to the file of Assessing Officer with a direction to only allow set off of unabsorbed depreciation which is outside the block of Assessment year 1997-98 to 2001-02.
Dear Friends, It is my privilege as the 61st President of ICAI to formally welcome our accounting stakeholders that include our members, students and employees of the Institute. I would like to thank my past and present Central Council colleagues for believing in my competence and leadership, and electing me first as Institute’s Vice-President and, […]
A flagship annual document of the Ministry of Finance, Government of India, Economic Survey 2012–13 reviews the developments in the Indian economy over the previous 12 months, summarizes the performance on major development programmes, and highlights the policy initiatives of the government and the prospects of the economy in the short to medium term. This […]
R. Kumar, B.Com. MBA (Finance) Background:-India and UK have signed a Protocol on 30th October 2012, amending the Convention between the Government of the Republic of India and the Government of the United Kingdom of Great Britain for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with Respect of Taxes on Income […]
67 New Express and 26 Passenger Trains to be Introduced :- The Minister of Railways Shri Pawan Kumar Bansal has announced the introduction of 67 new Express trains, 26 passenger trains, 5 MEMU services and 8 DEMU services while presenting the Railway Budget 2013-14 in Parliament today:-
LIC’s Jeevan Sugam is a non-linked single premium plan wherein the risk cover is a multiple of premium paid by you. On maturity this plan offers a Maturity Sum Assured chosen by you.
Gujarat State Government first to recognize Carbon credit as intangible goods and propose to levy lower rate of 5% VAT which will drive industrial houses to lower their carbon foot print. In advent to combat global warming, United Nations Framework Convention on Climate Change’s (UNFCCC) Kyoto Protocol came in force in year 2005 which binds […]
With great pain from the bottom of my heart, I have been writing this article. I have got great respect for legal profession, legal professionals and Indian Court System. I have had the privilege of reading some of the land-mark cases like ‘breach of legislative privilege case’ where late Shri H.M.Seervai has argued infavour of […]
IDBI Bank limited, a new generation PSU Bank, has successfully launched ‘Online PPF Subscription Facility’ for its customers in the month of February, 2013. The Bank had earlier got permission from Government of India for operationalising PPF transactions through Internet banking.
Therefore, we are of the opinion that right of consideration in appeal and on an application for waiver of pre-deposit, is a right conferred by the Statute and such right cannot be defeated on the basis of Circular, which contemplates that the recovery can be effected, is stay is not granted within 30 days.
